Clough hit with £14m confiscation order
A judge has ordered Frederick Clough, the former finance director of collapsed trade finance group Versaille, to pay a confiscation order of £14.2m, most of which to receivers PricewaterhouseCoopers.
Yesterday, Southwark Crown Court ordered him to pay £13.9m to the receivers of Versailles, PwC, and £362,000 to three of the banks that financed the company, RBS, NatWest and Barclays, according to the Daily Telegraph.
Clough, along with former chairman and chief executive, Carl Cushnie, each received prison sentences of six years last month after pleading guilty to fraud.
The court also ordered Clough to make the payment within the next two years. If he fails to make the payment within this time-frame, he could face a further three years in prison.