Fiduciary responsibility and lack of candour


At the first hint Rangers illegally ‘won’ league titles, members of the board who made all the controversial decisions called-in all media favours to paint a picture of an innocent mistake being made.  Innocent mistakes are occasionally made when registering players, and have been known to cost clubs up to 25% of their annual income in fines, but Lord Nimmo Smith’s Commission will have to consider whether or not, on these many occasions, mistakes were innocent.

Former Rangers chairman, Alastair Johnston, without a hint of remorse, insisted that Rangers failure to properly register players under his tenure was no more than an oversight or administrative error, repeatedly insisting that EBTs had been disclosed to the club’s auditors and recorded in published accounts.

As everyone, apart from those Mr Johnston was happy to give interviews knows, there is nothing illegal with EBTs, nor are they incompatible with proper player registrations.  The key issue is whether side-letters existed and whether the club’s auditors and HMRC were treated with honesty and candour.

This is from the First Tier Tribunal decision:

“The Respondents submit that ‘the auditors had not seen the side letters, otherwise they would have been a matter of specific comment’ (para 124.3 of written submissions). It is not clear whether the auditors had actual sight of a side-letter when they made the reference to ‘the text contained within letters sent to individuals outlining their award’.

“For the year ended 30 June 2004, the auditors reported in KIM [Key Issues Memorandum] that Mr Purple had waived his right to his 10% transfer fee, and that a loan of £500,000 to Mr Purple from the Remuneration Trust was ‘unrelated from the contractual amount he would have been due’ (21/15/13).

“It would appear, from the evidence heard on Mr Purple’s termination payment, which is narrated in more detail under the section on ‘Termination Payments’ in my findings of fact, that the auditors had been told an untruth on both scores, regarding the waiver of the right, and the loan being unrelated to the contractual payment on transfer.

“The auditors were also told that the paperwork for Mr Purple was ‘mislaid’, (and therefore was not available for the auditors to inspect).

“Over the use of the remuneration trust, the auditors seemed to have been treated by the Appellants [Rangers] with the same lack of candour as accorded to HMRC.  The auditors did not seem to be privy to any (or much) of the documentation, and had not formed a view on the scheme other than relied on what they had been told by the management.”

We will have more on the fiduciary duties of Mr Ogilvie, Mr Bain and Mr McClelland, each of whom were directors of Rangers as well as the SFA or SPL, as well as those of Mr Johnston, in due course.  They had fiduciary responsibility to Rangers shareholders, and in the case of Mr McClelland and Mr Bain, to SPL shareholders.  This responsibility extended to ensuring information material to the operation of the company was disclosed to auditors and authorities, when required.  As for Mr Black (sic), we’ll deal with him another day.

As a part-owner of one SPL shareholder (Celtic PLC), this question has particular resonance.

We are busy pulling the next issue of CQN Magazine together.  If you would like to write an article, or take out some advertising , get in touch,
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  1. The Spirit of Arthur Lee on

    Get up ‘outta’ your rockin’ chair grandma! Or rather would you care to dance grandmother?

  2. Paul67



    Honest mistakes.


    Economical with the truth.




    Dont know. Forgot. Sorry. My bad!


    Well if you put it like that …what about……blah blah



    I believe this lot share information. If anything “bad was comin oot” Ogilvie would have left the scene ages ago.

  3. Congratulations to jungle jam67 for his stunning victory today, I shall be lighting an E-Lite in his honour. (thumbsup)

  4. On phone debate Galaxy S3 is fantastic, even if still learning to use it properly……….



    Have Celtic published the results of the recent season ticket holder survey (if so a link anybody)?



    Is it definate that the report is due tomorrow or based on Charles Greens statement in Asutralia a few weeks ago? Love how quiet he’s gone ober the last few weeks.



    Hopefully Sipers can keep the pressure on Sevco….closing a league off is not easy and poor Ally’s no experience of how cut throat that league will become over the coming weeks as play off places are chased.



    Hail Hail





    Once more,nailing and highlighting the lies and cover-ups.



