The Bordeaux Wine Trading Company is on trial

Paul Craven, managing director of the Bordeaux Wine Trading Company (BWTC) based in north London, is alleged to have taken £1.2m from investors who thought they were buying 2005 First Growth Bordeaux En Primeur. Apparently, no wine was bought from Bordeaux by BWTC and only £12,000 of the £1.2m has been recovered St Albans Crown Court heard. Craven denies the charge insisting that buying was the responsibility of Osehale Hayble also a director of the company. Hayble became ill during the trial so proceedings against him have been postponed.

The court heard how Craven went on a spending spree from the startup of the company, with holidays in New York, Las Vegas, Barbados, Sicily and Cyprus, he bought a series of cars including a Porsche and two motorbikes. He also bought himself and his girlfriend Cartier watches and admitted to a £100 a week cocaine habit. He insists that after the bills were paid the rest of the money was theirs to spend. However whilst Craven was handing over cash to Hayble to supposedly buy wine - no wine was bought. The handover often took place in pub car parks and no receipts were ever given. The trial continues.