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High stakes forensic investigation, SFA membership

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By on CQN BLOG & Comments

Yesterday Rangers International issued a statement saying, “Rangers International Football Club plc (“Rangers”) has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries.”

Mr Green is both the club’s former chief executive and is a current director.

So what are Pinsent Masons going to look at?

Sevco 5088 Ltd paid Rangers administrators, Duff and Phelps, an exclusivity fee to become preferred buyers of the company’s assets.  The company submitted a formal offer which was accepted irrevocably, whether the pending CVA stood or fell (it fell and liquidators were appointed to flush the club away).

However, Duff and Phelps subsequently reported to creditors that the assets were owned by Sevco Scotland Ltd (subsequently renamed The Rangers Football Club Ltd, which is now wholly owned by Rangers International Football Club PLC).

The entitlement which Sevco 5088 Ltd bought and paid for is now under the control of The Rangers Football Club Ltd.

Two publicly listed companies claim control of Sevco 5088, Worthington Group PLC (Craig Whyte’s vehicle) and Rangers International Football Club PLC (Charles Green’s vehicle).

A director cannot simply transfer a company’s assets to another company without shareholder approval (Peter Lawwell cannot setup Sharp Suit Stadiums Ltd and as a director of Celtic sell his company Celtic Park for ‘a Rangers’ (£1) without attracting the attention of the authorities).  The assets can only be transferred by shareholders at a properly constituted and minuted general meeting.

If this authority was not granted, the transfer of assets (or entitlement) did not occur, no matter how long Sharp Suit Stadiums operated an illegal football business from Celtic Park.  The stadium, and any other assets, would belong to Celtic.

Law firm, Pinsent Masons, together with forensic investigators from Deloitte, will establish if Sevco 5088 shareholders authorised the company’s entitlement to be passed to The Rangers Football Club Ltd.

The stakes could not be higher.

Just over two weeks ago, Rangers International Football Club PLC director, Charles Green (he still is), through the club web site, said, “In a discussion with Mr Whyte, who taped some conversations, I am alleged to have said: ‘You are Sevco, that’s what we are saying.

“This is correct but at that point I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution.  Sevco 5088 wasn’t required.”

This position is still being represented by the company on their web site.  That stock transfer form (again, the existence of which is still being asserted on the company’s web site) will be a document of interest.

This claim by Rangers International PLC was updated by their stock market announcement yesterday morning, where they assert, “in addition to the directorships disclosed in the admission document, Charles Green… held directorships in… Sevco 5088 Ltd”.  On the same statement the club admitted to 21 directorial omissions relating to Mr Green and fellow director, Mr Stockbridge.

Yesterday’s stock market statement does clarify one issue.  Membership of the SFA was granted to Newco Rangers on the condition that Craig Whyte had nothing to do with the club.  The club’s position now is that this is not the case.  This club is not a member of the SFA.  Peterhead and Queens Park have just had a championship door opened to them.

If you hope for effective oversight from the SFA I suggest you forget it, they are not up to the task and have no intention of applying their own rules. Pinsent Masons, not to mention City Regulators, are another matter. The Rangers International board have taken appropriate steps to quickly clarify matters.
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  15. 50 shades of green on

    Blinkin phone.

     

     

    Try again.

     

     

    Whats the chances of mr whites vehicle having a head on collision with mr greens vehicle.

     

     

    Looks like thats were the carnage. would occur.

  16. Gordon_J backing Neil Lennon on

    We’re back to the old question: who did Duff and Phelps sell the assets to?

     

     

    Sevco 5088 Ltd had an exclusivity deal. Now either that’s where the assets went, later to be transferred on (legally or illegally) to Sevco Scotland Ltd.

     

     

    Or D&P sold directly to Sevco Scotland Ltd despite the exclusivity deal.

  19. estorilbhoy on

    So who was responsible for conducting the fit and proper person test and for validating that CW had no connection with Sevco?

     

    What action did they take to complete the validation?

     

    Would a check of company house not reveal who the directors of Sevco were and that one of them was CW pr an associated company ( worthington group ) or am I missing something (again :)).

  23. Ntassoolla on

    LiviBhoy @12:16 last article I always recommend Brian Clough’s book. I reckon he wrote it himself as you can almost hear his nasal tones coming through.

     

    I used to know some guys who worked in Bargain Books and they were a great source of cheap reading material.

  24. Bawsman on

    They should have their licence revoked with immediate effect but since when have they been subjected to the rules everyone else abides by.

     

     

    The SFA are a disgrace.

  27. Pogmathonyahun aka Laird of the Smiles on

    Warning!

     

    For those of you in Langside and other parts of Glasgow beware co-op cash machines. Apparently thieves have been using false covers on these machines and stealing large sums of cash from people’s accounts. Latest incident was yesterday.

     

    Probably zombies behind this.

  31. cliftonville celt from belfast on

    Mr Whites vehicle just passed me on the Falls road it was a black taxi and aul goggley eyes himself was driving…………..it was going to Turf Lodge if your interested

  32. charliebhoy on

    On the “cleansing” issue, what about using agent Orange on ibrox…..then as we all have wished

     

    By the combined efforts of green,whyte and Orange hun no more!!!!!

     

    Well done Oscar prayers for h t

  34. Ntassoolla on

    InverCelt I wouldn’t wate too much time on sftb. he mistakenly thinks having the last word equals winning the argument.

     

    In any case he revealed his limjitations last night as follows;

     

     

    “23:02 on 22 April, 2013

     

     

    TSD

     

    Want to meet a hobbit up close and personal?

     

    Or are you still wanting to hide amongst us as the most scared yellow-bellied Master Race master debator with an Ernst Roehm fixation?

     

     

     

    22:03 on 22 April, 2013

     

    TSD

     

    So No time mentioned? No place agreed? You sure you’re the big strong Rugby player you purport to be? Did your team play in all yellow?

     

     

    21:02 on 22 April, 2013

     

    …

     

    TSD

     

    My any time, any place offer still stands. IF you are the big strong rugger bagger you purport to be, you must fancy your chances, eh?”

     

     

    ___________________________________________________

     

     

    What a plum he is.

     

     

    HH

  35. Tallybhoy on

    I would urge everyone to learn a foreign language!

     

     

    That’s my thought for today!

     

     

    Grazie!

     

     

    A presto!

     

     

    HH!!

  36. cliftonville celt from belfast on

    Chuckles Green is selling orange Sevco shirts out of the back of his vehicle

  37. thehoopedduke on

    Paul 67

     

     

    Very interesting developments.

     

     

    Your expectation of the SFA not applying their own rules is shared, can you see the excuse that they were again ‘duped’ by another lone agent?

     

     

    I can’t see anythjing other than it being swept under the carpet from a footballing point of view and a continuation of the farce.

  41. hen1rik on

    Celtic fans complained about referees we were classed as paranoid, sevco fans say PL is running Scottish football and no mention of paranoia, funny that eh.

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