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. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on




    19:37 on 1 May, 2013




    Hahahahahahaha….. Who’s TSD?

  2. lol! Only ones I can think of who would be upset over Sevco share price is a zombie taking a financial pummeling.



    Site I looked at said price had dropped 3.50 from yesterday. I don’t really care but I do care when someone implies I am making it up and talks to me like their 3 legged greyhound.

  3. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    C’mon BAAAARCA…..!!!!!……you will miss MESSI, as any team would, exceptvCeltic….!!!!

  4. Only 4 gates open for the Celtic fans. It is almost as if the polis want trouble.

  5. pogmathonyahun aka laird of the





    I am sure you were getting a Bayern win at 15/4 yesterday.

  6. Greenpinata on

    Murdochbhoy,yermanfromMK @ 18. 53 hrs.



    Excellent well balanced post ( Again IMO )



    I agree with you, that readers should not get too agitated about Kojo.To reiterate what has been stated previously – just scroll on by if not to your liking. By defending his right to free speech ( Within reason ) you have hit the right note for a fine balancing act.



    However I am astonished that you can actually decipher what is written.


    Gobsmacked and never mind still laughin; still decoding.



    HH, Always in Celtic.

  7. BT


    Strange eh?


    Been three times loved it, depends what your looking for, guy on my fb is there just now he’s in sousse, very lively, hammamett is much same, we were in port khantaoui which is quieter. We’ve given it a miss this year booked olu deniz in turkey (July) off to Benidorm may 8th for a wee couple of days judithchalmerscsc

  8. googybhoy ♥ celtic



    18:27 on 1 May, 2013



    You would have been gone before I arrived.


    Biggest memories are playing football at every opportunity.



    I visited the museum last year, a bunch of school kids were getting a tour and the guide started chatting to me, I ended up in a question and answer session with a bunch of 14year old kids.



    BT, I have seen posters mention it before, think I’ve talked to a couple.



    As I say, nothing but great memories.

  9. blantyretim on



    All inclusive foe mrs muni and self school week october sahara beech hotel

  10. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on




    19:42 on 1 May, 2013




  11. BT


    Is that the one in monastir?


    If so heard that’s very good, downside is its across from the Ibrox bar. :-(

  12. good evening cqn



    listened to a bit of ssb tonight,about 7.30 a really hurting current bun came on,everyone from NFL to big sammy got it,they are hurting big time aint it great. H H

  13. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    the legend johnny doyle



    19:44 on 1 May, 2013



    They really are a ‘piece of work’ ………scurolous hillbillies. Like a swarm of wasps struggling against a strong wind…..hahahahahahahahahahahahahahaha

  14. Lennybhoy, only there for a year, but it was some place to live.


    There is a website, lots of pictures, none of me that I saw, but my class on a bus, I must have been up the back of the bus.

  15. still 0:0 scrappy game..gb taunting pars..your gonna die like the r#nkers..!!


    and liquidation liquidation to bouncy song..

  16. 'crushed nuts?' 'Naw, Layringitis!' on

    Sevco are using the ‘investigation’ as an excuse for the nonexistence of their accounts. The MSM will spin that deidco are prohibited from submitting yet another set of interim accounts, therefore they shouldn’t be disadvantaged by the authorities.


    Any investigation’s first port of call must be the books! But which set will they see?



    I would have loved to see Pirlo in the Hoops

  17. petrovschef on

    BT spent 2 weeks in port el kantoui couple of years ago. Best holiday ever. 2 day Sahara excursion a must. 4×4 in desert fantastic. Loved local food too.

  18. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    Instead of concentrating on controlling the ball, Fabregas again plays fr a penalty….eejit….mon Barca

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