A UK based trade finance company which last week went into receivership is now suspected of using the British Virgin Islands to siphon off more than £15m of investors' money using fictitious and dormant client accounts.
The company, Versailles, is under investigation by the Serious Fraud Office and suspended its finance director last week following receivers' Pricewaterhouse-Coopers revelation about the £15m 'black hole' in the company's accounts which PWC put down to a "complex, extensive and long-running fraud inside the company of a very material nature".
The Virgin Islands company implicated in the alleged fraud is called Versailles Traders Limited and was established following the withdrawal of Prudential as a backer for its UK parent company Versailles in the mid 1990s. The Virgin Islands company was funded with £15m from wealthy individuals who Versailles approached to bail it out. PWC revealed last week that of the £15m they can only account for around £1m and hinted that the amount missing could easily be more than the £15m already known.
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