Corporate financiers and investors to face tax fraud trial

LEADING corporate financier Richard Hughes and his nine co-defendants will face a crown court trial over allegations of tax fraud.

Mr Hughes, the co-founder of corporate finance firm Zeus Capital, will face two charges of conspiracy to defraud and intent to defraud HM Revenue and Customs by making claims for capital loss relief.

The charges relate to a £134m film investment scheme and result from a three-year investigation.

The defendants appeared at Birmingham Magistrates’ Court to hear the charges read out.

Stephen Bold, Matthew Cahill and Timothy Richardson each face three charges.

Jonathan Hirst, Patrick McCoy, Dominic Ryder and Christopher Ward each face two charges, while Richard Roydon will face a single charge.

Ms Katrin Hoffman, the chief operating officer of US film production company Seven Arts, was the only defendant not in court but she will also face one charge.

The case will now be sent to Birmingham Crown Court for trial, with the next hearing on March 22. The defendants were granted unconditional bail.

Mr Hughes, a multi-award winning adviser and investor, vigorously denies any wrongdoing. He is no longer a director of Zeus but remains an adviser and shareholder.