Fred Clough, who has pleaded guilty to conspiracy to defraud Versailles’ creditors, claimed the situation prompted the company’s bosses to write fictitious profits into its accounts, resulting in a financial black hole.
Clough, along with the firm’s founder Carl Cushnie and his assistant Lorraine Jones, have been accused by the Serious Fraud Office of artificially inflating the company’s turnover to attract more money from investors.
It is alleged that Cushnie made £37m from the fraud while Clough made £19m, according to The Daily Telegraph.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements