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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. blantyretim on

    bada bing

     

     

    true mate; how did you cope with hinge and bracket last week?

     

     

    cheers for thoughts.. hope to get a beer soon….

  2. !!Bada Bing!! on

    I see the huns are trying to sell family tickets for £40 for the Legneds game…desperate stuff.

  3. My dear,dear,dear,friend… The Singing Detective

     

     

     

    Hiya,Palomine?

     

     

    Great Day,in the Morning, tae Ye..

     

     

    Young Jimsie Keating, has bin Released?

     

     

    Sad.

     

     

    Best of Luck ,tae Him.

     

     

    Ag am so Sorry tae relate,though…

     

     

    He jist hisnae goat that little Spark of Genius, that could be cossetted and encouraged tae burst intae Becoming,in a few Year’s Time…

     

     

    A Roarin’ Flame of Goal- Scoring Prowess …..of Monumental Proportions.

     

     

    He is far too.. Lightweight.. In Ma opinion.

     

     

    He is a good player at Youth Level, but .. again.. Ah am only gien ye Ma opinon ..

     

     

    He wull never Amount tae the kind of Player ,whom we require.

     

     

    Hope he proves me wrang.

     

     

    The only young STRIKER..and it is .. That Type of Player, who would develop intae a Deadly .. Gimlet-Eyed Goal – Scorer..

     

     

    whom Ah am Atalkin’ Abooot..

     

     

    One,who is presently buried ,in the lower echelons

     

    o’ oor organization..

     

     

    The Only wan, whom Ah think , could turn oot tae be .. A real Good Yin.. A la .. The Marvelous, Tony..

     

    He is a Youngster by the Name of ,,,,, DENNY JOHNSTONE.

     

     

    Young Dennis ,fae Dumfries,has goat that Spark, Ah wiz talking aboot,earlier.

     

     

    Again..As a Fully Paid Up Member of the ..

     

     

    C.Y.A. Brotherhood..

     

     

    May Ah Hasten tae Invoke this Timely Declaration..

     

     

    That is…”In MA Humble Opinion.”( of Course!)?

     

     

    Atajic,is close tae becoming oor Next Best Thing.. Howevah.. Ah wid Bet the Family

     

    Budgie.. oan . Young Denny, making it ,tae.

     

     

    Kojo

     

    Yer Pal who likes ye aloater

     

     

     

    Still, Laughin

     

     

     

     

    He is a Bona Fide ,

  4. blantyretim on

    corkcelt

     

     

    did you win today?

     

     

    doc asked me to recommend himself as well as che

  5. At last someone talks sense.

     

     

    Mark Hateley says……

     

     

    “Rangers are down in the Third Division but they’ve done their time.

     

     

    The biggest picture is the good of Scottish football and it is not about what has happened in the past.

     

     

    It’s all about saving Scottish football. If we carry on the way we are going, in two or three years time – even if Rangers win the leagues and get back – it could be too late by then.”

     

     

    TieayellowribbonroundtheoldoaktreeCSC

  6. Paul67 et al

     

     

    So Joel Havelange has finally resigned from FIFA, at the age of er 96.

     

     

    Campbell Ogilvie is 61, only thirty five years to go!

  7. I see people were asked earlier about who would they have most liked to have seen the Hoops. Jim Baxter for me. Mind you, Puskas was the Messi of his day. Football for the purist oozed out of every pore in each of them.

  8. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    mickbhoy1888

     

     

    15:39 on 1 May, 2013

     

    traditionalist88

     

     

    15:19 on 1 May, 2013

     

     

    I am sure that the Celtic Brake clubs will ensure that travelling Celtic support will arrive at the ground perfectly sober after filling in the four hours travelling time from Glasgow playing I-spy

     

     

    Nae offence but I reckon yer old colleagues will assist in this.

  9. Hateley and thems deserve one another. Let them both bite the dust. He knows no proper self respecting media would give him a job.When they go oot of business, so does he.

  10. doc is neil lennon

     

     

    17:28 on 1 May, 2013

     

    BT, thanks for that, CorkCelt and I are now Facebook friends.

     

    BT, also, what was the program about that Blairs was in?

     

     

     

    ………………..

