Versailles boss milked millions
FREDERICK Clough, Versailles' disgraced former finance director, siphoned off cash to give to his wife, a long-term girlfriend and pals, a jury was told.
Clough grew bolder as he milked thousands and then tens of thousands from trade finance group Versailles shortly before it collapsed in 1999 with debts of £70m.
'We start to see the amounts you were taking increase. It was money you'd falsely accounted for and stolen,' said Alexander Cameron QC, defending Clough's former boss, Carl Cushnie, at Southwark Crown Court.
Clough pleaded guilty to conspiring to defraud Versailles investors. He is chief prosecution witness in a Serious Fraud Office case against his assistant Lorraine Jones and Versailles founder Cushnie. The pair deny similar fraud allegations.
Among the 'millions' he admitted to stealing, Clough regularly transferred cash to Patrice Clough, whom he married in 1998 and to an account for Mrs T Clough.
The recipient, Tauhara Otupa-Abudu, was his partner from 1994. Among a string of payments in 1998, he gave her £50,000 within two days.
He wrote a reference for another woman referred to as Mrs Caroline Clough. Cameron said: 'There's simply nothing you wouldn't do, Mr Clough.'
Clough admitted he 'bought a number of cars' for his wife, lavished large sums on pals and gave thousands to lossmaking firms he owned. He denied keeping any money himself. The case continues.
