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Assistant 'rewarded' at Versailles

13 April 2012

FORMER Versailles finance chief Frederick Clough paid £120,000 into two overseas accounts of his assistant Lorraine Jones as a 'reward'.

Clough today told Southwark Crown Court he also bought her an £18,000 Saab convertible with the failed trade financier's cash.

Company money was also used to repay a £600,000 personal loan taken by Versailles chairman and chief executive Carl Cushnie. Clough said that repayment enabled Cushnie to buy a £1.2m villa near St Tropez, France.

Cushnie and Jones have pleaded not guilty to conspiracy to defraud. Clough has already pleaded guilty to fraud and was giving evidence in the prosecution case today.

Clough also admitted he gave Jones other sums including 'a few hundred pounds to spend on her holiday', adding she may have used some of the cash to buy property in Miami.

The case continues.

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Miami
Saint-Tropez
Southwark Crown Court
Versailles