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. leftclicktic on

    Celtic Football Club ‏@celticfc 1m 53. Great goal by Celtic – Herron cracks it off the post but Lindsay’s in the middle to slot it home. 1-0!

  2. Messi is on restricted game time due to restrictions placed in his pre contract arrangement with sevco for next season

  3. !!Bada Bing!!






    Was in Orlando for the ’94 WC at the ROI v Mexico & Holland games. Much of the partying was done at Church Street Station where the ROI had their HQ (got served a drink by big Niall Quinn in the hospitality suite – I was only in picking up tickets).



    Escobar had been shot on his return home and it was given massive coverage on TV in Florida. Big Jack got himself a fine from FIFA over water bottles for the players and the Irish had a whip round to pay it.



    Big Jack donated it to the Escobar fund. Fans had erected a large poster of Escobar opposite the ROI HQ entrance. It became a shrine during the 7-10 days the matches were in Orlando. Adorned with national flags by supporters there for the World Cup – at night it was illuminated by hundreds of candles. Dishes in front of the shrine were full of coins and notes of various denominations and currency were pinned to the flags – all donations to the fund from football fans.



    Was there the night before the Holland game – quite a moving scene with fans from all around the world saying a silent prayer – exchanging scarves – handshakes – hugging one another getting photos taken.



    19 years on and I still have a vivid picture of that night – wonderful experience!

  4. BT,



    Cheers. Definitely cost Barca the CL that. Shame. Which takes me to my next question. Will their insurance cover it? If I was financial controller at Barca, that’d be a no brainer to insure the wee fella’s gametime against injury.

  5. leftclicktic on

    Celtic Football Club ‏@celticfc now 63. Ridiculous yellow card for John Herron. He’s accused of diving outside the box.

  6. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    What age group are the Celtiv bhoys..?

  7. kikinthenakas on




    Pal of mine and all round good ghuy passed away last night….



    Norrie, god bless sleep tight….ynwa….

  8. leftclicktic on

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


    u 20s

  9. !!Bada Bing!! on

    Seen Ladbrokes ad at HT 14/1 Robben next goal,clicked to bet -computer error and couldn’t get it on



  10. Barca cream-crackered. A pity but it would have taken a miracle even without the goal. Hope they hit back aand win the game anyway. More importantly though well done the Hoops. COYBIG

  11. ooft



    BT also done Port el Kantouni, was there in Nov (2011), wasn,t hot enough for me, although nice wee place. as previous comment some of the tours well worth it, we also done the Quad bikes into wilderness, excellent day out, and value for money



    Sana – must have been donating as you posted – great effort



    hail hail

  12. greenyinfurrafenian on

    BM, not a bad side, but how would they fare on a wet wednesday night in methill :o)




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

    Barca will come back stronger from this

  14. Barca will need to buy defenders that can defend



    They’re done too often in the air and their full backs can’t defend

  15. gordybhoy64 on



    Don’t want to put you off,but I stayed in the Sahara beach for a fortnight about 3 years ago,for various reasons it was the worst holiday I have had in a long time,hopefully your experience will be better,wouldn’t go back to Tunisia but I’ve been in Egypt a couple of times and loved it if you fancy somewhere quiet and relaxing

  16. Sub coming on for Dunfermline.



    Declan O’Kane!



    Playing for the wrong team!




  17. Starry, I’ve booked here from Thurs 11.07 to Sun 14.07, 3 nights. No credit card needed and free cancellation up to 18:00 on day of arrival. Commits you to nothing as long as you don’t forget to cancel, lol. Near main areas of interest and also Hackescher Markt, good for pubs and restaurants.



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




    20:54 on 1 May, 2013



    67Heaven , U20






    Thanks, won’t even get a mention in the LL tomorrow……LOL

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