After many years of speculation and debate, former Rangers owner, Craig Whyte, and founding father of newco Rangers, Charles Green, have been detained by police and are due to appear in court connected to the “alleged fraudulent acquisition” of Rangers assets, which were sold after the club failed to prevent a liquidator being appointed.
Joint administrators for Rangers, Paul Clark and David Whitehouse, then employed by Duff and Phelps, have also been detained in connection with the case.
Let’s get the rules clear from the off:
Anyone charged with a crime is entitled to a fair trial. They should not be subject to public comment which is likely to prejudice their ability to receive a fair trial. Don’t let anything of this nature appear on CQN.
You can discuss the issue, and you can discuss consequences of similar-sounding hypothetical cases, but unless you are cited to as a juror, don’t try to convict anyone.
The events surrounding Rangers liquidation and the subsequent asset purchase took place over three years ago. That this case has now found such momentum suggests the police are following a strong lien of enquiry, and have overcome whatever inertia which can sometimes affect white-collar crime.
We don’t know what is alleged fraudulently took place. The role of the administrators to carry out their duties on behalf of creditors is clearly established. That said, plenty of lateral is afforded to administrators (although increasing payroll by trying to sign Daniel Cousin raised eyebrows).
Exactly how Sevco Scotland Ltd (now The Rangers Football Club Ltd) were able to buy Rangers assets (for £5.5m) when the company who successfully bid for the assets was Sevco 5088 Ltd, has remained an open question since Craig Whyte claimed a controlling interest in Sevco 5088 Ltd.
Whatever the nature of the police charges, there is one overarching fact which Scottish football should be alert to.
Any company, football club or otherwise, which relies on assets that were criminally acquired to go about its business cannot continue to operate with those assets.
In this instance, the stadium, training ground, intellectual property, balls, nets and goalposts were all acquired by the company now known as The Rangers Football Club Ltd.
The consequences of this one are so massive several well-informed people suspected it would never get this far. But the day has come.
Even if all charges are dropped or allegations found to be false, there will still be immediate and real consequences. How would you, for example, go about raising money for a company with this hanging over it? Newco needs money, and they need to convince investors that the club did not start by criminally acquiring its football stadium.
Good luck with that.
I see in some places a fallacy persists that the SFA found Craig Whyte fit and proper to be a director of a football club. They did no such thing. The responsibility for ensuring Whyte’s fitness in 2011 lay with the Rangers board of directors, including Dave King and Paul Murray. The SFA have no powers to intercede or prevent a club from appointing any director it chooses.
Earlier this year Dave King took the unusual step of asking for prior-clearance that his appointment would not be found contrary to SFA rules (presumably due to his criminal convictions), before being appointed a director, but this was at King’s discretion. There is no SFA Fit and Proper test, the SFA do not clear or otherwise sanction any club director prior to appointment, this is the job of the club itself. Dave King, Paul Murray but most of all, Sir David Murray, take a bow.
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I feel sorry for the photographer(s) who took a tumble in this video. Surely, at least some yellow cards should have been shown?
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34127507
Also, what a way to treat a guy who came up with the continuity myth! Some people have no appreciation whatsoever.
The biggest mystery to me was always was the administrator did not perform all the normal duties.
Every other clubs administration event saw them ditch players and costs immediately.
The original rangers kept haemorrhagin money.
He’ll they could even have been saved.
And that’s the bit I find funny.
Just when The Warbs had got world peace sorted yon Craigy Bhoy goes n does it again,Stanley.
LaurelnWarbycsc
Just think.
All the ebters could have collected up their loans and saved them
So so funny.
What’s that the average bear has lost now.
Original shares debenture seat a club.
Arsenal shares
A bike.
And still they say dignity
Ilove the headline for this one:
“Charles Green did indeed walk very staunchly from the Glasgow Sheriff Court through the baying crowds, all waiting for Tea and Biscuits.”
http://talkingbaws.com/2015/09/video-charles-green-leaves-court-in-glasgow-to-chaotic-scenes/?
I realise that one has to tread very carefully here.
However, from day one I regularly posted here questioning the conduct of Duff and Phelps.
Having been spectacularly wrong before,I make no judgements now.
