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Posted at 25/4/2006 15:50 by charlie Are the Takeover Panel proud of assisting these crooks?Property investor faces jail after theft admission By Nikki Tait, Law Courts Correspondent Published: April 25 2006 03:00 | Last updated: April 25 2006 03:00 Gerald Smith, the property investor and former director of Orb Estates, is facing a jail sentence after entering a last-minute plea of guilty to 11 charges of theft and false accounting at Blackfriars crown court yesterday. The counts, dating back to events in 2002, to which Mr Smith pleaded guilty included a charge that he stole £8m from Izodia, the failed e-commerce software company previously known as Infobank, which was formerly listed on the Alternative Investment Market. Orb, a Jersey-based investment company that took in a range of business interests, including the world-famous Poole Pottery and the Dolphin Quays, was Izodia's largest shareholder in 2002 and 2003. Its offices in London and St Helier, Jersey, were raided in December 2002 when the Serious Fraud Office said it was "conducting an investigation into an allegation of unlawful appropriation of money belonging to Izodia and possible related offences". Izodia hit a peak market value of £1.7bn in March 2000 and raised £130m from City institutions a month later. By mid-2002, it was a cash shell holding £33m, which later disappeared. Although Orb's stake never rose above 29.9 per cent, it had effective boardroom control. Izodia was delisted from Aim in November 2003. Mr Smith's pleas came just before a six- to eight-week trial involving himself and Jarlath Vahey, an Orb employee, had been due to start. Mr Smith was facing 14 charges in total, including two counts of conspiracy to defraud to which he did not enter a guilty plea. Yesterday morning a prospective jury panel was selected. Most appeared visibly relieved when, only hours later, Judge George Bathurst-Norman explained that pleas had been entered to the prosecution's satisfaction. He said that they were therefore "off the hook" as far as hearing the fraud case was concerned. Jonathan Caplan QC, representing the SFO, told the court that in the light of Mr Smith's pleas the prosecution had reconsidered the case against Mr Vahey, who had faced only the two charges of conspiracy to defraud. The barrister asked the counts against Mr Vahey to remain on file, but they are unlikely to be proceeded with. Sentencing of Mr Smith is expected to take place on May 25, after pre-sentence reports have been compiled. But Judge Bathurst-Norman warned Mr Smith: "This matter is so serious that a custodial sentence is inevitable." |
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