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.
[calameo code=000390171e93e6000b08d lang=en page=1 hidelinks=1 width=100% height=500]

Click Here for Comments >

About Author

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7

  1. Excellent news from Celtic today that Season book prices will be reduced by £100 and they have also set up new prices for u18s as follows:



    U-13 years – £50: Just £2.38 per match


    13-16 years – £105: Just £5 per match


    17-18 years – £186: Just £8.86 per match




  2. Season ticket prices are out for next season. £100 loyalty bonus amongst other offers for different age groups. £50 kids books are back too.

  3. Lurkers of the world. Unite and take over.



    Hail, hail, Setting Free the Bears!







  4. Afternoon all



    Been reading the comments re Clough. I always wondered how his famous trip to Davie Hay’s pub made such a huge psychological difference to the way Celtic played – but I knew at the time it had. Celts – with few exceptions- didn’t turn up. No team was less fazed by the atmosphere at CP than Forest were that night



    I liked the book the Damned United – although I gather the author David Peace doesn’t rate it much. I liked the film as well though as I’d seen Sheen in the films about another flawed hero Kenneth Williams not long before I half expected him to tell Billy Bremner to stop messing about



    Clough was a one off – and as somebody who can never bring himself to want England to win at football I am eternally grateful that the blazered fools of the FA saw fit to pick Ron Greenwood as manager. If they’d gone for Cloughie we’d be hearing about 1982 and 1986 ever since





  5. Twomaccaroons ….pmsl !


    Son of Gabi ….. How many Points do you get for knocking down a zombie these days


    Oooooffffttt ! Seriously congrats young fella !

  6. kevinlasvegas on

    Unreal Henr1k, just saw your twitter picture. they don’t even hide it. The Sfa can rot as far as we are concerned. how are you supposed to get a fair hearing with that,




  7. On the Div 3 rebellion..



    Phil MacGiollaBhain ‏@Pmacgiollabhain 1m



    @DelBhoyHyslop @TomEnglishSport @ScottishFA I just spoke to an SFL Chairman and it was all news to him. He thought it unlikely.









    /Bishop B

  8. BT > I’m thro visiting at the Golden Jubilee on Wed night…..you need anything let me ken!!



    The comfort from SFTB flounce is that I can get back into the Friday Quiz, with a better chance of winning….back to my revising………..



    Check out the ST prices tomorrow for renewing 2 Adult + 2 Under 13’s….with the inclusion of Club12 it will most likely be about the same price as this season excluding the Club12….circa £800….good stuff.



    Paddy T

  9. Not looking for sympathy but just to say in this household with two unemployed adults seriously thinking of having to give up the STs a saving of £200 might just be enough :-)



    Thanks CFC

  10. The Token Tim on

    Just read about the season ticket prices for next season.


    Excellent stuff. Well done Celtic.



    Not only will i be renewing mine and my son’s, but i think I’ll buy another kids one for my eldest daughter.






  11. Great news re the sb price – from a selfish point of view , it saves the Kano Foundation over £1000 next season and allows us an extra 2 games (which we couldn’t afford this year).



    On a related point . How much pressure will that place on Sevco’s pricing ? They can’t exactly charge more than the SPL champions from 2 divisions above them ? can they ?




  12. Dontbrattbakkinanger on

    ‘The term ‘Weltanschauung’ is often wrongly attributed to Wilhelm von Humboldt the founder of German ethnolinguistics (see Trabant). As Jürgen Trabant points out, however, and as Underhill reminds us in his ‘Humboldt, Worldview and Language’ (2009), Humboldt’s key concept was ‘Weltansicht’. ‘Weltanschauung’, used first by Kant and later popularized by Hegel, was always used in German and later used in English to refer more to philosophies, ideologies and cultural or religious perspectives, than to linguistic communities and their mode of apprehending reality. ‘Weltansicht’ was used by Humboldt to refer to the overarching conceptual and censorial apprehension of reality shared by a linguistic community (Nation). But Humboldt maintained that the speaking human being was the core of language. Speech maintains worldviews. Worldviews are not prisons which contain and constrain us, they are the spaces we develop within, create and resist creatively in speaking together.



    -lifted from Wiki/EWTB/EWLM.

  13. hen1rik


    12:31 on


    23 April, 2013


    And yes. It really is this Andrew Dickson who sits on the SFA Club Licensing Committee. Suspend your disbelief now. http://t.co/8INBofM0Gq




    Have you the list of Licensing Committee members? I was asked on Twitter but could not find detailos on Google.



    As far as the licensing administration staff go there are rules that stop club affiliations.



