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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. Who is the poster with all these logins… don’t you think Paul67 the blog deserves respect?

  2. "THERE IS ONLY ONE TEAM IN GLASGOW" aka "@67MOULDY67" on

    Just driving along west link there in Belfast

     

     

    I see that the flags are all at half mast in respect of the ten

  3. bankiebhoy1 on

    Calling out the rockets and the stoatirs……………all part of bhlog lhife………

     

     

    h;)

     

     

     

    IMHO…………….No such thing as a green hun tho’……………

     

     

     

    HHH.

  4. voguepunter on

    kitalba

     

     

    13:48 on 1 May, 2013

     

    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?

     

    …………………………………..

     

    Kit,you could sell tickets for that meet.

     

    HH

  5. gordon_j backing neil lennon @ 13:49

     

     

    There was a trade at 13:32:59 @ 56.9 pence

  6. Correct me if I am wrong please.

     

    Surely the administration undertaken by Duff and Phelps was to ensure the best deal for the creditors ?

     

    Why were they allowed to burn an additional 4.4 million without making the necessary and required cuts that OTHER administrators implement as standard protocol !

     

    Oh that’s right they were Craigy Whytes preferred administrator and were appointed by a judge !

  7. Celtic Mac:

     

     

    I don’t have your blood relationship with ‘oltim. but I have a lot of affection for th guy nonetheless.

     

     

    He is to me a Celtic Silk Scarf if you are old enough to remember them,

     

     

    He needs to be ‘kettled’ if he is ever going to see ‘Ten in a Row’.

     

     

    He is one of my favourite Celtic Supporters and he is an educated common man and my heart thumps for him.

  8. spikeysauldman on

    greenjedi –

     

     

    ok – see where you’re coming from

     

     

    mb1888 was slaggin the GB

     

    I was “defending” them

     

    I’m not in the GB, wish I was, wish I was younger

     

     

    mb1888 might contribute more to CP than me, but from what I’ve seen written so far and from what I see at CP – I’ll back the GB any day of the week

  9. TET –

     

     

    My post was not aimed at you. I can’t remember who it was, but another poster, in replying to you, agreed that the Madrid v Dortmund game was rigged and he went on to mention a couple of refereeing decisions that went against the Germans as proof of this.

     

     

    It was that comment which prompted my response.

  10. Damo Lennon on

    Back in the late 40’s/early 50’s when Hibs had the Famous Five as their forward line, Celtic’s forward line was known as The Five Sorrowful Mysteries.

  11. Paul67 et al

     

     

    From previous. One of the best players I ever saw play (against Celtic) was Alex Edwards. Played his first league game for Dunfermline at sixteen, under Jock Stein, and played in the 1965 Scottish Cup Final. Later became part of the great Hibs team under Eddie Turnbull, a team that had it not been for Celtic would have won both leagues and cups. That Big Jock never brought him to Celtic is no slight on either Jock or Alex, proof only just how good the players at Parkhead were during those years.

  12. Hamiltontim… No. I’m in north east area. Wanted south but none were available till this morning and I couldn’t be sure I would be free to call or collect them.

     

     

    Annoyed I couldn’t purchase online but glad to be going! Made sure my seat was high up as I think the worst seats at Hampden are in the bottom twenty rows- ie half the stadium.

  13. lionroars67 on

    Former FIFA President Joao Havelange resigned from an honorary post with soccer’s ruling body after a report said he received bribes from the organization’s now-defunct marketing partner.

     

     

    The 96-year-old Brazilian quit his position as “honorary president” earlier this month, according to a report into payments made by the ISL marketing company released today by Hans-Joachim Eckert, a former German judge hired by FIFA to rule on ethics breaches.

     

     

    FIFA President Sepp Blatter

     

    Current FIFA President Sepp Blatter’s conduct couldn’t be classified “in any way as misconduct with regard to any ethics rules” as there was no evidence that he received money from ISL. Photographer: Rodrigo Arangua/AFP via Getty Images

     

    Havelange and two former executive committee members — Ricardo Teixeira and South American federation president Nicolas Leoz — were named as accepting “not inconsiderable amounts” through “front companies in order to cover up the true recipient.”

     

     

    The report comes as FIFA prepares to meet next month in Mauritius for its annual congress where delegates will be asked to vote on governance changes. FIFA was forced to introduce new rules after a backlash from sponsors, fans and other soccer stakeholders following scandals in recent years.

     

     

    During his two-decade tenure as FIFA president, Havelange used the relationship with ISL to bring in sponsors including Coca-Cola Co. (KO), Adidas AG (ADS) and McDonald’s Corp. for its quadrennial World Cup. That tournament is worth around $5 billion now.

