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. cliftonville celt from belfast



    13:10 on 1 May, 2013


    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 !!!!!!!





    Heard paddy no longer owns the bar.



    Be surprised if he did with all the bands that play in it.

  2. lucky code (again) – reports say Lennon was summoned to the ref’s room. And in responding to the summons of an SFA official he was placed in breach of an SFA ban.



    I’m not sure the SFA have made any noises, so far it’s just paper talk.

  3. Hamiltontim on

    Toffee Tim



    Ignore that, it would of course be the Joyful Mysteries if that were the case….doh :-)

  4. Celtic_Gucks on




    I thought you might like to view a video featuring Fergie, Big Sam and Ray Stubbs I put together for my best mates wedding last Saturday. He is a massive Tim, same as myself, but unfortunately I couldn’t get any Celtic team members for a video clip. I did write to Lenny, but the PR department told me he was too busy and sent a letter wishing them congrats instead!




  5. leftclicktic on

    Apologies to any non religious folk but this hymn always comes into my head in the month of may.


    Memories of over 45rs ago wae ma wee bunch of flowers (daffis) to help make the class alter.




    The Month of Mary






    till later all

  6. kitalba



    I spoke to oldtim67 a few days back and he told me he had been speaking to you. Glad to see you back on here. Keep up the good fight.



    Hail Hail

  7. Hamiltontim on

    Pogmathonyahun aka Laird of the Smiles


    13:26 on


    1 May, 2013




    Every day really is an edumacation :-)



    Many thanks for enlightening me to that I’ve never know there to be specific days.

  8. Afternoon bhoys from a warm hun free mountain valley




    Tom McLaughlin


    04:01 on


    1 May, 2013


    How can anyone claim that games are fixed, even up to the level of CL semi-finals, based on nothing more than refereeing decisions?



    Football fans have disagreed with refereeing decisions since football was invented. The fan could, quite feasibly, be wrong. Or the referee simply saw it differently, or even made a mistake. It happens.



    It doesn’t mean the game was fixed, especially when, in the game in question, the team that the referee was presumed to be favouring, actually lost.



    How does that work?






    Where did I say anything about referees, or games being fixed ?



    If you want to jump down my throat, get your facts right.



    Dearie me.

  9. Kilbowie Kelt on

    Lot of posts about the Sorrowful Mysteries appearing.



    Must be the time for the Prayer of the Year Awards.

  10. 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.



    Is that not the track listing for the forthcoming Black Sabbath album?

  11. Dontbrattbakkinanger on

    Kit- impressive hitting by Chris Gayle, but the IPL may not turn out to be completely beneficial to the game.



    It puts proper [Test ]cricket at risk, which would be a shame.

  12. Hamiltontim on




    Pity it wisnae your typing fingers that needed resetting :-))))



    How’s the recuperation going?

  13. Greenpinata on

    Dontbrattbakkimanger @ 12.56 hrs and Kitalba @ 12.43 hrs.



    Having “googled” myopic I can both agree and disagree with some of your post.



    Myopic normally used as a medical term ( Maybe appropriate ) however I would imagine you have used it in the context meaning :- lacking tolerance, understanding and narrow-minded.



    Where I disagree is that: although you may not like what is posted, free speech is fundamental to a democratic society and indeed blog. ( Providing the correct protocol is observed which includes racism )


    Because you may disagree with some posts, IMO, it does not warrent the tag ” Green Huns”.



    The remainder of you article I would agree with and indeed endorse.



    HH, Always in Celtic.

  14. blantyretim on




    getting better every day thanks..



    mini not happy at the beard as I haven’t shaved for a week… o))



    trying to wean myself off the heavy painkillers…

  15. Leftclicktic……



    Enjoyed that Doogan delight fella but it transported me back to my wee primary class 45 years ago !


    Every daffodil in the area was blagged to ensure the Holy Mother was resplendent in floral tributes !


    Hopefully now I’ve atoned for my innocent expliots of theft right enough lol !


    Have a feelin a wasnt the only one ;))

  16. Hamiltontim on




    Ahhhh the dreaded ‘beardie’ I wake my two up to that regularly :-)



    Let me know when you’re up to visitors.

  17. Kojo:



    If I was to put in a wee appearance in Las Vagas in a couple of weeks time, do you fancy a couple of beers with an’ elderly ‘Tim’ who shares your sporting passions?

  18. Paul



    it still baffles me as to what the independent investigation could achieve other than having the other directors testify that they did not know of any wrongdoing.



    Other than Chuckles having left lots of incriminating paperwork around I cannot see that they will have enough evidence available to make a clear judegment. As Lucky Cody says Green and Whyte will most likely not co-operate. So the QC will not even be able to establish that the board are telling the truth that they had no knowledge.



    I can’t see how there will be even enough evidence to establish a whitewash.



    Green’s high water mark is that he stitched up Whyte. The MSM only a few weeks ago where lauding this as anothe rbrilliant move by Charles. Yet is now unravelling very quickly.



    The only other party that could throw some serious light on this are Duff & Phelps and again they will unlikely assist in the investigation. I know a few people of their acquaintance who in general do not ahve a bad word to say about D&P but on this matter do not see how they can come out the other side.



    Finally, what if the investiagtion had any serious matter that they identified surely any judgement would have a prejudicial effect on any potential criminal or civil cases being undertaken.

  19. I can’t see why anyone will cooperate with the “independent” inquiry. Why would they? And surely no one canb e forced to talk to a QC engaged by a firm acting for a football club.




    Are The Rangers’ shares suspended? Big move if they are?

  20. Paul67



    Do you think it is right that posters on here have multiple logins and hence more than one voice and if so why so?

  21. Hamiltontim on

    Pogmathonyahun aka Laird of the Smiles


    13:49 on


    1 May, 2013





    13:32 on 1 May, 2013




    Every day is a learning day, that’s why I come onto CQN ;-)






    From hence I shall direct my pupils to CQN if that’s the case :-)

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