     

     

    Doc are an ex Blairs Bhoy???

  11. blantyretim on

    doc no probs.

     

     

    the antique show preceding pointless….

     

     

    only a couple of minute slot then Arbroath smokies before going onto ML3 for the auction…

     

     

    need to get out of this bed… o((

  12. Dontbrattbakkinanger on

    Oglach -I think the Mongolian composite bow would be just as effective as the long bow in making your eyes water ;/)

  13. Dontbrattbakkinanger on

    Parkheadcumsalford- you know that if Haters fails to win the Pulitzer Prize this year he’s got a job at the SFA.

  14. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    rm want sally to go now………noooooooo….please…….nooooooooo

  15. unionbearBhind @ 17:30

     

     

     

    The London South East website has the following condition:

     

     

    “you may not distribute, display or copy any of the contents of this website to third parties and may not provide a link to this website from any other website without first obtaining LSE’s prior written consent.”

     

     

     

    Better going to londonstockexchange.com especially as it is more accurate :-)

  16. My Dear Kojo….

     

     

    Buenos Dias Oan This Fine Las Vegas Afternoon…..Scorchio !!

     

     

    Thanks Fir The Heids Up….

     

     

    Oan Oor Young Prospect,Denny Johnstone…Fae The Toon On The Nith…

     

     

    Did Ye Know That Dumfries, Came Top Of The Poll …..

     

     

    Of The ‘Happiest Toons In Britain’…..

     

     

    A Mere Five Years Ago…?

     

     

    Then The ‘Ogre Of The Gazebo’……

     

     

    Slipper’iest Denizen Of The Oul’ Burns Howff….

     

     

    Moved Intae The Neighbourhood…..

     

     

    And…Weel..! Ye Ken Guess The Rest…!

     

     

    Yer Pal….Who Thinks Ye’re Swellegant…

  17. THE EXILED TIM,

     

     

    i have no doubt’s corruption is at the very highest level in football and at every level to some degree, money being the reason for most of it, while i asked earlier why no scottish club spoke out about the sfa farce aswell as spl,and sfl, then you take in to account fifa, uefa not getting involved in sevco farce either despite the rule of not taking thing’s to court,

     

    i think it’s obvious some thing’s are best not getting involved with, chain reaction’s have a

     

    habit of getting out of control, sion have not jumped on what i thought would have been a gift regarding ineligible player’s stance and sevco taking a fifa,uefa member to a civil court

     

    and getting away with it, sevco have trampled any notion of integrity and the rest of scottish football accept’s it without even blinking, now i ask again why?

  18. The Boy Jinky on

    Should i splash out a few grand on rifc shares. … is this the right time ;)

     

     

    Would I own part of the club or just the company :)

  19. I would love an ethics investigation into SFA…

     

     

    FIFA president Sepp Blatter is facing

     

    calls to resign over the findings of an

     

    ethics investigation into a bribery

     

    scandal involving leading football

     

    officials and collapsed marketing

     

    partner ISL.

     

    Blatter’s handling of the case was

     

    labelled “clumsy” but not misconduct

     

    by the investigation – though it

     

    questioned whether he knew or

     

    should have known about the

     

    millions of pounds of bribes paid to

     

    his predecessor Joao Havelange and

     

    two other South American FIFA

     

    members.

     

    Havelange has resigned as FIFA’s

     

    honorary president in the wake of the

     

    findings, it emerged yesterday, and

     

    Damian Collins, an MP who sits on

     

    the culture, media and sport select

     

    committee and who has led a

     

    campaign for FIFA reform, insists

     

    Blatter should follow suit.

     

    Collins said: “Sepp Blatter should

     

    himself resign for his failure to

     

    expose the wrongdoing sooner, and

     

    to take action earlier against those

     

    who had done wrong. In the light of

     

    this report, it is even more incredible

     

    that the FIFA executive committee

     

    continue to resist calls, from its own

     

    advisors, for greater independent

     

    scrutiny of its decisions, and the

     

    financial interests of its members.

     

    “The impression created by this

     

    report is one of an attempted cover-

     

    up by FIFA of this massive corruption

     

    scandal motivated by the desire to

     

    protect some of its leading officials.”