     

     

    Blatter ‘Clumsy’

     

    While Havelange and his former son-in-law Teixeira improperly accepted payments from ISL in exchange for the rights to the 2002 and 2006 World Cup broadcasts, the bribes didn’t violate FIFA rules as the governing body didn’t set up a code of ethics until 2004, at least four years after the pair last accepted funds, Eckert, head of FIFA’s adjudicatory chamber, said in a statement.

     

     

    Ex-Brazilian soccer head Teixeira quit FIFA last year and Leoz, who had led South American soccer since 1986, resigned from his post, “citing personal reasons,” earlier this month.

     

     

    The report cleared current FIFA president Sepp Blatter of any criminal or ethical wrongdoing but described him as “clumsy” for not being aware of the payments to Havelange after ISL transferred 1.5 million Swiss francs ($1.6 million) into a FIFA account for the Brazilian. Blatter was interviewed by FIFA investigator Michael J. Garcia, a former U.S. attorney for the Southern District of New York.

     

     

    Loss of Credibility

     

    “It is undisputed that the former chief accountant of FIFA brought this to the attention of then-General Secretary Blatter, and the former arranged for the return transfer to ISL,” Eckert said. “President Blatter stated during his interview with Mr. Garcia that he ‘couldn’t understand that somebody is sending money to FIFA for another person,’ but at that time he did not suspect the payment was a commission.”

     

     

    Blatter’s conduct “may have been clumsy because there could be an internal need for clarification, but this does not lead to any criminal or ethical misconduct,” Eckert said.

     

     

    Havelange appointed Blatter as FIFA’s general secretary, the organization’s most senior administrative role, in November 1981 and the pair worked closely together until Blatter succeeded Havelange as president in 1998. FIFA in 2004 paid 2.5 million Swiss francs compensation to ISL’s bankruptcy administrators to end a dispute over the payments.

     

     

    Sylvia Schenk, head of sport at anti-corruption watchdog Transparency International, said Blatter has lost “credibility” as FIFA president.

     

     

    “Having watched this money transfer and having done nothing, no one would call that clumsy,” she said. “He knows what’s going on and doesn’t want to do anything.”

     

     

    ‘Untold Damage’

     

    Blatter released a statement after Eckert’s report welcoming that he had been cleared of misconduct.

     

     

    “I have no doubt that FIFA, thanks to the governance reform process that I proposed, now has the mechanisms and means to ensure that such an issue — which has caused untold damage to the reputation of our institution — does not happen again,” he said.

     

     

    Guido Tognoni, who held a number of executive roles at FIFA during his 13-year tenure, described Blatter as Havelange’s “right hand” and the pair as “FIFA’s power couple for 20 years.”

     

     

    “Blatter is the one person living today who knows the most about FIFA’s history and what happened there,” Tognoni, who headed FIFA’s media operations under Havelange, said in a telephone interview. “I find it extremely surprising to hear he doesn’t know about the bribes.”

     

     

    Reputation Hit

     

    FIFA’s reputation was hit in 2010 following the bidding battle for the right to stage the 2018 and 2022 World Cups that went to Russia and Qatar respectively. Teixeira and Leoz were among the voters, seven of whom have left FIFA after either being accused of graft or found to have breached anti-corruption regulations.

     

     

    “It is reasonable for people to have doubts and even more doubts now about the decision at that time,” Schenk said about the World Cup awards. “I can’t argue about that.”

     

     

    The ethics report does not state the total sum ISL paid but says the payments took place over eight years between 1992 and May 2000. A separate report released by a Swiss court last year said Havelange and Teixeira received at least $22 million between them.

  14. jude2005 is Neil Lennon \o/ on

    Happy May Day Bhoys. I loved all the May hymns to Our Lady and I was pretty good at singing them too. Flowers of the Fairest was my fave!!

  15. kitalba @ 14:03

     

     

    “Celtic Silk Scarf”? I’ve got one. Found on Glasgow Road, Barrhead in late 60’s. Probably flew out a supporters bus window. Last time I wore it was League Cup final against Raith. Think it is now jinxed.

     

     

    No claims for return of lost item considered from CQNers.

  16. Celtic_Gucks

     

     

    Brilliant video my mhan!

     

     

    Well done!

     

     

    So nobody from Celtic was available, and Neil was too busy?!

     

     

    Fergie wasn’t too busy apparently!

     

     

    No wonder there are many fans of EPL clubs in Ireland!

     

     

    HH!!

  17. Kitalba

     

     

    If all goes well I will see him in just over a week or so. I do remember the old silk scarves which in effect were dress scarves worn, in the main by the well dressed supporter. Part of going to the match in fact.

