Expectations from QC report


There appears to be a degree of confusion over the report Rangers International FC PLC have commissioned into the conduct of its directors.  This report resulted from the revelation that Craig Whyte was a director of Sevco 5088 Ltd, the company which paid for exclusivity rights and had an irrevocable agreement to buy the assets from Rangers administrators, Duff and Phelps.  Several RIFC directors were unaware of links between Whyte and Sevco 5088 and were so concerned they demanded this independent inquiry.

In short, the board need to know if information given to them by fellow director, Charles Green, is wholly correct and reliable.  Another PLC has also told the stock market they have made a report to the Serious Fraud Office, for a company director, this cannot get more serious.

The report is unlikely to come to any hard conclusions as to the legal status of assets like Ibrox Stadium, that is a matter the courts could later take a different view of, or of the club’s entitlement to associate membership of the SFA, which will be a matter for Mr Ogilvie and his board.  It will more likely do little more than inform the RIFC board if they have reasons for alarm.

On becoming aware of a potential serious corporate matter directors must take steps to confirm any disputed information, consider potential consequences for the company and correct any stock market announcements which were subsequently found to be inaccurate.  This is the road the RIFC board have gone down.

If the report indicates that the courts are unlikely to rule that Sevco 5088 Ltd can be considered a part of RIFC group, and that its entitlement was inappropriately assumed by Sevco Scotland Ltd (now The Rangers Football Club Ltd), the directors will then, and only then, have enough information to decide if some of their worst fears will be realised.

If Mr Green found his grilling by STV difficult, he will find the forensic accountants and lawyers no less taxing.  In answer to their questions I wonder if he’ll say, “Define Craig Whyte”.
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  1. jungle jam67 on

    kevjungle – “walk-on” in the jungle = bliss



    12:13 on 1 May, 2013


    Just dropped in to say….



    Get the seats to f#ck and bring back the Jungle :)



    If it’s good enough for the Germans….



    Problem solved – CSC

  2. Dontbrattbakkinanger on

    Kit, well said- unfortunately it means that if the good ghuys [of which you are clearly one ]clear off then the bhlog gets filled by the dysfunctional sociopathic bedwetters.



    These sad misguided individuals are crying out for attention; it fills the hole in their lives where the rest of us keep our sense of decency and social awareness.



    Stroll past the trolls.




  3. Good grief, I can’t even spell “dysfunctional sociopathic bedwetter”, never mind understand what it means . . . . .




  4. jungle jam67 on

    kev jungle


    proplem solved?


    the club are under strict health and safety rules


    we have fans setting off smoke bombs and flares


    them soon to be added more drink


    the first incident of a fatality


    and the cry would be why did the club allow this to happen




    it was what the fans wanted


    as for the kleek for today?


    will just settle for being a cqn bampot


    only if you aprove ;-)))))




    off outt to ma work


    see u later



  5. Hamiltontim on

    The Sorrowful Mysteries this afternoon.



    1.The Agony in the Garden



    2. The Scourging at the Pillar.



    3. The Crowning with Thorns.



    4. The Carrying of the Cross.



    5. The Crucifixion.

  6. blantyretim on



    welcome back,stay and fight for the good bhoys…



    ignore the trolls…

  7. Dontbrattbakkinanger on

    Ylurc- did you see my post earlier?



    Beer next Wednesday in Aberdeen?

  8. cliftonville celt from belfast on

    Some information for any Bhoy’s travelling to Belfast on Saturday to watch the mighty reds.



    The Rock Bar (currently owned by our own Paddy McCourt) is holding a rebel weekend this weekend from Friday night until Sunday. Some good groups on including shebeen starts on Saturday at 11.00



    Just remember you can no longer walk down the Donegal Road to Castle Greyskull any more (used to love that dander up the motorway) so you’ll need to sort a taxi from the bar but should be alright as there are a couple of depots about there.





    Hail Hail & Come on you Reds !!!!!!!

  9. Greens lawyer will advise him not to cooperate. Why should he provide evidence to a QC that will be used in a future court case to send him to the other “big hoose”. Not sure whyte will cooperate either as he will keep his ammunition for court and not give it to the Sevco Scotland board.



    The independent inquiry is not independent for documented reasons and is only being done to protect the reputation of Malcolm Murray ; who probably knows that Green may have obtained the assets illegally.



    All the while Ogilvie sits on his leather swivel chair wondering how he can help the ibrox club out of this latest mess.



    Ps. On another point ; if our manager approached the ref after the game on Sunday, he deserves to miss leading the team out. He needs to learn to control his emotions and fix the mess on the park.

  10. Paul,



    There are a number of reasons that this “investigation” doesn’t sit well.



