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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From HullBhoy.
Campbell Ogilvie, a director and key figure at two Scottish football administration cases but he’s still protected by SFA as it’s President.
Sof Tunis -to the barricades!
The Westboro Baptists seem to have missed the point of country music completely…
Well done to the under 20’s last night,
4 well taken goals.
Hail! Hail!
Tom, what has happened in St Luke’s has happened in lots of parishes, and what has happened in Forgewood has happened in lots of schemes that had got a bit run down. It’s a great thing.
Someone from Renfrewshire was talking to me recently about a similar phenomenon in some not terribly attractive flats in Johnstone. He said: “You can a lot of Polish people have moved in because you look up and suddenly all these window-boxes have appared.”
Mon the Poles.
Zbyszek
From last night
Stay a while sir,
You are a asset to this blog and would be sorely missed so, “Keep on keeping on”. :))
till later all
o.g.rafferty
whats the latest?anything for today?
h.h
Barold Hatchback MBE @Sir_Barold_QC 8m I must stress the sound I can make out must be some way off in the distance, but sounds like jungle drums to me, bap bap bap, bap bap bap
Barold Hatchback MBE @Sir_Barold_QC 5m Wouldn’t it be funny if it were a (Pinsent) Mason that were to bring some very bad news for Sevco? Bap, bap, bap
Hearts have responded to media speculation about insolvency by insisting the club are doing everything they can to “trade normally”.
Ukio Bankas, which Hearts owe £15m, faces a bankruptcy hearing on Thursday.
“The club has been made aware of rumours concerning the possibility of administration,” said a spokesperson.
“The club is completely up to date with player salaries and taxes and the club continues to head towards operational self-sustainability.”
Hearts are about £25m in debt, with £15m of that secured by Tynecastle Stadium and now controlled by the administrators of Ukio Bankas.
The Lithuanian bank was placed in temporary administration earlier this year with liabilities close to £400m and all its branches have now closed.
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hearts are too big to fail?
hearts are the thrid best supported team in scotland
all the debt belongs to the holding company not the club
all the money we received gave us no sporting advantage
just aked the men at the sfa they will clear up any confusion
herewegoagain fc
Goals from U20s last night
http://www.youtube.com/watch?v=brSvBWRJJdw&sns=tw
lionroars67, Good goals in the U20 game, passed the link to my 2 Bhoys they will enjoy that.
I think I’m going to cancel my hotel in Berlin! I don’t like creaky floors ;-)
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A review of the hotel:
+ The hotel was clean, comfortable and easy to find. The staff were friendly and helpful. Location is ideal for visiting Berlin. Only 15 minutes walk from The Brandenburg Gate, The Reichstag all the tourist buses and river cruises, not to mention two cracking Irish pubs: Murphys and The Oscar Wilde. There are lots of good bars and restaurants all within a 5 minute walk
– The floor in my room was very creaky and there was no kettle.
” The 1967 European Cup Final was the beginning of the end for catenaccio, will Bayern 7—Barcelona 0 prove to be the beginning of the end for tiki taka ? –We’ll see ”
Sicilian radio football correspondent 2 /5 /2013
Pog…
http://berlincribs.com/
Some funki wee hooses tae rent..
If you find yourself ever bored out off your nut and picking naval fluff then you might want to take a couple of hours out of your mundane day and watch this movie.
Don’t go expecting too much from it though, after all – it is only coloured American airmen.
The Tuskegee Airmen
Season ticket renewal form in. Getting to watch the Hoops for £100 less than I did this season is bloody magic.
tommysbhoy, 10:48
The quiet before the storm
Maybe you don’t have two hours of naval fluff so in that event here is a shorter alternative video.
Tuskegee Airmen – the shorter version against bigotry and ignorance
Tom McLaughlin
Polish is now probably the third most common language in Scotland. Health information for NHS Scotland are routinely translated into Polish
http://www.telegraph.co.uk/sport/football/teams/chelsea/10031083/Former-Chelsea-and-Barcelona-midfielder-Deco-fails-drugs-test-in-Brazil.html
Mmmmmm —–
Man on the radio reporting that a Kentucky 5 year old has accidently shot and killed his 2 year old sister with a rifle he got for his birthday.
I’m holding a charity collection at the cup final – its on my behalf.
As one whose affiliations are only too well known, I fancy that I am the only wiggy who has not been instructed for or to investigate RIFC !
PS hmrc v Whyte down for hearing later this month…
Over on the CQN Magazine Facebook page we have posted a poll asking as a Celtic supporter do you miss playing Rangers? The wording is deliberately neutral. If you can nip over and vote please? It’s for the new mag which we are working on at the moment.
O.G Rafferty
Greetings….when is this next tsunami likely to strike? Today, tomorrow or beyond?
…and is it a big yin or just a further bit of heavy swell that will make our zombie neighbours continued discomfort?
hhplc
O.G. Rafferty,
Didn’t you mention something breaking this week ?
Tuskegee .
Also the location for one of the most infamous medical experiments in history. An experiment where black people diagnosed with syphilis weren’t told they had syphilis and were denied treatment in order to allow the quacks to study the progress and the consequences of untreated syphilis.
Thanks bhoys for the birthday wishes, heading out to the Athena in Hope st for a long boozy Greek lunch with Mrs K…..
Starry, Indian dreams looks good and according to the map a good location, loads of restaurants and bars.
Kikinthenakas.
Many Happy Returns, I hope its a better birthday than yesterday;-)
Someone mentioned earlier about archiving previous articles from CQN. Does anyone know how this is done and is it possible to select specific dates?
Thank you in advance.
HENR1K
Jeezoh,shocking stuff.
More an more like an establishment cover-up.
http://www.bbc.co.uk/sport/0/scotland/22337539
Summer football?
A yes for me
HAMILTON TIM
This should help
summa of sammi….
01:54 on 2 May, 2013
.
Ralph..
http://wayback.archive.org/web/20120101000000*/http:////www.celticquicknews.co.uk
Summa
FR. AUGUSTUS TOLTON: THE CAUSE FOR SAINTHOOD
Celebrity .
Italian tele reporting live from Mourinho’s ” beautiful house” in Madrid . Mouthing speculative guff re where The Special One is heading next and adding that the ” beautiful house ” costs Jose 20 k euros a month to rent.
SofTunis – was RIFC 1 Annan Athletic 2 the end of Coistenaccio?
I heard the report on the 5 yr. old shooting his sister in Kentucky. Apart from the horror of it, it was also reported that the rifle used came from a line specifically designed for children; they come in a range of pastel colours.
The local district attorney also apparently shrugged it off as if it was nothing much to worry about.
This is madness, yet god help you should you criticise America for the nuthouse it is.
hen1rik
11:36 on
2 May, 2013
From twitter.
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henrik bud, why post a link to that , with all the language used within it, onto this site.
hen1rik
that could blow the whole thing up in the air if proven..
o.g.rafferty
should i get häagen dasz instead of that white label stuff from asda or go bonkers in m&s??
h.h
Admin/Liquidation for Hearts, together with the situation in Govan, should be the catalyst for robust FFP rules being implemented in Scottish football.
In fact the whole structure of the game should be revamped.
This shouls include things like pricing and accessibility for more people to attend games, particularly the next generation.
At a time when the eyes of the football world are on Germany, that country’s model should be the one to adopt.
Celtic, as a club, are already established as a prudent, sustainable business.
To even begin to save the game, the SFA must be “cleansed”, (c)Mc.Coist.
The absence of the Tynecastle and Govan distractions would help a regeneration, without fear or favour.