Courtroom Report: Ex-CEO Accused of Using Company Funds to Pay for Oxford School Fees

 


Oxford Crown Court — The air in the courtroom today was electric, a hush settling as the former chief executive entered the witness box. Seated in front of the the judge, the jury, and a bank of legal teams, he faced allegations that he had diverted company funds — meant for stem cell research — to pay thousands of pounds in private school fees in Oxford.

The prosecution laid out its case forcefully: that the ex-CEO had treated a company bank account almost as a personal fund, authorising payments to a leading Oxford school for his children’s education. The defense, by contrast, insists those payments were permitted and properly documented.

Key Testimony: Permission, Documentation, and Justification

From the moment he began speaking, the ex-CEO adopted a measured, almost rehearsed tone. He claimed that yes, he used company funds to pay for school fees, but that he did so with explicit permission and in line with internal approval processes. He told the jury he believed the charges against him stemmed from a misunderstanding of how the company’s finances were managed.

“In my view,” he stated, “the payments were justified, compliant, and approved under corporate governance — I had authority.” He added that the use of the account in question for schooling expenses had been discussed in board meetings and documented in internal memos he believed were archived.

Under cross-examination, the prosecution probed deeper:

  • Did he personally sign off the transfers? Yes, he confirmed.

  • Did he seek or receive backup approvals from the board or auditors? He said he did, producing memos and emails to support that position.

  • When pressed on the fact that the account’s usage extended beyond schooling—on other items not clearly research related—he admitted that some payments were less transparent and that he “should have ensured more rigorous accounting or oversight.”

At one point, the prosecution confronted him with a ledger showing an unusually large sum paid on a date when school fees were due—but with other payments tacked on. The ex-CEO responded that the sum was a consolidated payment, covering multiple items in one transaction, and assured the court that supporting invoices and breakdowns existed internally.

Moments of Tension, Reaction & Atmosphere

  • Judge’s Interjection: The judge interrupted during a heated exchange, demanding clarity: “Are you saying the board knew and approved every such payment?” The ex-CEO replied, “To my knowledge, yes, Your Honour — although I concede that oversight may not have been perfect.”

  • Defense Resistance: The defense attorney objected repeatedly when the prosecution pressed into the archival memos, arguing relevance versus speculation. The judge had to moderate, occasionally siding with defense to keep questions within scope.

  • Jury Focus: Jurors leaned forward, glancing at the ledgers, checking handwritten margin notes, murmuring when pages were flipped. Some exchanged glances when the ex-CEO’s documents were shown.

  • Gallery Whispers: Observers whispered behind the glass: “Isn’t that millions in fees?” — though such remarks faded as the courtroom’s tension reasserted control.

Stakes, Implications & What’s Next

This testimony is a critical hinge in the prosecution’s case. If the jury accepts that the ex-CEO acted with board sanction and proper internal process, much of the fraud allegation may hinge on whether those internal approvals are genuine, consistent, and verifiable. If they doubt the thoroughness of oversight—or see gaps in audit trails—the defense’s narrative may unravel.

More broadly, the case continues to spotlight the financial structures behind high-stakes biotech ventures, and how personal and corporate boundaries can blur when internal controls are weak or documentation is opaque. As witnesses yet to come—auditors, finance officers, or board members—testify, each email, invoice, and signature may tilt the balance between culpability and plausible corporate error.

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