Its seven months since the Worthington Group, who represent the interests of Craig Whyte, reported Charles Green and Imran Ahmed to the Serious Fraud Office over the ownership of Sevco 5088 Ltd.
Sevco 5088 Ltd bought and paid for irrevocable rights to buy the assets, including Ibrox Stadium and Murray Park, of Rangers Football Club PLC, in liquidation. Those rights were subsequently assumed by a different company, Sevco Scotland Ltd, now called Rangers Football Club Ltd, who are a football club in the third tier of Scottish football.
The question is, how did Sevco Scotland acquire those rights?
When this question was raised back in April, it was reported that Rangers International PLC instructed Pinsent Masons to investigate the matter, but instead, Pinsents reported on whether Craig Whyte was involved in Sevco Scotland Ltd, a company he claimed no connection with.
The BBC, who broke the story yesterday evening, suggest Police Scotland are investigating if Craig Whyte is still involved with “Rangers”. Although this would break the terms of Newco Rangers entry into Scottish football, it is not, of course, a crime, nor something the police would concern themselves with.
More importantly, the BBC suggest police want to speak to Charles Green, former chief executive of Rangers International PLC, about a document submitted to Companies House. The dispute over the ownership of Sevco 5088 Ltd has played out through documents submitted to Companies House, not all of which can be legitimate.
Perhaps the biggest challenge of all to the Newco is that these matters have a history of taking a long time to resolve. Time is not a commodity a company without bank borrowing or positive cashflow can afford.
If only any of us saw this coming………
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KW didn’t even go go into the opposition box during corners or set pieces…
A Police spokesman says………’They’ve had a good look round iBrokes and there’s definitely no sign of Craig Whyte’
..pfayr- OK then, Rogic becomes a key first team player and his value triples.
Is anyone confident that those housed in the bigot dome and some no longer there will have justice meted on them?
I am looking for a wee bit reassurance here guys!!
Burghbhoy
The fact that the polis are involved is an interesting development ….
I await the MSM uproar at the sentencing. I assume they avoided jail as they were celebrating the queen. Can you imagine Five Celtic fans doing that.
FIVE men have dodged jail after admitting their parts in the disorder at the unofficial Royal Wedding party at Kelvingrove Park. Prominent student protester Liam Turbett, 23, friend and convicted housebreaker John Bennett, 37, James Nesbitt, 26, Dominic McGoldrick, 19, and Matthew Crerar, 27, were involved in the incident that descended into chaos. Taxpayers had to stump up almost £24,000 to clean up the mess after the unofficial party. The bash, in Kelvingrove Park in April 2011, turned violent after details were circulated on Facebook. Turbett, from Maryhill, admitted being part of a disorderly crowd, shouting swearing and acting aggressively and escaping from lawful custody after struggling violently with police. Bennett, from Drumchapel, Crerar, from Partick, and McGoldrick, from Darnley pleaded guilty to being part of a group that struggled with police and freed Turbett from their custody. Nesbitt, from Govanhill, admitted two charges of assault on police, including officers on horseback, by throwing an object at them. The men were sentenced at Glasgow Sheriff Court and ordered to carry out ‐unpaid work as part of community payback orders. Turbett, Crerar and McGoldrick were ‐ordered to carry out 120 hours of work, ‐Bennett must do 220 hours and Nesbitt 200 hours.
It’s perfect timing for Craigybhoy the Panto villain to come outta the woodwork…….
”look out Billy, he’s behind you”
”oh no he isn’t”
” Oh yes he Fing is”…..
Billy Bhoy 05
13:12 on
12 November, 2013
The small independent country Norway had the world’s largest Sovereign fund: $800 billion. It would make you no well what has been stolen from us.
==
Stolen – nothing stolen Scotland was a willing partner of GB. And what about the wealth the Scots plundered from other nations during the good old days of the British empire.
Did the SPFL change the rules on liquidated clubs?
Quick lunch quiz –
1.Name 5 Italian International Footballers whose surname ends in a consonant (past & present included)?
2.Who is the only team in football that is made up of only vowels?
Answers @ 2.00pm.
AOW
Wolverhampton Wanderers
Art of War
Borussia Monchengladbach
What were the rules again?…..
Buffon
Italian keepers – Zoff, Buffon
The Spirit Of Arthur Lee
Another smart arse….lol
Buffon?
Oglach
Actually, that’s a common misconception – that Sevco/Rangers will continue to exist regardless of Police action/prosecutions and whatnot.
Let me try to explain.
First up, it’s an implied condition of every sale of goods that the seller has the right to sell the goods in question. I cannot sell anything to you if I do not have the right to sell it myself.
A long time ago, in a galaxy far, far away…. in the constellation If Major:
D&P entered into an irrevocable agreement to sell the business and assets of ‘Rangers’ to 5088. Unless – and it remains possible – 5088 properly waived its corollary right (and obligation) to purchase the goods, D&P were not entitled to sell to Sevco Scotland Ltd. They did not have the right to sell the goods to anyone other than 5088.
Unless there was/is a clear waiver of those rights, 5088’s rights remain.
While the matter of Land Registry will impact upon the proper ownership of the heritable properties, the Intellectual Properties bundles up in the ‘business and assets’ – and critically the right to use copyrights and trademarks of ‘Rangers’ and to trade as ‘Rangers’ – are easier to deal with, and the prospect remains tangible that Sevco Scotland Ltd has properly acquired no such rights, and consequently…
…the team playing in blue at Ibrox Stadium lately is none other than…
…the Sevco Scotland works XI, the same entity who obtained SFA membership under curious circumstances last year.