    Beats me how two such learned figures as the majority could arrive at such a contrary conclusion.



    Of course,should the HMRC position be upheld at the UTT(T) it enables that decision as case law.



    Sometimes I-wistfully-think that may have been the intention all along.



    Oh,I hope so……

  6. The Battered Bunnet on

    Mags, from previous. Yip, plugging away. There’s an economic crisis out there, so I’m staying indoors as much as possible :¬)

  7. philvisreturns





    Your non-competing today makes any podium place hollow. I remain firmly disappointed.

  8. Come on guys I need details of somewhere I can watch the game next Wednesday in Thurso. Surely there must be some Tims up there lol

  9. 2013


    Valcke hits back at World Cup award smear by FIFA world prize partner





    ZURICH: FIFA secretary-general Jerome Valcke has challenged anyone making corruption allegations concerning the award of the 2018 and 2022 World Cups to provide solid proof of their accusations.



    Early this month the Paris biweekly France Football – FIFA’s commercial partner in the world player of the year award – dedicated 16 pages to what it claimed were suspicious activities surrounding Qatar’s successful bid for the 2022 tournament.



    Valcke, in an interview with the magazine’s sister publication L’Equipe, said FIFA’s Ethics Committee would take action upon the presentation of solid evidence of corrupt activities but reiterated that current claims have consisted of little more than hearsay.



    He said: “For the whole process of the attribution of the 2018 and 2022 World Cups, FIFA put in place a system of checks to ensure the candidates responded in a manner that was the most transparent possible.



    “We’ve never received the least shred of proof nor suspicion of corruption for 2018 or 2022. If there is corruption, proof is needed. Those who are talking about it have to provide proof. If that’s the case the ethics commission will intervene.”



    The latest round of accusations came after a senior organising committee official in December stated Qatar 2022’s World Cup victory had been “singled out” for “harsh criticism”.



    Qatar 2022 communications and marketing director Nasser Al Khater said that the organisation had been “singled out and criticised for no fault of our own” ever since it won the bid in December 2010, adding that ongoing criticism is part of a “smear campaign” from certain sections of the media.



    Al Khater spoke just days after Russia 2018 chief executive Alexey Sorokin also hit out at criticism that both Russia and Qatar won their bids unfairly.



    Although direct allegations have never been made, the voting process for the two tournaments was called into question after two FIFA executive committee members were suspended before the decision following a British newspaper investigation into vote-trading.



    Al Khater also rejected suggestions that Qatar won the right to stage the 2022 World Cup mainly due to the influence of controversial former FIFA exco member and Asian football president Mohamed Bin Hammam.



    Valcke has expressed his belief that the geo-political nature of the bidding process and the subsequent high-profile lobbying of powerful figures outside football before the December 2010 vote meant any potential wrongdoing could not be covered up.



    He added: “It was a mini-G20 we had in Zurich. There was (former US President) Bill Clinton, the British, Belgian, Dutch and Spanish prime ministers. How can you imagine we would take the risk that, if there were the slightest piece of information about corruption, we would not disclose it? If we knew (about corruption), at FIFA, whether it be the president, the general secretary or any other person, if there was something, do you think we would have stayed quiet about it?”

  10. 50 shades of green on

    looking for another good performance tonight against the cluggers from ML.



    hope Dylan Mcgeogh starts again would like to see him get an extended run,but have a feeling Lenny wont play him against murderwell.



    just been lurking a lot this week, so whilst i am on would like to say hi to miki .



    remember mate the celtic family are always there for you.



    also to CiC sorry for your loss mate.time heals but only slightly your mum will always be in your heart.






    p.s 4 nil to the good guys tonight

  11. The Honest Cover-up on



    Fascinating to see these scathing exerpts from the FTT report.


    I heard that the document was umpteem pages long so thanks for your work in highlighting the parts which lay bare the dead club’s cheating.


    The MMS simply gave us “not guilty” and “punished for having done nothing wrong” soundbites so it’s quite a contrast to see Ms Poom’s obsevations.


