High stakes forensic investigation, SFA membership


Yesterday Rangers International issued a statement saying, “Rangers International Football Club plc (“Rangers”) has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries.”

Mr Green is both the club’s former chief executive and is a current director.

So what are Pinsent Masons going to look at?

Sevco 5088 Ltd paid Rangers administrators, Duff and Phelps, an exclusivity fee to become preferred buyers of the company’s assets.  The company submitted a formal offer which was accepted irrevocably, whether the pending CVA stood or fell (it fell and liquidators were appointed to flush the club away).

However, Duff and Phelps subsequently reported to creditors that the assets were owned by Sevco Scotland Ltd (subsequently renamed The Rangers Football Club Ltd, which is now wholly owned by Rangers International Football Club PLC).

The entitlement which Sevco 5088 Ltd bought and paid for is now under the control of The Rangers Football Club Ltd.

Two publicly listed companies claim control of Sevco 5088, Worthington Group PLC (Craig Whyte’s vehicle) and Rangers International Football Club PLC (Charles Green’s vehicle).

A director cannot simply transfer a company’s assets to another company without shareholder approval (Peter Lawwell cannot setup Sharp Suit Stadiums Ltd and as a director of Celtic sell his company Celtic Park for ‘a Rangers’ (£1) without attracting the attention of the authorities).  The assets can only be transferred by shareholders at a properly constituted and minuted general meeting.

If this authority was not granted, the transfer of assets (or entitlement) did not occur, no matter how long Sharp Suit Stadiums operated an illegal football business from Celtic Park.  The stadium, and any other assets, would belong to Celtic.

Law firm, Pinsent Masons, together with forensic investigators from Deloitte, will establish if Sevco 5088 shareholders authorised the company’s entitlement to be passed to The Rangers Football Club Ltd.

The stakes could not be higher.

Just over two weeks ago, Rangers International Football Club PLC director, Charles Green (he still is), through the club web site, said, “In a discussion with Mr Whyte, who taped some conversations, I am alleged to have said: ‘You are Sevco, that’s what we are saying.

“This is correct but at that point I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution.  Sevco 5088 wasn’t required.”

This position is still being represented by the company on their web site.  That stock transfer form (again, the existence of which is still being asserted on the company’s web site) will be a document of interest.

This claim by Rangers International PLC was updated by their stock market announcement yesterday morning, where they assert, “in addition to the directorships disclosed in the admission document, Charles Green… held directorships in… Sevco 5088 Ltd”.  On the same statement the club admitted to 21 directorial omissions relating to Mr Green and fellow director, Mr Stockbridge.

Yesterday’s stock market statement does clarify one issue.  Membership of the SFA was granted to Newco Rangers on the condition that Craig Whyte had nothing to do with the club.  The club’s position now is that this is not the case.  This club is not a member of the SFA.  Peterhead and Queens Park have just had a championship door opened to them.

If you hope for effective oversight from the SFA I suggest you forget it, they are not up to the task and have no intention of applying their own rules. Pinsent Masons, not to mention City Regulators, are another matter. The Rangers International board have taken appropriate steps to quickly clarify matters.
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  1. Paul67 if the anecdotal evidence about Ibrox maintenance is accurate, discussions such as these may soon be academic.



    Has anyone seen Ibrox recently? Any reports?

  2. 50 shades of green on

    Reading back through the last few pages of the previous article.



    Ian rush etc. Never took the time to immerse himself in the italian culture despite knowing for a year he was moving to italy.



    Getting immersed in the country does not always work imho.



    Seem to remember a french manager knew for 7 months that he was coming to glasgow and all we heard was he was over here every weekend watching the opp teams and he would be taking his team all the way to a league title and then conquer europe.



    Wonder were he is these days.and as for his club if they get thrown further down the league they might need another frenchy to get them back,the only one i know thats came back from that many leagues is Jac Coustou.:-):-).



    Also in what was a very good news week for us all .i think the news the Knox family got tops the lot. Great stuff.

  3. Paul67,



    Oddly just as I reading your article I was listening to the Snyde phone in from last night and it was just at the point when Gerry McCulloch mentioned the internal investigation at Sevco.


    At that point Keevins actually states that Deloitte have previous dealings with Sevco and that this



    He says (at around the 33 mins point) that they should have gone outside the club as Deloitte were CG’s personal advisers in the takeover.



    So I’m guessing a fudge is about to be attempted yet again.




    One to watch (very carefully)!!





    /Bishop B

  4. Ntassoolla



    I read it thinking of his dulcet tones as well. Hell of a football man. He would scoff at these guys on TV these days talking about systems and conditioning and all the techinical aspects of the game. He thought football was a simple game. He made it look that way. Forest won back to back European cups. Yes that is Nottingham Forest! Frightening statistic that. Probably English football’s greatest ever manager. Certainly the greatest character in the English game.




  5. 50 shades of green



    That mob don’t do outsiders. PLG was doomed before he even got to Glasgow.