Now, from the Police perspective, they have 2 issues to deal with:
1) Were the shareholders of 5088 fraudulently deprived of their rights? (It is possible that they were but the circumstances warrant a civil remedy rather than a criminal one).
2) In such an event, there is the small matter of the subsequent IPO of shares in the Sevco Scotland parent company RIFC plc to deal with. If Sevco Scotland doesn’t have title to the assets, quite what were Charles and Imran selling to the city? Naughty bad.
From the football perspective, if Sevco Scotland does not have the right to trade as ‘Rangers’, then ‘Rangers’ hasn’t kicked a ball since May 2012, and the last season in Scottish football hasn’t happened.
It’s referred to here and elsewhere as the Pamela Ewing’s Dream scenario.
It’s all utterly opaque of course at the moment, and a possible outcome is a private settlement, whereby the shareholders of RIFC plc will require to compensate the shareholders of 5088 for their losses – a share of the IPO should do the trick, say £20M? How much was the Ticketus loss by the way?
Nevertheless, whether it is likely or unlikely, the prospect is sufficiently serious for RIFC plc’s auditors to issue an Emphasis of Matter Statement on the topic to the effect that… the issue is serious and unresolved, and critical to the business going forward. Be Careful.
King, McColl, the list of apparent Rangers men who would save the club, won’t put up a thin dime to do it because they appreciate the danger that has arisen from the matter at hand – they too have absolutely no idea what they would be investing in.
RIFC plc is a pig in a poke, and only once the poke is opened will they, and the rest of us, know whether it’s pork or pup inside.
In the meantime, here’s the reaction from Stuart Regan at Hampden Park last night.
AOW,
Zoff, Fuser, and buffon
burghbhoy
13:25 on 12 November, 2013
See at the end of the day, ‘truth and justice will prevail’, as per my previous moniker, which I changed when they were Liquidated (how good does THAT sound) to above…..
The assets are still owned by oor Craigie …….. The Police / BDO will, EVENTUALLY, have to confiscate them, and return them to their rightful owners, who lost millions to the corrupt former club….
Any idea what time CQN Magazine is released? Can’t wait to see my article!!!!
TSOAL – :-)
Geordie M – correct so far!
Santon of Newcastle?
Art of War
Burgnich – Played for Inter Milan in Lisbon
Art of War
13:40 on 12 November, 2013
Quick lunch quiz –
1.Name 5 Italian International Footballers whose surname ends in a consonant (past & present included)?
Olrip, Aloz…..oh wait a minute, I’ve spelt them backwards. I give in. It’s 2pm. Tell us
variation on the theme “kelvin never scored for Celtic”……………. a friend / anorak / authority on all matters Celtic assures me of this little fact . Never mind having not troubled the scorer , no one with the first name KEVIN has ever played for a Celtic first team. Unless you know different ? ( he has been know to talk keich , but with such conviction you start to doubt your own recollections .
AOW,
Ooh there’s an interesting one.
But I googled it so keeping quiet :)
godblesstommyburns
The Huns have had more Kevins than us in that case
TBB
And whilst all the toing and froing goes on ….they are steadily running out of cash ….
…even though one of them was known as Ted
Gold star 10
They are adding more food banks by the day here in Scotland.
Oglach
We were not willing partners as the McCrone report shows. The Thieves in the Labour Party and then the Tories hid from the Scots the true wealth that would flow from the North Sea. Food banks is the result of the thievery. And neither were we willing
when Scotland was sold to England by a parcel of rogues for a bit of coin.
bournesouprecipe
13:19 on 12 November, 2013A Police spokesman says………’They’ve had a good look round iBrokes and there’s definitely no sign of Craig Whyte’
——————————
Thanks for that it made me laugh and reminded me of the spike Milligan line from Adolf Hitler my part in his downfall:
The die was cast. It was a proud day for the Milligan family as I was taken from the house. “I’m too young to go,” I screamed as Military Policemen dragged me from my pram, clutching a dummy. At Victoria Station the R.T.O. gave me a travel warrant, a white feather and a picture of Hitler marked “This is your enemy.” I searched every compartment, but he wasn’t on the train.
Wait till “Brandy Syphon” fitba’s scourge ‘o’ the detail………….gets wind o’this!
……………….tighter on it than twa coats o’ paint………..
Aye!
…though the fact that he was called Ted had anything to do with his real name being Kevin
Celticbhoy
Thanks for that
HH
..McMinn ends in a consonant. Did he not play for Italy…2pm has been and gone
TONYDONNELLY67 1226
I still laugh at the reported theft from the Easdales. For starters,you would need big baws to be so stupid(actually a sign of mental illness-honest!)
Secondly,the following…
“Hello? Hello? Police? McGills Buses here. Wuv been done ower,mate. Hunner grand nicked.”
“£100,000,sir. But don’t your buses work as correct fare only?”
“Eh,aye,they dae. It wiz aw in coins but,and some bassas nicked it.”
By my reckoning it would weigh about two tons. And I have no idea how long it takes to convert to notes in a GOLDSTAR machine at the supermarket.
Question is,did their insurance company and HMRC smell a rat too?
Or is that a given with that pair?
Just found out ole Barry Norman was a Celtic Fan!
– and why not
“Lee Wallace has again been ******’ s Mr. Consistent this season”.
” A standout in the weekend win over Airdrie”.
And yet this merits him a place in the senior Scotland squad.
Kevin McHattie, Ryan McGauld, Jordan Archer, Stuart Armstrong…
All standouts in a higher standard of football than Wallace.
In fact, thinking further, watching my nephew’s game on Sunday, the opposition centre half was quite good.
Granted it was the Paisley and District League, and he was marking a guy with a McCoist-size physique, but I presume there are Scotland scouts at all lower league matches.