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Expectations from QC report

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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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1,044 Comments

  1. Steinreignedsupreme

     

     

    Yes, that too – thought it a bit obvious though – but thanks for adding it. I was trying not to mock the afflicted……..HH

  2. Steinreignedsupreme on

    hoopsmon 14:09 on 2 May, 2013

     

     

    “Yes, that too – thought it a bit obvious though – but thanks for adding it. I was trying not to mock the afflicted……..HH”

     

     

    Impossible not to mock Zombies – they make it so easy for us… HH

  3. cavansam \o/ on

    joe_joe_john_bobby_teddy

     

     

    He never played for Red Star Belgrade it was Red Star 93 of Paris.

  4. cavansam \o/ on

    Tim Malone Will Tell

     

     

    Sno was on Feyenoord’s books but never actually played a game for them.

  5. dmacb88

     

     

    marseille disqualified..as good honest tims we cant allow them as winners..he is part of an honest 3 tho..not sure if your fifth is red star93 of paris by mistake instead of red star belgrade??h.h

  6. Steinreignedsupreme on

    SSN correctly describing Aldershot as a ‘phoenix club’ after today’s news that the, ahem … ‘newco’ has gone into administration – (Sevco beaten to another first?).

     

     

    Still, funny that SSN are not so specific when it comes to the phoenix club from Ibrox.

  7. PeteTheBeat on

    Paul talks about ‘lazy journalism’.

     

     

    Not writing an article is certainly lazy :-) :-)

  8. Kitalba – some cracking posts re Brit/Irish Invasion of Argentina etc., and then the 2 Fathers – inspiring although I am no longer religious,

     

    Previously DBBIA and others on silk used beneath amour- I think the Mongols took it from the Chinese who had been using it for a long time. Bow power- horseback warriors had obviously to use shorter bows than the 6ft Eng. longbow. The plains Indians favoured Osage orangewood with glued on ligament/sinew (could pass through a buffalo) but prized the bighorn sheep “laminates”. The Mongols similar but also the recurved (double bend) giving them so much power.

     

    Enjoyed all these blogs but this next one took a glint to my eye.

     

    Murdochbhoy, yermanfromMK

     

    18:53 on

     

    1 May, 2013

     

    Kitalba

     

     

    I wouldn’t get too agitated about the mischievous Kojo and his multiple identities.

     

    Initially I ignored his posts as I didn’t have the time or inclination to decipher his ramblings, but over time I decided to read his posts and my initial impression was that he’s not a Celtic supporter and everything I’ve since read only re-enforces my initial thoughts.

     

    My best guess is that he’s ENGLISH and of a military background (“sceptre isle”) and that about sums up his persona for me, now whether its real or a figure of someone’s imagination is of little consequence on CQN.

     

    A guess or wishful thinking??? Brilliant- Kojo’s English, problem easily solved- ban them all from posting on CQN, better still from Celtic. Only happy Tims who love each other .LOL.

     

    Next all the posters that think the English are going to be so upset by 2 German teams in the final at Wembley, not half as much as if it was 1 German club against one of Englands finest and the Germans won!!! That might have brought about a revolution!! IMO could have done the EPL some good.

     

     

    Down with the SFA!!!

     

    tusker

  9. cadizzy

     

    14:03 on

     

    2 May, 2013

     

    Cascarino’s 5? Celtic, Marseille, Chelsea, Aston Villa.

     

     

    Who’s the 5th?

     

    joe_joe_john_bobby_teddy

     

    14:04 on

     

    2 May, 2013

     

    Tony cas 5?

     

     

    Villa Celtic Chelsea marseille.

     

     

    Who else

     

     

     

    My fault. when i checked i saw Red Star, which is a semi pro paris team rather than the 1991 European Cup winners! :o)

     

     

    and as for Evander Sno…. he was signed by feyenoord but never played for them… should he be included in our squad ??