Carl Cushnie, the founder of collapsed FTSE 250 company Versailles Group, yesterday refused to take the stand and face questioning about transactions that fraudulently inflated the firm's turnover by more than Ј700m during the 1990s.
Mr Cushnie pleaded not guilty in January to two counts relating to fraudulent trading at Versailles between 1991 and 2000. The group went bust four years ago owing more than Ј70m.
A jury at Southwark crown court in London has heard prosecution evidence including claims that Mr Cushnie stole millions from the business; that he sold shares for Ј29m while Versailles was cooperating with a secret DTI investigation into its affairs; and that he offered reassurances to creditors as his companies were on the brink of collapse.
