After last week’s British Virgin Islands hearing, a court ruling has been made that promises to reveal more about the reasons behind the collapse of the trade finance group, Versailles, in January of this year. The group of investors that funded Versailles are effectively split into two camps, one championed by Mr Moseley and the other by Carl Cushnie, Versailles’ chief executive and majority shareholder.
Mr Moseley was one of the earliest members of the investor group, Trading Partners, and his professional relationship with Versailles had existed for ten years. Reports of the profitability of the group has spread since that time by word of mouth, swelling the number of investors over the years. These reports seemed well founded until January of this year when it was discovered that the Trading Partners’ funding pool, which was thought at the time to contain Ј23m, was discovered to contain only Ј1.3m.