  18. Kit , welcome back.

     

     

    I see you’ve mellowed :-P

     

     

    Re support for Paul and costs , there was an initiative about 12-15 months ago to support these costs with donations. I set up an SO about 12-15 months ago for £1 per week and it’s still being deducted – maybe i should check where it’s going ?!

     

     

    If you want details i’ll email you .

     

     

    Sanna

  19. Dontbrattbakkinanger on

    It would make many aul’hauns very happy if the marketing dept at Celtic were to bring back the old style scarves.

  20. jude2005 is Neil Lennon \o/ on

    Spoke to uncle shug this morning as to why Srathclydes finest didnt kettle the 300 newco fans on Monday night as they did to the Celtic fans down at the Gallowgate? 200 officers 8 police vans 6 mounted police and a helicopter were deployed to deal with a reported gathering within half an hour. He was more interested if that would have stopped the trouble inside the ground? I tried very hard to explain that I wanted to know why they kettled 150 Celtic fans and let 300 huns run amok in Partick main streets.

  21. blantyretim on

    Kitalba

     

     

    everyone who has met old tim has great affection for him..

     

     

    as you know he is an oldyin with the head of a twenty year old so it can be difficult keeping him on his best behaviour… o))

  22. Well Paul67 are you going to tell all those who populate CQN, who those dastardly multi-login posters are and how they try to manipulate opinion?

     

     

    Or if my voice is not enough to rock the boat – can I please have two (2) thousand logins reserved for just me???

     

     

    Nod Nod Wink Wink!!!!!!

  23. Would expect Celtic to put out a VERY strong line-up tonight in the Youth Cup Final.

     

     

    Tony Watt, Dylan McGeough and Tom Rogic in the starting 11?

     

     

    HH!!

  24. Kitalba

     

     

    “Well dressed supporter”? What I should have said was “a sharp dressed man”!

  25. I still have an old-style silk Celtic scarf. In the 90s, Celtic lost 0-1 to a Mark Hately goal in the League Cup semi at Ibrox. Hampden was under reconstruction and the game was played at Ibrox after the drawing of lots, but it was still classed as a neutral venue, so Celtic got the Govan stand as well as Broomloan. At the end of the game some so-called fans threw their scarves on the track. A silk scarf landed at my feet, thrown from the Govan upper. I picked it up and looked back and nobody was claiming it, so I kept it and gave it a good home.

     

     

    It is now on my wall in Australia 20 years later.

  26. John O Neil on

    Kilbowie Kelt

     

    13:16 on

     

    1 May, 2013

     

    I completely understand the advice of respected CQN’ers to simply scroll past the trolls.

     

     

    Maybe it is the right course of action.

     

     

    However, that does not highlight the offensive nature of what these attention-seekers are posting.

     

    Whether it is on CQN, in a workplace, in a pub or anyplace else that offensive & inhuman comments are made, they should be highlighted & challenged.

     

    Scrolling-by does not register the amount of revulsion that these remarks cause.

     

    * * * * * * * * * *

     

     

    Kilbowie Celt, I wonder what your thoughts are regarding a post yesterday which mentioned ‘proddy Forsyth’? It is odd that an obnoxious reference to a person’s perceived religion seemed to merit no mention on this site after it was posted; despite the many debates surrounding ‘offensive’ posts.

  27. Sorry Tom.

     

     

    If you check the time of my post, there was no mention of anything, or any post directed to me concerning the matter.

     

     

    Your post was directed at me.

     

     

    I check my facts before posting.

  28. Celtic_First on

    John O Neil

     

    14:46

     

     

    For what it’s worth, a colleague of Roddy Forsyth’s on BBC 5Live has told me that the man, of whom he speaks very highly, has referred to himself by that name, in a light-hearted way.

  29. Tricoloured Ribbon on

    cliftonvillecelt,

     

    I will be in Belfast on Saturday for the Cup FInal.Looking forward to it.I’ll be in The Rock Bar later on with my sons.A good session awaits..

  30. The mention of silk scarves reminded me of WW2 fighter pilots always being photographed with their white scarves billowing in the breeze.

     

    I always thought that it was a bit of affectation to show that they were a somewhat superior class to the ordinary ground staff.

     

    Not a bit of it!

     

    Aparently, when in the air,as they constantly turned their heads

     

    searching for Hun aircraft, their leather flying jackets caused terrible abrasions to their necks – hence the silk scarves!

     

    That’s why I always wear mine when walking anywhere near Snake Mountain!

     

    Hail! Hail!

     

    Terrymac

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