Troubled finance house Versailles suspends finance director
Troubled trade finance company Versailles, currently being investigated by the Serious Fraud Office, has suspended its finance director.
‘The Board of Versailles Group plc, on the basis of information provided to it last night, has today suspended its group finance director, Frederick Clough, pending further enquiry,’ it said in a statement.
The SFO investigation of Versailles’ business activities began on Tuesday evening. It said that following an enquiry by the Department of Trade and Industry ‘there now appears to be sufficient reason…to authorise an investigation into possible serious and complex fraud at Versailles’.
The company has appointed a succession of accountants to look into concerns related to the treatment of its accounts.
A number of firms including KPMG, PricewaterhouseCoopers, Baker Tilly and Levy Gee have all been linked to the company to help investigate its accounting problems.PwC to help VersaillesSerious Fraud Office