The Canadian financial director charged with stealing more than $54,000 from his local employer, gave himself a $25,000 advance -- the day after he was fired.

The man's employer, Norman Davison, managing director and president of Davison's of Bermuda, made the allegation yesterday in the Supreme Court trial of Colin Clive Andrew Cave.

Cave, who was extradited from the US last year, is accused of stealing a total of $54,871.05 from and creating false accounts for BVH Ltd. and Bayland Limited, the holding companies of Davison's of Bermuda.

Bermudian-based BVH Ltd. manages Davison's local retail stores. The US corporation, Bayland Ltd., is responsible for Davison's retail outlets in America.

Mr. Davison told the jury he was at a loss to explain more than 20 instances of account inaccuracies.

"It doesn't make any sense,'' he told the nine women and three men. "I don't understand it at all.'' Mr. Davison said his company had been forced to contact a Canadian recruiting firm in 1995 after attempts to hire locally had failed.

But he admitted he had reservations about hiring the 49-year-old.

"We weren't particularly happy because we thought that Mr. Cave was much too high powered for a small company like Davison's,'' said Mr. Davison.

"(The recruiting company) told me the initial salary offer, which was $50,000 a year, would not be attractive to Cave and we would have to increase the salary to $65,000 before Cave would be interested.

"We agreed to do this.'' And the local company had to provide a $2,500 loan to accommodate "moving expenses''.

Mr. Davison told Crown counsel Peter Eccles he experienced further difficulties with the comptroller.

In August 1995, Cave made an unauthorised business trip, using company funds, to Baltimore, Maryland. While on the trip, Cave claimed to be a vice-president of the company, Mr. Davison explained.

"Mrs. Flower (the regional manager in the US) called me and told me she had a visit from Mr. Cave,'' he recalled. "This surprised me because I never authorised Mr. Cave to visit any stores in the US, or in Bermuda for that matter.

"I got most upset about it.'' And Mr. Davison said Cave had "awarded himself the title of vice-president''.

During an eight-month period, Mr. Davison said he received only one financial report.

"It was a concern to me but you must understand that the previous accountant did such a poor job that I thought Mr. Cave was getting on top of the situation,'' he said.

But after several of the company's managers complained the financial controller was "not paying attention to details'', Mr. Davison gave six weeks' notice to Cave on December 13, 1995.

And the very next day, Cave used his position to wire $25,000 of company money to his private account in New York.

Mr. Davison said he discovered the alleged theft on December 15.

Further investigations showed Cave had initially attempted to remove $34,000 from the account, he added.

And a total between $55,000 and $60,000 had been "misappropriated'' by Cave during his employment, Mr. Davison alleged.

In many instances, Cave was able to use blank company cheques to withdraw cash or divert funds, he explained.

Mr. Davison said the money -- which ranged from $350 amounts to $25,000 amounts -- was used for secret loan payments and readjustments, salary advances, travel expenses, and overseas insurance payments.

The transactions were in Cave's handwriting and all of them were illegal, he said.

Cave is represented by lawyer Mark Petingill. The trial continues today before Puisne Judge Richard Ground.