    Frankly, I don’t care about ZombieFC and what they’re up to (Whatever it is this is either a well constructed plan by current and former directors, or they have got some of the most incompetent fools ever working for their company, all in my opinion of course).



    What strikes me most about this though, is that there is very little response or at least public reaction to what is going on at Ibrox, from “Our Leaders” at the SFA (and I suppose the SFL).



    The good of all of Scottish football, Armagedon if things aren’t put right so to speak, is at risk if one club is allowed to continually flaunt rules and regulations, guidelines are dismissed as not required, and misdeameanors excused with a “don’t do that again OK?”



    Rightly or wrongly, suggestions were made to attempt to drag Scotish football through their financial woes recently, however it appears that one club has been allowed to drive discussions or even demand changes, and so this opportunity has gone away.



    The club most at risk from these proposals, financially, was our club, who sought to put more money down through the leagues to ensure a more competitve future for the “good of the game”.



    Is it time that our club started asking more public questions with regards to the shambolic mangement of a rogue club due to how it impacts us and our fellow SFA member clubs. I don’t mean question Sevco (whichever one), but question the authorities.



    If no response is then forthcoming which is satisfactory, it’s time for a vote of no confidence, and a restructure of those at the should happen immediately.



    There are too many unknowns for multi million pound organisations to be playing with. If I was to be asked to risk manage Scottish football, I would be focusing on rogue variables first, and only one club jump out as not caring about the “good of the game”.



    To return to my first line, as a corporation, they must complete this investigation of thier own, so as to satisy their Shareholders and AIM rules, however Scottish Football should not be waiting on a report with regarsd to whether what he or she said is true. They should be looking at how this fast tracked club which is headline news for all the wrong reasons, is and may put the other clubs in the game at risk.



    Some leadership is required within the game, and as the only superpower around, it must be time for our club to step up and take control.





    SortItOut CSC

  11. Ron Bacardi on

    this investigation is just another delaying tactic to get them through another close season til next season as SFA and SFL will use it an excuse decide to do feck all about the cheating huns

  12. So who is going to put their hand in their pockets and actually help Paul towards the cost of this blog??? The blog that is such a vehicle for good on so much the occasion.



    No need to start a list…. just do it, and know you did it (as and when you can and forever so much or so little as you can afford). Those who benefit from your support will never know your name or your like, but maybe for a few days in their unfortunate lives that CQN tries to soften, then maybe they’ll enjoy one or two simple smiles.



    You don’t need your names up in neon-lights, you just need your heart to tell you I walked the walk.

  13. Kilbowie Kelt on

    I completely understand the advice of respected CQN’ers to simply scroll past the trolls.



    Maybe it is the right course of action.



    However, that does not highlight the offensive nature of what these attention-seekers are posting.


    Whether it is on CQN, in a workplace, in a pub or anyplace else that offensive & inhuman comments are made, they should be highlighted & challenged.


    Scrolling-by does not register the amount of revulsion that these remarks cause.

  14. Hamiltontim on




    Someone was on yesterday saying the same thing happened to them.

  15. lucky cody – I suspect green’s resignation is purely to protect himself from such inquiries, as he is no longer an employee or director he has no obligation to cooperate.

  16. Hamiltontim on




    Did you get tickets for the area of the stadium that you wanted?

  17. blantyretim on

    Kilbowie Kelt



    you have a point as I would not know had been written by them unless it was reposted..



    guilty by association could be our problem..

  18. ArranmoreBhoyLXV11 on




    re cup final tickets.. Calling the TO, seems to by pass yon “privileged” status..



    Tho it’s always a privilege to follow Celtic..

  19. Hamilton Tim. .. Is it not the Glorious Mysteres today fella? If not what happened to tuesday oooooooffffftttttt!

  20. Hamiltontim on

    Toffe Tim



    No particular day assigned to any specific mystery. Always begin with the Sorrowful purely for chronological purposes mate.

  21. New club looking for help to celebrate their first trophy….



    RANGERS fans will pack out Ibrox for Saturday’s title party with the stadium now


    sold out four days ahead of the game.



    Throughout the season the club’s support has backed the Light Blues in huge


    numbers and this weekend will be no different as Rangers lift the title in front


    of a sold out Ibrox.



    The club is looking for volunteers to set out small flags in the Govan,


    Broomloan and Copland Stands; this is to celebrate our 2012/13 SFL Irn Bru Third


    Division Championship win.



    If you are able to help out please report to Argyle House Reception at 1pm on


    Thursday 2nd May and ask for Jim Hannah.



    Volunteers will almost certainly be needed again on Friday morning to finish off


    the display, if you can make it along, please report to Argyle House Reception


    at 9.30am and again ask for Jim Hannah.

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