Fired finance director charges £11,700 hotel bill to company card and wins compensation.
A high-profile financial executive was sacked for using his company’s card to cover the cost of a stay at one of the world’s leading hotels following the theft of his wallet, an employment tribunal has revealed.
Simon Price faced dismissal from his senior position at a global investment firm after he charged his company, American Express, for a stay at Venice’s luxury Hotel Cipriani. The 52-year-old managing director was on a memorable trip with his daughter when his wallet was stolen in New York, leaving him with no way to pay for his hotel bill, which is used by celebrities such as Angelina Jolie and Clooney. It was recently voted the best hotel in the world.
Price enjoyed a month-long vacation with his daughter, exploring Venice and New York. He also traveled to Albania with his girlfriend Stephanie Antonian, who works in the technology industry. He was unable to use his credit card during the trip and ended up racking up a £11,672 Amex bill.
The tribunal heard that Mr Price was aware that he had access to a ‘reverse expense’ scheme at work and could reimburse the amount as soon as he returned from his trip.
Simon Price has been fired from his senior executive position at a global investment firm after he was accused of using his company’s American Express to pay at Venice’s five-star Hotel Cipriani.
His bosses at the Canada Pension Plan Investment Board (CPPIB) were particularly dissatisfied with the amount of his spending at Cipriani, which led to his firing. The employment judge criticized CPPIB for his lifestyle choices and said he was entitled to spend his money as he pleased. Mr Price took legal action against CPPIB, which manages the £360 billion of Canada Pension Plan assets, for unfair dismissal and was awarded £25,000 in compensation.
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At a hearing in central London, it was revealed that Price, who was highly paid, would join CPPIB in October 2022 as managing director of European active equities. The London-based businessman was given a corporate Amex card that could only be used for personal spending under certain conditions. In August 2023, while on vacation in the United States with his daughter, it was reported that his wallet was stolen.
“His business credit card was kept separate from other cards in his work bag and was not stolen,” the court heard.
“He was aware of the mechanics of filing ‘expense reversals’ and used his business credit card to repay amounts that had been charged to the card for personal expenses.
Mr. Price found himself in New York when his wallet was stolen. Meanwhile, since her daughter, who is under 18, was in Pennsylvania, she was prompted to use her work card to book a flight to meet her in the city. After reuniting, they planned to take a three-night trip to Venice, Italy, stopping at Heathrow Airport along the way. Price canceled the card, but a replacement card was sent to his home address. As a result, he had to use his AmEx card to complete his trip to Venice.
The Cipriani, which he had booked in advance but not paid for, was named the world’s best hotel for 2023 by French magazine La Liste. Considered the most glamorous hotel in Venice, it attracts many celebrities including Brad Pitt, Angelina Jolie, George and Amal Clooney, and Elizabeth Taylor. During the summer months, suites at this five-star hotel can be expensive. After returning to the UK, Price realized the replacement card had not yet arrived, so he continued his journey to a hotel on the Albanian coast with his partner Antonian, who runs an AI business.
Due to problems with his scheduled flight at Luton Airport, he had to use his Amex card to purchase a replacement ticket on British Airways. Upon his return home on September 5, 2023, Mr Price recorded £11,672.91 as ‘reverse expenses’ deducted from his salary. In December 2023, he was informed that “everything was resolved” regarding his finances.
However, the court heard that an internal investigation had been launched into the high costs, with further investigation to be carried out by Human Resources in Toronto, Canada. Internal emails from the company’s corporate services department specifically expressed disapproval of Price’s expenses at the Hotel Cipriani in Venice, according to court reports. Ms. Antonian became involved in the investigation when the CPPIB questioned Mr. Price about his leave of absence.
Asked about the trip, Price initially claimed he had traveled to Albania with his daughter, but later admitted that was a lie and that he was actually with his partner.
Mr. Price was in New York while his wallet was stolen.
During a meeting in January 2024, he lied about traveling with his daughter because “family life was a sensitive topic” to Toronto-based filmmaker Samantha Datis, whom he had never met. I explained that I didn’t want to reveal anything. Following this meeting, Mr. Dachis had a discussion with Managing Director Frank Ierasi, which led to Mr. Price’s immediate dismissal. CPPIB said Mr Price’s conduct during the investigation was deemed “unacceptable”.
CPPIB said the reasons for his dismissal included the total amount of his expenses, his failure to consider alternative payment methods, and his misrepresentation to his companions. During the court, employment judge Alexandra Davidson said Mr Price had not committed any wrongdoing.
Judge Davidson said: Mr. Price found himself in a situation where the only way to pay for certain expenses was to use his business credit card, and he intended to pay off all charges when he returned to the office. He continued his normal activities, using the corporate card in the same way as he used his personal card. Upon his return, he endeavored to repay these amounts without delay. CPPIB does not intend to suggest that he should have chosen a cheaper hotel in Venice, or that he should have waited hours at Luton Airport to see if his plane would take off. Mr. Price is a high-income earner who ultimately has the right to spend his money as he sees fit.
There is no indication that he sought to obtain any benefit from the corporate card. He simply wanted to avoid canceling plans, which would have disappointed his daughter and girlfriend. I can understand why he felt there was no reason to cancel the trip, especially since he intended to pay all charges back to his corporate card immediately. CPPIB appears to have issues with Mr. Price’s lifestyle choices, but in my opinion these have no bearing on whether Mr. Price breached the contract. ” After being laid off, Mr. Price worked in consulting, but has not yet secured a new job.
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