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”.
[calameo code=00039017118d2251efdd9 lang=en page=136 hidelinks=1 width=100% height=500]

Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. ...
  4. 6
  5. 7
  6. 8
  7. 9
  8. 10
  9. 11
  10. 12
  11. ...
  12. 28

  1. RalphWaldoEllison remembers ALS victims Jimmy Jonstone & John Cushley on




    Thanks for making the status of the “independent enquiry” clear.



    As you made clear, the terms of reference for the QC is everything.



    BBC Scotland online presents it as “an independent enquiry” with all the implications that that phrase carries, when we all know the reality.



    As Abmucker commented, Armageddon in the Scottish game is here already. SFL Div 3 champions in serious doubt, SPL/SFL league reorganization in chaos, SFA chaired by tainted ex director of tainted club, tainted club likely no SFA membership, etc. It has been brought about by secret agreements of SPL/SFA/SFL members with various TRFC personnel and others, trying to engineer a football landscape that they preferred rather than one that was transparent & fair. Scottish football has never been transparent & fair, but they were handed a wonderful opportunity to change that culture. They failed to see that and/or failed to grasp the chance they were given. Instead, they followed the time honoured traditional route of the Scottish football.



    As usual, they will wait for the fight to finish and then tell us all that they didn’t see anything, or that they were trying to break it up.


    The reality is that they started it and ran away.




  2. its possible if you find out what national associations supplied fifa, uefa with their most sensitive post’s, you just might find the most corrupt fa’s

  3. UEFA don’t give a peking duck what goes on in backwaters like Scotland, UEFA are the SFA of Europe, they only stepped in in the case of Sion as that’s a personal war between The Seppster and Christian Constantine and Sepp couldn’t afford to be embarrassed by the whole shady affair especially as Neuchatel were also in the shiiiiieeet for laundering money, in fact I think there were five clubs who were refused licenses for financial irregularities, would never catch on in scotland tho!!!

  4. James Forrest is Neil Lennon! We are ALL Neil Lennon! on

    RalphWaldoEllison remembers ALS victims Jimmy Jonstone & John Cushley:



    Nice summation of the shambolic situation we find ourselves in right now.

  5. No Messi for Barca. Game over before it starts. The slight chance they may have had was dependent on him being at his brilliant best. Song (the poor man’s Wanyama) also playing.

  6. Ralphwaldo….



    Good read and interpretation of the murky, small pond.



    They p**s on yer leg and then tell you it’s raining.

  7. and the team in tonight’s BIG game is



    Celtic Football Club ‏@celticfc 18m


    #CelticU20s: Fasan; Fisher, O’Connell, Findlay, Miller; Irvine, Lindsay, McGregor; Herron, Atajic, George (LB)

  8. Houl yer wheest








    So you go to a website called London South East (LSE) and you think that is the official stock exchange website.



    Another Jim Goodwin I think..

  9. Murdochbhoy, yermanfromMK on




    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.


    His posts only disfigure the ambience of CQN and highlight the emotional gulf between Celtic supporters and those who’ve decided to support a team diametrically opposed to us.


    I wholeheartedly support Paul67’s policy of limited censorship as I believe it’s important to understand there is an alternative point of view and Kojo, among others, should be allowed to record their views no matter how outrageous their attempts are to goad decent posters.

  10. Houl yet wheest – lse.co.uk is not the official London Stock Exchange, londonstockexchange.com is, what does it say there?

  11. Paul67 , bhoys and ghirls , blatant shout for support / help . The Kano Foundation (and yours truly ) are taking part in a fundraising Bungee jump at Xscape , Braehead on 11th May .



    I believe the crane is 160ft tall , and using my elementary physics , assuming i wasn’t tethered it would take me 3.3s , reaching a speed of 70mph to reach the ground. i hope they tie it on tight !



    Please sponsor me – i’m not gonna give it “it would be great if you could” or “if you can find the time” – simply , please sponsor me . Gulp.







  12. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    SSB are saying that sevco are “convinced” Agent Whyte has no claim to any assets …… So, why do they need a commission ?….why don’t they just let us all see the evidence which leads them to be so convinced…. ?

  13. RobertTressell



    Ha! Makes you wonder what he does beliebe in mind you.

  14. The Boy Jinky on



    More of a cockroach… if you dont completely annihilate it.. its eggs hatch and we end up with multiples

  15. Don’t know why I thought the Youth Cup final was on CTV.



    It’s not!



    Poor show imo.



    C’mon the young Hoops!




  16. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    !!bada bing!!



    18:59 on 1 May, 2013



    I’m not upset……I’m delighted it’s going in the right direction……LOL

  17. Kilbowie Kelt et al



    The Singing Detective @ 17.45pm



    “My Dear Kojo Buenos Dias Oan This Fine Las Vegas Afternoon……Scorchio



    Actual time in Las Vegas 09.45am



    Maybe one he had prepared earlier!

  18. !!Bada Bing!! on

    weeminger-I agree mate,but name calling over that mob? Not worth it.HH

  19. blantyretim on

    any of you bhoys/ghirls been to Tunisia?



    thinking of going away in October when leg is better?

  20. Marrakesh Express on



    Well said.


    I’d love someone read that out on SSB, the home of deluded cowards.

  21. early pressure from the young pars…2mins in…smoke bomb still wafting in the air from the gb…all celtic supporters searched on entry..sniffer dogs also in front of stewards…still didnt stop it..lovely night here in hamdump..c’mon the young hoops



  22. Maley’s Bhoys @ MaleysBhoys 7m


    Clearly did well getting in ahead of the GB looking at the pictures of the queues outside now…cops, horses, dogs etc.



    Where the horse and dogs when the zombies were rampaging around Firhill?

  23. Sannabhoy,



    Apols I didn’t get in touch re Brummy ville. A bit late now for me to ask where on earth they hide all the flamin boozers!? But I wasn’t down long. It was an overnight bungee jump so to speak.



    Brave fella! I’ll make a contribution when home later.

  24. Hamiltontim on

    I’m probably like many on here in that I only ever read Kojo or TSD when someone replies to one of their garbled rants.



    Quite simply, if they lack the oxygen they’ll wither and perish.

  25. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    the legend johnny doyle



    19:21 on 1 May, 2013



    I turned it off earlier ….. But, you’re right…..they do this all the time ……. If it’s negative towards the evil ones, they ignore, change the subject, or cut you off …… hilarious …!!



    A female came on at the start tonight and I (jokingly) hoped she wasn’t a Celtic fan ….. Thank goodness she wasn’t ……LOL



    It is so obvious that SSB are working to a ‘talk-up’ sevco agenda …… and it’s really hard work for them……every now and then a ‘rebel’ gets through their vetting system, and that’s when they REALLY struggle…..hahahahahahaha…!!!!!!!!

  1. Pages:
  2. 1
  3. ...
  4. 6
  5. 7
  6. 8
  7. 9
  8. 10
  9. 11
  10. 12
  11. ...
  12. 28