  6. CultsBhoy loves being 1st forever & ever on

    no fans = no club….



    I think RFC must have this uppemost in their minds. Season tickets will be a hard sell this year.

  7. Hi Paul67,



    “Peterhead and Queens Park have just had a championship door opened to them”



    Great point, of course neither the SFLor SFA will act.



    At what point do you think the real Rangers men will come in and pick up the pieces, or should I say wreckage?



    No doubt they’ll get some sort of promotion this season. I’d be amazed if they were good enough or have the funds (12m is a lot to pay for a fourth tier championship) to repeat the trick next season.

  8. 50 shades of green on

    * sipsini


    12:34 on 23 April,


    50 Shades ..


    Did you go to dougrie and then St Julies?





    yes mate stayed in drakemire dr

  9. If dickson is allowed anywhere near the licensing board , then its time to put the lights out . Is there a committee anywhere that doesnt have a bear in it , what chance do we have of seeing them get there just rewards and justice done .

  10. Livibhoy @12:44 lovely post.


    He would also “scoff” at these guys who need a PR department to help them with the press. He had that ability to cut through all the flannel no matter what the subject.



    He was big enough to say he regretted the Justin Fashanu episode, and that he wished he had been more enlightened about such things. Not an easy position for a man of his generation to reach.

  11. When do season tickets for The Rangers go on sale? And who will be selling them?



    I’m sure we will hear a lot about the coming assault on the dizzy heights of the second division, maybe even big up another go at the prestigious Ramsens Cup. And the amazing amount of money that will be spent in January will break world records …

  12. So MSM, what about Tainted Titles now? Not to be mentioned of course. A new club playing in a league that they were not qualified to play in. But sure its ok to break all rules when its spawn of satan club or desendents of same

  13. Green Lantern (((((0))))) on

    I’m told that Pinsent Masons roll up both trouser legs and prefer sheep to goats for their ceremonial frivolities.

  14. Right, so that’s Broadchurch finished on Monday nights. What now?



    *Flicks casually through TV listings*



    Ah, 8 part fly-on-the-wall documentary offering a behind-the-scenes view of Greggs the bakers starts next Monday. Just the ticket!

  15. ‘This club is not a member of the SFA.’




    Wishful thinking I’m afraid.



    They are members because they hold a membership.



    That they obtained the membership by deception doesn’t invalidate the membership.



    In a properly ordered universe their membership should be terminated, but that won’t happen, this is Scotland.



    At most they’ll receive a sanction, the blame being attributed to the disgraced and departed Mr Green.

  16. Ntassoolla



    He was enticing to watch on TV. A natural at conversing and stating his mind. He got things wrong but who doesn’t?


    I loved his confidence. He was the special one before Mourinho was even born. Takes a very special man to be that confident in his abilities and deliver.




  17. 50 shades of green on

    Off oot folks as they say.



    Dug ta walk and wife ta pick up( aye mine).




  18. South Of Tunis on

    Languages ?



    Vladimir Petkovic , Lazio Manager , speaks 7 languages.–



    He seemed to use most of them to berate Willie Collum during the Fenerbahce v Lazio game [ a spectacularly bad performance by Collum ] Towards the end of the game he stopped the berating and took to sarcastically applauding Collum and shouting ” Bravo .!”



    Radio reporter asked Petkovic about the sarcastic applauding and got this in return –



    ” I’d exhausted my supply of insults “

  19. Ntassoolla



    There was also an interview that he took part in I think it was more of a Q&A and he was asked a question. Can’t remember what the question was but he asked the guy who he supported and he answered Rangers.


    He said that’s not a football team it’s a bunch of villains. Always loved him after hearing that.


    Some boy Cloughie one of a kind!




  20. ***** Flounce Alert***



    I’ve reflected long and hard about my posting behaviour last night and how getting involved with Kojo & TSD and their backers led to further muck spreading and may have taken the shine off the great news from wee Oscar which was far more important than anything I contributed.



    Although I said I would never flounce off CQN because I saw it as being a victory for allowing racism and demonology a free pass, I have come to recognise that, for my own good, as well as the peace that other well respected CQN posters and readers need, that I should take a break from CQN.



    I have seen many favoured posters depart over the years I have been on here. Some, like pablophanque and celticlover are no longer with us. Others have just posted less often or found somewhere more congenial to their liking. It’s happened before and it will happen again. My temporary departure will not lessen this place anymore than theirs did. The site is good enough to get by without us.



    I was concerned a few years ago when we had regular visitors from the other side, when they were alive. None of them showed the basic decencies that Edward Ursus displayed and, for a time, this site was in danger of degenerating into a BBC/Scotsman type of insult exchange forum. Thankfully, the tide of history turned and they became too ashamed to post their bile on here in any overt fashion.