Should the stuff now spectacularly hit the fan, the past silence and inertia of some who should have know better. could be extremely embarrassing.
However much the temptation, should we now not leave them alone and concentrate on our own failings such as once again failing to bite the bullet, pay the price and acquire a quality striker.
SAINT STIVS on 2ND SEPTEMBER 2015 5:01 PM
The biggest mystery to me was always was the administrator did not perform all the normal duties.
You never seem to come over as being particularly daft.
The answer is that they were Craigie’s choice of administrators.
– See more at: http://www.celticquicknews.co.uk/green-whyte-and-gaol-d/#comment-2670477
Speyside Lhad 4.22pm
When I checked the Duff & Phelps website at lunchtime today they had no comment about this case but still had Clark and Whitehouse listed on their website touting for business. Which I thought strange given the circumstances; I`d have expected them to be airbrushed off the website until this matter is cleared up one way or another.
But then weren`t they both up at the Sheriff Court on other criminal charges alongside David Grier in connection with Sevco last year too? I`m sure Grier is still on the D&P website as well….
Paul67
Re your point about the SFA not having Fit and Proper Person Rules.
What I have learned over the past three years is that the rules in Scottish football are based totally on trust.
Because football is a sport then the ethos in sport is that folk will obey the rules because if you don’t nothing won is of value.
But now its business and the money tempts clubs to break the rules and one of the biggest crimes for me is that Rangers just not broke the rules, they broke the trust table on which the rule book rests.
That is bad enough but when faced with the consequence of applying the rules and removing the value of what the rule breakers (aka cheats) “won” those at the SFA are as guilty of malpractice and trust breaking as Rangers were.
The dilemma for Scottish football is what to do about it? The rules based on trust are of no use, the rules “police” are of no use, so how can the game carry on without steps being taken to restore the trust Rangers AND the SFA have trodden all over?
TRFC are an untrustworthy organisation (and I avoided another word) and had it not been for the commercial concerns at play would have been suspended from football until they had demonstrated their trustworthiness during a period of probation where the SFA set conditions and DID check who was fit and proper.
This isn’t just about ebts or financial doping they are just symptoms of what happens when ethics are dumped for manna.
So whilst I take your point the SFA are not to blame under the rules for allowing the likes of CW and CG and perhaps DK into our game the rules have to change so that someone is made responsible and accountable for making Scottish football an honest game honestly governed.
Any sign this is being realised or is it rabbits in the headlights?
If it transpires that Sevco Scotland/TRFC Ltd can’t call itself “Rangers FC” because it has no right to use the name, who’s been playing out of Ibrox these past 3 years? The Sevco Works XI?
Will we be reading The Asterisk Years Part II?
What will Sevco/TRFC call itself now? Plain old TFC Ltd? What about the team? The Fraud Squad?
Major issues for the Real Rangers Men too. What do they call themselves if there isn’t a “Real Rangers”?
Moreover, how do they persuade investors to plug the £Ms cash shortfall while the matter crawls its way through the courts for the next 5 years?
I’ve read comments from some journos to the effect that “Justice” will be served “at last”. Some even believe the club with no name will end up getting cash compensation without realising that Sevco/TRFC was the vehicle of an alleged Fraud, not the victim. The Rplc Creditors are the victims in such a scenario.
Sevco/TRFC might very well lose everything it bought from the Administrators, leaving just the run down Edmiston House and the world famous Albion Car Park to show for all the money spent. Oh, and Warbmeister’s team excluding those who TUPEd over from the Liquidated Club.
There’s a lot of fun to be had with some of the implications in all of this, but we oughtn’t lose sight of the fact that the football authorities acted in (presumably unwitting) concert with those currently facing fraud charges, patronising the new entity and its owners. And moreover, ensuring the fans of the old club were well and truly taken for a ride, without whom the entire enterprise could never have occurred.
SMSM part in the Sevco affair has been nothing short of disgraceful, Malcolm X nails it
The media is the most powerful entity on earth. They have the power to make the innocent guilty and to make the guilty innocent. – Malcolm X
Peter Lawwell clearly behind these arrests. Simply deflecting criticism of the lack of a decent striker and the Malmo debacle.
