£500m pal of ‘McMafia death plunge’ tycoon pleads poverty

RARELY has anyone seemed as aptly named as Kevin Cash, the property tycoon with a reported fortune of some £500million. But, scarcely three years after his best friend, Dundee-born tycoon Scot Young, plunged to his death from the balcony of his London flat, Cash is on the brink of bankruptcy.

I can disclose that the Birminghamborn magnate, 54, is trying to reach an individual voluntary arrangement (IVA) — a deal to pay all or part of his debts — with creditors to whom he owes a staggering £32 million.

They, however, are not buying it and could demand he is declared bankrupt so they can access his assets. ‘Some significant creditors have voted against [the IVA],’ says insolvency specialist David Rubin, whose London office hosted a meeting of creditors this week.

One of the most notable creditors is HM Revenue & Customs. ‘They’ve done a detailed investigation over the last seven years and come to the conclusion that Mr Cash does not have much, if any, assets.’

Ironically his pal Young was reputed to be a billionaire, but claimed to be penniless when his wife, Michelle, sought millions during their divorce battle. Cash and his fourth wife, Carla La Reservee, reportedly helped Michelle, giving her nearly £200,000.

Young’s death is one of 14 unexplained ‘McMafia’ fatalities, each with Russian connections.

Cash’s second wife was Jackie St Clair, who went on to enjoy an entanglement with The X Factor’s Simon Cowell. His humiliating reversal of fortune follows a recent High Court case in which the judge ruled he and his friend Tony Jimenez must pay more than £3million damages to a business associate, Darius Khakshouri. The judge found they had lied to Khakshouri about their being ‘in control’ of Charlton Athletic FC.

Khakshouri is among Cash’s creditors, who have learned his £11million house in London’s Regent’s Park is mortgaged to the hilt, and his Oxfordshire home, North Aston Hall, is owned by the Rose Trust, established by Cash’s father, Barry.

‘My client completely rejects the IVA proposed by Cash, who has been found liable for fraudulent misrepresentation,’ says Khakshouri’s solicitor, Ian Baker, of PGB Gitlin Baker.

Cash declined to comment.