Following their surrender today at Charing Cross Police Station, Carl Cushnie, the former Chairman and Chief Executive of Versailles, and Frederick Clough the former Finance Director, were charged today with fraudulent trading contrary to Section 458 of the Companies Act 1985. Lorraine Jones, Clough’s personal assistant, was charged with aiding and abetting fraudulent trading.
The Defendants have been released on unconditional bail until Friday, 3 August 2001 when they will appear at Bow Street Magistrates Court.
The Versailles case was referred to the Serious Fraud Office by the DTI on 16 November 1999 and accepted by the Director on 22 December 1999.
The London Stock Exchange suspended trading in shares in Versailles Group on 8 December 1999.