    • All Licensing Administration employees must be independent from Licence Applicants. The independence of a Licensing Administration staff member may not be guaranteed if they, or any member of their family is a:


     Member;


     Shareholder;


     Sponsor;


     Consultant;


     Director;


     Employee; etc,


    of the Licence Applicant. If an employee is deemed not to be independent of a Licence Applicant, he or she must not be involved in any assessing, auditing, recommending or reporting of that Licence Applicant. This is a documented procedure as detailed in the Quality Manual;

  14. !!Bada Bing!! on

    Great effort from the Club,hopefully any new ST holders can be retained for years to come.

  15. setting free the bears



    You’ll be missed on here my friend. I look forward to your return in August. Keep your eye out for the new CQN Magazine – I picked an 80s team to trounce your 70s lot!

  16. Well done Celtic!



    Good job Big Peter………….



    Celtic heart and Celtic brain……..




  17. Auldheid







    (Chair) Michael Johnston


    (VC) Ewen cameron


    Steven Brown, Andrew Dickson, Finlay Noble, Richard shaw, Dr Andrew Waddell

  18. Good Afternoon Bhoys,



    Haven’t posted in a very loooooooong time but I thought I’d pass on this little titbit.



    A very good friend of mine works with Deloitte and told me weeks ago that the only reason they are involved with Sevco is because of a certain Mr. Green who has a longstanding relationship with their Leeds Office.



    My mate has just text me to say, and I quote, ‘There’s a very real chance we’ll resign. . . ‘



    I don’t know what the ramifications of Deloitte walking away would be for the Zombies but I thought it was worth sharing.



    Also, my friend saw documentary evidence that Sevco DID have £22m in the bank from the share issue. How long that stayed in the bank is anyone’s guess!!



    Uncle Fester

  19. !!Bada Bing!! on

    new matchday experience and entertainment


    Does this mean the Tina Turner Tribute act will be back at half time?



  20. ernie lynch



    12:56 on 23 April, 2013


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



    Wishful thinking I’m afraid.



    They are members because they hold a membership.






    I thought they were associate members.

  21. Big Swee walks on with Neil Lennon on

    Had a great weekend back in Glasgow to see the Bhoys win the championship and also meet up with some fellow CQN peeps.



    Great to meet you both on such a grand day.



    Hail Hail

  22. “promisary Notes” == I promise to give you £xxxx millionn pounds if you can guarantee


    to double my investment and fly me to the moon on a Helium birthday balloon ooooot the card factory.

  23. Good timely, and requisite inititative from Celtic to reduce season ticket prices for next season.



    This was hinted at some time ago, and loyalty takes into account what Celtic fans have ‘suffered’ at the hands of the Rangers, Sevco 5088, SFA, SPL, LNS, OBB and MSM, and probably will endure from the existence of Sevco 5089. Whether it will be enough to halt undertsandable dwindling sales, remains to be seen but the chorum will be there.



    It’s a step in the right direction, because the ole ‘here we go ten in a row’ will still be a pricey business.

  24. SFTB – Happy lurking, looking forward to your return, you will be missed!



    Well done Mr Lawwell, I can’t help but think it is also a little kick at the dead club, keep kicking!



    Sannabhoy great news for the Kano foundation!



    BT – hope you are not giving those poor nurses a hard time!

  25. kevinlasvegas on

    Awesome ST news, Me and my cubs will be going when their bigger. Great. Just too small yet. Good Job PL.




  26. sftb – long post:



    Sorry to see you taking a sabbatical, particularly from the football related content of CQN – your input will be missed.



    Read your final post last night – rest assured mine wasn’t a rebuke aimed at you (there was no need for your apologies). As I said – IMO the problem is that there are a number of posters who feel it necessary to drag a ‘thread’ off at a tangent; the self-righteous, the fundamentalists and the bickering sweetie-wives.



    I probably should have also added those who use CQN as a form of political Hustings and my pet annoyance – the P-I-As who no matter the subject (or who is conversing) always feel it necessary to jump-in to inform us they have; met, seen, knew, read, attended, bought the T-shirt (cut the grass, washed the dishes etc) and are an authority on all things probably thanks to Google and Wiki.



    Me – I see CQN as a vehicle for all things Celtic related and what affects our every day existence; the Club and its ethos, charity and history, the Team (players), Management (and the Board) and most importantly the Supporters – how we interact and respond to our fellow Celts in times of; trial and tribulation, joy and tears – sharing memories, generosity and for the best part a family camaraderie.



    By extension – books, films, music, food and drink, travel, the weather (thanks Jobo), betting tips, clips/ links, I.T. assistance, other sports etc and live-match posting all serve to make CQN a unique ‘Celtic Community’ blog thanks to Paul67.



    Scroll past the disingenuous – rebuke if you feel the need but don’t engage as it only feeds their ego and devalues the essence of CQN – Celtic Quick News!



    Sftb – mind and do some swotting between now and August – don’t want you struggling with CRC’s Friday Quiz when you get back – take care.




  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7