    Ogilvie and his cheating colleagues must be relieved that the Daily Record readers will never be exposed to this information. As usual, we will know better.


    If any readers from here meet him in the flesh we can look him in the eye and say “we know what you did, Campbell. We know what you did”

  12. Seems move along nothing to see is everywhere






    Brazil, Russia, Qatar & FIFA Spin. ‘Nothing to see here. Why do you keep asking these inconvenient q’s?’ #askquestions #transparency

  13. philvisreturns



    12:39 on


    27 February, 2013



    thank you mate


    had quite a few podiums now …. the big 1 will be the 1 for LNS report…LOL


    P.S paul67 always has his new article around noon till 1pm


    do u see him logging on to post new article ;-0)))))





    “The auditors were also told that the paperwork for Mr Purple was ‘mislaid’, (and therefore was not available for the auditors to inspect).



    i am quite sure some of the honest staff and players from RFC (IL) will come foward soon with the missing paperwok


    and all will be ok




  14. Gretnabhoy.



    I’ll start the ball rolling with Top Joe’s.


    Lived in Thurso in my teens (decades ago). Still visit occasionally as patents and brother still live there.


    Top Joe’s seemed the best place for watching games when I go up.


    Whatever else you do, avoid the Newmarket! The ambulance journey to Inverness can take a while.

  15. On 15th/16th of March 100 cyclist will set off from 5 locations in the UK & Ireland for Belfast to raise funds that will go towards helping Wee Oscar Knox (check out the wee man himself – fund the Immunotherapy treatment he so desperately requires. We will be leaving from:



    Celtic Park – 32 Cyclists


    Leeds – 7 Cyclists


    Duleek – 25 Cyclists


    Roscommon – 10 Cyclists


    Dublin – 26 Cyclist



    We will be supported by 16 support team members over the 2 days also.



    Our team is made up of CQN’ers, KDS’ers, friends and family members and non Celtic supporters.





    You can support our cyclists and support team by making a donation to this event by clicking here (remember to leave your blog name for us to thank you):



    Wee Oscar 4 Life Cycle’s To Belfast March 2013



    or by texting BELF88 to 70070 followed by amount (between £1 to £10) you wish to donate:





    To: 70070







    We would like to thank Burns Interior Design, Morrisons Facilities Services – FM Division, Gardiner & Theobald Surveyors, ProAir Conditioning, Firewater, DAMM Environmental, Access, AJ Print, Oracle, Project Pipework & Piling, Business Continuity Services and Sublime Designs for their sponsorship of the WeeOscar4Life cycle’s to Belfast. If your company would like to sponsor this event please drop an email to



    Big Wee Oscar Thumbs up to following TIMternet bampots



















    The Token Tim




    Davy Bhoy






    Kaiser Soze












    Spirit Of Arthur Lee








    Farney Bhoy


    A Ceiler Gonof Rust


    Kerry CFC




    MJ X


    The Little Gentleman In The Black Velvet Waistcoat




    The Cat














    Paddy Turner


    Swansea Bhoy


    Papa John




    Stephen with a ‘ph’


    Dandie Dinmont






    Big George’s Fan Club
















    Fin72(might be 75 :-)










    Drumchapel CSC (Oliver’s Bar)




    Squirrel Knutz




    @Gerryglesga’s Da & his Domino Pals








    This is the one This is the one




    BJmac (after some prompting!!! :-)


    Can I have a raspberry on that






    Nuclear Bovril & Half Munched Pie







    for donations to WeeOscarLife Cycle’s to Belfast St Patricks weekend March 2013 and helping to smash £2k target with your ever growing donations reaching£2343.09






    WeeOscar4Life Team

  16. Son of Gabriel – Alas, I was waylaid by a colleague who urgently wanted to discuss my contribution to the office Comic Relief appeal. She was disappointingly unimpressed by my email offering a ribald joke about a six inch pianist, and insisted on relieving me of cash.



    However, jungle jam67 is on champion form today so I doubt he could have been beaten. (thumbsup)