     

    The long-awaited reported by FIFA’s

     

    ethics committee into the ISL scandal

     

    named Havelange and two former

     

    FIFA members Ricardo Teixeira and

     

    Nicolas Leoz as receiving bribes. All

     

    three have since resigned from FIFA.

     

    The report by FIFA Adjudicatory

     

    Chamber chairman Hans-Joachim

     

    Eckert states: “Mr Havelange has long

     

    held solely an honorary position,

     

    which does not qualify him as an

     

    ‘official’ under the code of ethics.

     

    Further, Mr Havelange resigned his

     

    position as honorary president

     

    effective 18.04.2013.”

     

    Eckert does question Blatter’s role in

     

    the scandal, however.

     

    He states: “It must be questioned,

     

    however, whether President Blatter

     

    knew or should have known over the

     

    years before the bankruptcy of ISL

     

    that ISL had made payments (bribes)

     

    to other FIFA officials.”

     

    The report states that in 1997, Blatter

     

    authorised the transfer of 1.5million

     

    Swiss francs (£1million) to Havelange

     

    after ISL mistakenly sent it to FIFA.

     

    But Blatter, who was then general

     

    secretary of the organisation when

     

    Havelange was president, told the

     

    ethics investigation “at that time he

     

    did not suspect the payment was a

     

    commission”.

     

    “President Blatter’s conduct could

     

    not be classified in any way as

     

    misconduct with regard to any ethics

     

    rules,” says the report. “The conduct

     

    of President Blatter may have been

     

    clumsy because there could be an

     

    internal need for clarification, but this

     

    does not lead to any criminal or

     

    ethical misconduct.”

     

    Blatter immediately issued a

     

    statement welcoming that he had

     

    been cleared of misconduct.

     

    He said: “I also note with satisfaction

     

    that this report confirms that

     

    ’President Blatter’s conduct could not

     

    be classified in any way as

     

    misconduct with regard to any ethics

     

    rules’.

     

    “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.”

     

    The ethics report does not state the

     

    total sum of bribes paid but says they

     

    took place over eight years between

     

    1992 and May 2000.

     

    Court documents state Havelange,

     

    now aged 96, received at least

     

    £1million and Teixeira at least

     

    £8.4million, and in total the pair may

     

    have received up to £14.5m. Leoz,

     

    from Paraguay and now aged 84, was

     

    named in court as having received at

     

    least £80,000.

  20. Sevco share price 54.5p. Believe it was indicated earlier that when it went below 55p that would be the time any large investors would dump them.

  21. Hail Queen of Heaven the ocean star.

     

     

    One of my favourites , brings back childhood memories of the May procession at St Phils.

     

     

    Just like You’ll never walk alone brings a shiver and a lump to the throat every time.

     

     

    Hail Hail

     

     

    Miki 67…… Keep fighting the ghood fight bud!

  22. Parkheadcumsalford

     

     

    Mark Hateley is so thick that even his ghost writer needs a ghost writer.

     

     

    Der Geist CSC

  23. danso_1888 @ 17:45

     

     

     

    I’m not defending sevco in anyway, but the notion (rule) that member clubs cannot take things to a court, epitomises corruption. It is against natural justice. Time it was exposed for what it is. Real corruption. Gangsterism.

     

     

    Sevco were right to go to court. Time others did the same.

  24. There appears to be a degree of confusion over the report Rangers International FC PLC have commissioned

     

     

    love it

  25. ASonOfDan @ 17:52

     

     

     

    “Sevco share price 54.5p”

     

     

    No it isn’t. It is 56.5p.

  26. Michael,

     

     

    i am not disputing their right to go to court, i am disputing why fifa,uefa done nothing while

     

    other’s were threatened with expulsion

  27. !!Bada Bing!! on

    STV Headlines-Huns Exclusive-looking at an Argentine defender…….desperate stuff

  28. michael

     

     

    Closed at 58.00 yesterday and has dropped 3.50 today. School I went to would make that 54.50.

     

     

    Nice way you have of correcting people by the way. All we need on here is another troll…

  29. danso_1888 @ 17:58

     

     

    OK I see what you mean. It really needed Sion to take them on.