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Versailles auditor faces charges

Robert Lea12 April 2012

THE auditor of crashed trade finance group Versailles is to face professional disciplinary charges accusing him of negligence. Tom Dales, a former partner at the small Home Counties firm of Nunn Hayward, faces two charges brought by the accountancy profession's Joint Disciplinary Scheme of breaching financial ethics in signing off 'letters of comfort' to Versailles' bankers and for failings in the audit of the group's 1998 and 1999 accounts.

Nunn Hayward's relationship with Versailles remains under investigation. Versailles collapsed in early 2000 after revelations of accounting irregularities.

The company was worth more than £600m when its shares were suspended. Its chief executive Carl Cushnie and finance director Fred Clough, a struck-off accountant, face fraud charges in a trial to take place next year.

Clough's personal assistant Lorraine Black and an alleged associate, John Black, will also be on trial.

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