'Versailles chief's multi-million fraud'

THE chairman, chief executive and founder of collapsed finance group Versailles, Carl Cushnie, lived the life of a 'very rich man' because of a multi-million pound fraud that took place 'year after year, month after month, day after day' from 1992, it was alleged at Southwark Crown Court today.

Anthony Evans QC, summing up for the prosecution, said Cushnie had been in court every day since the case began on 16 January yet had declined to 'walk a few short steps' to give evidence over the alleged £90m fraud. Cushnie has pleaded not guilty to conspiracy to defraud charges.

Evans said Cushnie was a 'hands-on CEO' and that the crime had been conducted by him and disgraced finance director Frederick Clough, who has already admitted fraud charges.

Former accounts manager Lorraine Jones, for whom Clough bought an £18,000 Saab convertible with company funds, was acquitted in March.

The case continues.