Backer of Hess Cycling Team under investigation in Spain as allegations of fraud reach court

Hess Cycling Team

Rolf Hess, the Swiss entrepreneur and principal figure behind the Hess Cycling Team, is under investigation in Spain following allegations of fraud connected to his company, United Global Water Holdings Limited (UGW). The case, currently being heard in the San Roque court near Sotogrande, concerns claims that Hess and his associates misled investors into contributing nearly one million euros, promising significant financial returns tied to UGWโ€™s delayed stock market debut.

According to court documents, Hess and his alleged accomplices, including Norbert A. Stocker, are accused of securing investments by presenting UGW as a high-potential venture in the water assets sector. Investors claim they were assured the companyโ€™s initial public offering (IPO) would generate substantial profits. However, the IPO has yet to materialise, with UGW repeatedly postponing the move.

In a statement to shareholders dated 31st December 2024, Hess addressed these delays, citing unfavourable conditions in Londonโ€™s financial markets. The letter stated, โ€œSeveral shareholders from Switzerland and the USA have voiced their concerns about the bad state of the London Markets and their lack of liquidity across all segments.โ€ He further explained that the companyโ€™s strategy remained focused on ensuring sufficient liquidity at the time of its market entry.

Despite these reassurances, the case against Hess involves allegations from multiple parties who claim they have not received the promised returns or even their initial investments. Inside ParadePlatz, a Swiss financial publication has reported extensively on the situation, including claims that Hess has postponed the IPO for years while offering โ€œconstant new explanations.โ€ The publication also highlighted Hessโ€™s prior legal issues.

The court hearings, still in their early stages, aim to establish the validity of the claims made by the alleged victims. The process may extend further as authorities seek to notify the accused, with the possibility of involving Interpol if needed. Spanish prosecutors have highlighted the international scope of the case, given the diverse nationalities of those affected. The accusations also claim that Hess cultivated relationships with high-net-worth individuals, frequently appearing in exclusive social settings to gain their trust before encouraging them to invest.

Hess Cycling Team group

While the legal proceedings unfold, attention has also turned to the Hess Cycling Team, which began competing under a British licence in 2024 and is set to continue doing so in 2025 but isn’t currently registered on the UCI website for the 2025 season. That is in theory just an administrative action that still needs to be completed.

Statement from Hess Cycling Team

Hess Cycling Team has been made aware today of reports regarding legal proceedings issued against team founder Rolf Hess.

Back in the summer of 2024, Mr Hess was advised of the possibility of legal action in Spain in relation to spurious claims against his involvement with United Global Water Holdings Limited (UGW).

Due to the total lack of substance of the claims, legal counsel in Spain and in the UK advised Mr Hess to wait until formal documents were issued.

As of this time, no such correspondence has ever been received at any Hess offices nor to our lawyers.

Mr Hess completely refutes any suggestion that he or any of his associates have acted inappropriately whatsoever and will be consulting with lawyers to address this baseless smear campaign on his reputation.

While we take these reports seriously, we would like to underline that this situation has nothing to do with Hess Cycling and will not affect the team in any way.

The Hess Cycling Team is looking forward to competing in UCI Continental team competitions in 2025 and beyond.