FACT
The huns have got a cheek beratin’ Charlie boy,you couldn’t mark the bolts in their necks with a blowtorch.
Can someone steer me in the right direction here? Is this the Armageddon they predicted? But it’s turned up exclusively.in Govan?
Bummer eh?
I’m now nearer 70 than 65, live 3.5k away from hame and no longer call myself a Celtic supporter as I no longer make any financial contribution to the club.
A few years back when I realised that oul mhen shouldnae be wearing tops, this was after seeing an obese geriatric with one on that had mcsleekit’s name on the back, I decided no more for me and when my nephew went tae uni I gave him 9 home and away tops hanging in my wardrobe.
Still have a couple of ball caps that my Canadian grandweans have bought me including an FAI one ????, no golf shirts but a couple of oul scarves that I brought with me.
I’m a Celtic fan, yesterday, today and tomorrow to paraphrase one of a well known international organisation’s catch phrases.
Couldnae care less about the leafs, argos or blue jays, it’s Celtic for me since my da carried me on his shoulders doon the Gallowgate and intae the Jungle.
I have seen some pretty poor Celtic sides and also some of the best. After the LC 1994 Final disappointment, I and my fellow loonie Tims filled a local Celtic Club queuing up to buy shares.
I spent many a Saturday striving tae find the score and on that magical day in 1986 at Love Street I was under the bed with the antenna from my shortwave attached to the frame as that was the only way tae get a reception that morning.
I stood on the stage at the 1st Vegas, the deid team won the double that year, with a Lisbon Lion singing “we are Celtic supporters’ faithful through and through”, as that’s what real supporters are, not the fair weather ones that jumped on the MON bandwagon.
Disappointments I’ve had but unlike the “Chairman of the Board” no regrets, not even a few that were “too few to mention”.
In my professional life I’ve been fortunate to have been employed in senior management at a couple of large organisations, one the biggest in the country and the other the 2nd largest. I’ve also been well remunerated.
In operations one of my roles was to save the company’s money, in business to raise funds. Not only was I paid well but also on an incentive bonus scheme.
Having knowledge of finance and the importance of keeping organisations solvent, it should be noted that all KPI’s are signed off by the CEO and Board of Directors. I was listening to and following HMV (His Majesty’s Voice).
The Board were also conscious that you can’t keep passing on the costs to the customer/taxpayer, that’s why cutting cost and unfortunately level of service was so important. I became a victim of that policy as I was told, behind closed doors, that my age and salary were going against me, hence early retirement.
Peter Lawwell, yes his name is Peter and he’s not a tea leaf, is only following direction, just like I and many others out there did.
Incidentally when we looked at emigrating we chose here, thank donald duck we never went tae the southern hemisphere as there’s got tae be something in the air or water that causes so much negativity and greeting faces.
I will take the wise consul of the author and avoid anything legally questionable, but this is a 3 year old club that claims to have many world records.
Surely if the “same club” went into liquidation twice and died again, this would need to be a world first! I think even the most grudging amongst us would have to give them that as a record?
How long until big Micky goes to court to ask them to ring fence his 5m loan as there are serious doubts about this business as a going concern?
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-34127507
Hordes not happy
Since we know the authorities in Scotland do everything in their power to appease hunnery ,is this the acknowledgement that a second club at Ibrox faces liquidation and they need somebody to blame?
Ok. Is this right…
Dodgy dealing gets ibrox and Murray park on the cheap – we did wonder at the time…..
Said dodgy purchase if proved could mean Rangers 2012 version don’t own anything?
If proven, who gets the assets? BDO? Do they then sell to get dough for stiffed creditors?
Is it possible that the RRM could at that stage buy the assets?
Is it probable that this is going to take a very long time in court before then and that TRIFC gets on to deep doodoo before then as whatever investors and creditors at newco demand their dough and get out of dodge?
Where’s Ashley in this?
Does the £280k a month stop being owed to the mysterious investors?
So many variables…….
But mainly does it mean we will have found a goalscorer by next July?
There is another significant fallout from all the current goings on re things Rangers PLC.
Given the fate that has befallen Clark and Whitehouse, who, it should be remembered, are court approved and appointed licensed insolvency pratcitioners, BDO will want to be seen to have performed their job absolutely scrupulously, openly and honestly.
