�3 Rams shares 'insured for �3m'

Three former Derby County directors bought the club for just £3 then insured their shares for £3m, a fraud trial has heard.

A life insurance policy bearing their names was found among personal papers, Northampton Crown Court was told.

Ex-chief executive Jeremy Keith, 44, of Oxfordshire, ex-director Murdo Mackay, 53, of Fife and ex-finance chief Andrew Mackenzie, 54, all deny any wrongdoing.

They are accused of conspiracy to defraud and conceal criminal property.

'Secret commission'

The case relates to alleged financial irregularities during a 2003 takeover of the club.

On Friday, the court heard that police officers searched a storage unit in Bournemouth hired by Mr Mackay to store items while he moved from his native Scotland to Spain.

Among items recovered were computer discs and documents, including a life insurance policy bearing the three men's names and valuing their shares in the club at £3m, the jury heard.

At the centre of the case is the allegation that the men also paid themselves £440,625 as a secret commission from club funds for making the deal happen in the first place.

Mr Keith, Mr Mackay and Mr Mackenzie and two other men deny the charges against them.

The prosecution is due to conclude its case next week.