Martin,

Tried with the following code and the output looks good to me...
Code:
Use Windows.pkg
Use cHtmlHelp.pkg
Use cApplication.pkg
Use cConnection.pkg

Object oHtmlHelp is a cHtmlHelp
End_Object

Object oApplication is a cApplication
    Object oConnection is a cConnection
        Use LoginEncryption.pkg
        Use DatabaseLoginDialog.dg
    End_Object
End_Object

Use cCharTranslate.pkg

Object oTranslate is a cCharTranslate
End_Object

Procedure DoIt Global
    Integer iChannel
    UChar[] ucData
    String sData
    
    Move (Seq_New_Channel ()) to iChannel
    Direct_Input channel iChannel 'BINARY: c:\tmp\films.ini'
    Read_Block channel iChannel ucData -1
    Close_Input channel iChannel
    Send Seq_Release_Channel iChannel
    Get Utf8ToStr of oTranslate (AddressOf (ucData)) CP_OEMCP to sData
End_Procedure

Send DoIt
Note: While there is no problem here, it is possible that there are characters that do no exist in the OEM or ANSI codepage.