Allegations of money laundering at Versailles
An international money-laundering operation may be at the centre of the Serious Fraud Office enquiry into Versailles, the UK-based trade finance business, it was reported today.
The Financial Times reports that is alleged the multi-million pound fraud in Versailles was meticulously planned using a combination of wholly inappropriate accountancy practices and multiple offshore company and fund identities.
It said a highly-placed accountant close to the issues said yesterday that a wider investigation prompted in early December by the Stock Exchange had taken off recently.
The accountant, the paper reports, said money laundering was a possibility. He is also quoted as saying: ‘Money was going out of these accounts via one of the client accounts. It was repeatedly going into bank accounts under the control of or related to the finance director Fred Clough.’
Two sets of books at fraud-hit Versailles: Accountants ‘deliberately stonewalled’
Troubled finance house Versailles suspends finance director