    My concern over the past few months has been about a loss of basic decency and I regret my contribution to that. When I first started contributing to this internet site, it was my first ever football site and it had always a fair share of spats, insults and OTT ranting, much of it very entertaining but not so much if you were on the receiving end. I was concerned initially, by tales of internet bampots and squabbles, that it would not be possible to enjoy privacy on here but that turned out to be a nonsense. CQN was a welcoming inclusive family and you could remain as private and anonymous as you wanted to be or as gregarious and determined to meet as many posters as have pablophanque and Oldtim.



    However, in recent months I have deplored the way a poster like Mickbhoy1888 brought up Canamalar’s internet dating history on here in a vain attempt to ridicule him. It was a hurtful and vicious act aimed at the private individual and not the posting persona and views. Similarly Ntassoola’s calling out of Zbyszek crossed a line for me as his story and motivation for doing so lacked consistency with other views he took on non-PC posting.



    It may or it may not be related but the posting frequency of both those CQN stalwarts has markedly decreased.



    I have seen posters like MWD exercise discipline in reducing his CQN addiction and managing to restrict his comments and still contribute greatly. I wish I had his self discipline. However, i feel it will have to be cold turkey for me. If I am going to be able to resist calling out posters who cross those bounds of decency then I am going to have to resist posting at all till I get my own behavior on here sorted.



    This is not a plea to be coaxed back to CQN. I know I have friends here, too many to name individually, but I appreciate their support and I hope to remain in touch with them. However I have a firm resolve to cease posting as of this last post today and start my own belated contribution to the 125 movement.



    I have calculated that 125 days from today will be August 26th 2013 and that will be the next time I post here, and for clarity’s sake, I have only ever used one posting name here. It suits my present circumstances to do this. I have a major piece of research to undertake soon and I will need more evening time to accomplish this. I will continue to read, when possible, but I will stand by my pledge not to post for a further 125 days. I would be delighted if some of the poisonous posters chose to do likewise but I cannot and will not place that expectation on them. No matter their decision or future posting behaviour, I will not change my view. I need to do this for my own good.



    So, farewell CQN for now. It’s been a blast! See you in the new season.




    P.S. Keep well wee Oscar! Get well Miki67! Recover patiently Blantyre Tim.

  21. thehoopedduke on

    ernie lynch



    Correct, we now exist in a place where being guilty of cheating is ok as long as you were not found out at the time that you cheated.



    They will continue I’m afraid, however they will have to do it in such a form that they will not be even close to us for a generation

  22. About twenty odd years ago a woman I know was coming back from Greece where she lived, 2 year old daughter in tow. This necessitated a changeover at Heathrow, picking up all her bags, battling through to domestics, and checking in again. A nightmare.


    Anyway. Some “army guy”, dressed in a blazer, as were his charges, intervened.


    “You, you and you young men. Carry that woman’s bags to wherever she is going, and no mithering her.” They dutifully obeyed.



    6 weeks later, in Scotland, TV on, start of the football season, said woman exclaimed in her parents’ living room “That’s him! That’s that army guy!”.


    It was Brian Clough.

  23. setting free the bears



    Always enjoyed your contribution to this great site SFTB, enjoy your summer and never let the bastards grind you down..



    Football men are getting harder to find..

  24. STFB I found out on here that the Millibands are Jewish.


    I’ll “call out’ anyone who seeks to draw negative inferences based on that.

  25. gillian i scream on



    Pinhead masons you say


    the cry went up


    jabba jabba hey jabba jabba hey


    I don’t wanna be a pinhead no more


    Ramones CSC

  26. Lots of threads this morning!



    Football Books: Paul McGrath’s ‘Back from the Brink’ is the best football bio/auto-bio I have ever read. Have a read it is excellent.



    New buys: Johnny Russell would be OK and a good addition to what we have just now. Happy if he were to come but not overly excited.


    Gary Mackay-Stevens however is something really different. A bit frail looking but brave (IMO) and with a splash of raw but unique talent – I’d pay over the odds for this boy.



    What we lack: Posters have mentioned a centre-mid playmaker, an aerial centre forward & a genuine centre half. No disagreement from me. But what we really, really, really (you can tell I’m serious about this LOL) need is PACE. Any suggestions as to who we could get???

  27. Livibhoy one of the great things about Brian Clough was that even if he did say something which might be disagreeable, there was no malice aforethought.

  28. Sftb



    You seem determined and comfortable in your decision.



    All I can say is that you will leave a huge, gaping hole in CQN. I’m but a novice in comparison to many on here but even I have lessened my frequency of lurking/posting, it’s too much like hard work at times.



    I don’t happen to agree with you responding to Kojo/TSD as it merely highlights their racist bile though I fully understand why you do so and it has been a joy to witness the manner in which you have continually swatted them like insipid insects.



    I hope your absence is short as CQN just isn’t going to be the same without you.

  29. SFTB



    Sorry to see you go – we had a wee argument just after we lost the game at Ibrox last March and I only ever once beat you on CRC’s Friday night quiz. And your erudite postings made me feel sub-literate ( though quite a few on here do that)



    Have a good summer





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