Receivers appointed to trace an estimated Ј11m allegedly stolen by the former finance director of collapsed lender Versailles have recovered a 'paltry' Ј550,000.
Southwark Crown Court heard Frederick Clough, who has admitted conspiracy to defraud, claim his only major assets are a small house in Wandsworth, purchased for Ј67,000, and a Ј1,000 Opel Mantra car.
The court heard yesterday the Crown believes Clough has several properties, cars and overseas bank accounts.
The Serious Fraud Office has now appointed 'forensic' accountants to find the rest of the money.
Versailles collapsed in 1999, owing banks Ј70m. Clough is the chief prosecution witness against Versailles founder and chairman Carl Cushnie and finance assistant Lorraine Jones. Both deny conspiracy to defraud. Clough, 67, has admitted withdrawing almost Ј1m from a UBS account over a series of visits to Switzerland.
The case continues.