Part of that job is to prepare a report on the conduct of all of the directors of Rangers PLC who held office prior to Liquidation. I can’t remember if the report on directors includes those who were in situ for 3 years or 5 years prior to liquidation.
However, they will also have to report on the activities, practices, fees and conduct of the Administrators – especially where that conduct may have affected the return made to creditors and indeed shareholders.
Remember that Whyte was the sharholder when thic company went down, and that as a result of it going down he potentially faces financial ruin.
Given that he was able to borrow £25M from a recognised financial institution on the basis of the future trading of the corporate entity he bought, and given that the security that entity received was supposedly flawed thus leaving any newco holding assets and playing football without having any security over its income or assets, and given that the same newco concerned immediately took the same assets and trading etc to the stock market and raised £22M – Whyte may well have a very valid claim against Duff and Phelps as may the rest of the creditors.
Every which way I look at this it becomes plainer and plainer that D&P really made a mess of the Administration process and quite why they did that was unfathomable.
Unless ……..
I am looking forward to seeing Lord Hodge appearing as a character witness for the defence.
He could see no wrong with the conduct of Duff and Phelps.
Worth noting that Big Mike is owed £5 million and has security on said assets. We know Chuckles gave him favourable deals on merchandising and shares. So, can we assume big Mike is in the loop. Or, has been duped by Chuckles?
I am just wondering if there are bums squeaking over at Hampden.
5 way agreement? Who signed it?
Not in a legal way, more in the “Oh no, we were duped” type of way.
The adverse publicity may lead to much needed change.
Just a thought.
I wonder if BDO are interested in events at court today?
Sorry, gotta dash, popcorn’s gonna burn and the ice cream is melting.
Was going to say GIRFUY to any lurking Huns, but let’s be honest, they aren’t going to be lurking here tonight, are they?
If you remember, Craig Whyte insisted that D&P became administrators and went out of his way to make sure they were appointed. I also remember that when the whole shebang was purchased by Green for what appeared to be a knockdown price, there had been another better offer from an American guy I believe. When Alex Thompson of C4 news interviewed one of the admins afterwards, he put it to him that there may have been some sort of jiggery pokery going on (I can’t remember his exact words).
All of the above is my personal recollection and I apportion no blame or guilt to any party.
This has nothing to do with sevco, but if a company is bought by fraudulent means and are found guilty. What happens to the company after ?
If someone could compile the rather lengthy list of “told you so’s” that are going to be called on rather soon, then that would be just smashing…
Good evening friends
All things taken into consideration, I’ m extremely gruntled.
As an ancestor of mine once said………………
Vae victis.
How could a body such as the SFA which is itself unfit for purpose, decide on the fitness of a director of a member club? There are more chickens coming home to roost here than there are on a Bernard Matthews farm.
Only takes one link to break a chain & this has always looked like a pretty big one.
This is all way too complicated for me…………although it doesn’t spoil my enjoyment of it :))
Perhaps somebody more knowledgable in legal matters could answer me this key question:
is the raised up corpse gonny die again?
Just watched Dignity 2.0 walk with his head held high from the Courts of Justice.
Now whether the Court of Public Opinion will be so easily left behind…
Oh to be ‘cited to as a juror’….
BANKIEBHOY1 on 2ND SEPTEMBER 2015 5:54 PM
Now, if there ever was a scribe to do a number on the Busted Flush – it would be Tom Bower……….
…………………….helped by Kitty Kelley……………..with lynn Barber editing.
…..just think……..
Literary Sircumcision!
ROBERTTRESSELL – We will likely have found, developed, and sold a goal scoring striker before this is all resolved
sevco fans
sevco 5088 fans
rangers fans
company asset fans
old fashioned huns or whoever they claim to be this week have a new song
from the movie fraudrophenia
we are the frauds
we are the frauds
we are, we are, we are the frauds
Paul
The FA have found the same challenges in their own fit and proper dance.
They only offer a guide to Directors’ Duties and Obligations.
http://www.thefa.com/~/media/files/thefaportal/governance-docs/financial-regulation/fa-guide-to-clubs-on-directors-responsibilities.ashx