Peter Williams, the former chairman of paper and packaging group DS Smith, lent Ј600,000 to Carl Cushnie, chairman of collapsed trade finance group Versailles to buy a villa in the South of France, a court has been told.
Williams, who was an investor with Versailles, which collapsed in 1999 owing banks and investors some Ј70 million, was later illegally repaid from the accounts of Versailles, it was alleged at Southwark Crown Court.
Cushnie and finance assistant Lorraine Jones have pleaded not guilty to charges of conspiracy to defraud.
The case continues.
Source: Evening Standard
