The cheats of Versailles

摘要

Carl Cushnie, once touted as a mould-breaking New Labour businessman, is now behind bars starting a six-year sentence along with partner-in-crime Fred Clough, convicted of defrauding investors in their finance house Versailles. Versailles Trade Finance, the company Cushnie headed, was once a member of the FTSE 250 index and one of the country's most admired firms, with a market capitalisation of ￡630m. It provided bridging loans to struggling small businesses often overlooked by the banks. But Clough, the group's former finance director, in giving evidence during the four-month trial at Southwark Crown Court, admitted that Versailles' success was an illusion. It did little genuine business, and he spent his time writing false cheques that were passed back and forth within the organisation.