Today’s pre-trial hearing at Edinburgh Sheriff Court against Charles Green, Craig Whyte and others involved in the business of Newco Rangers brings the state of the football club into stark focus.
Charles Green is accused of raising £21m for Newco Rangers by fraud via their December 2012 IPO. He is also accused of defrauding Sevco 5088 Ltd, the company who were awarded the right to buy the assets of liquidated oldco by administrators’ Duff and Phelps.
Craig Whyte maintained that he, or his associates, had a controlling interest in Sevco 5088 Ltd, and produced a famous recording allegedly featuring Green tell him “You are Sevco”. Although Duff and Phelps contracted to sell to Sevco 5088, another company, Sevco Scotland Ltd, actually bought the basket of assets.
Sevco Scotland was controlled by Charles Green or his associates. The company was renamed to The Rangers Football Club Ltd and is now a football club, sitting top of the Scottish Championship.
While in charge of Newco Rangers, Green’s PR issued a number of confusing statements around Sevco 5088, insisting both that he made certain arrangements with Whyte which he had no intention of honouring, and that he was entitled to switch the beneficiary of the Rangers liquidation Sale and Purchase agreement to Sevco Scotland Ltd. A move he claimed was to give the company a Scottish registration number.
The remainder of the various rap sheets tell grubby tales. Green is accused of fraudulently obtaining the £5.5m he used to acquire the assets of Rangers, and of using £200k from Rangers Youth Development Ltd to aid the purchase. Whyte is accused of defrauding Ticketus and Merchant Capital of £28m, and various other crimes and misdemeanours, but these issues are a side matter. The action regarding the future concerning football is with Charles Green.
Think back to his counsel’s words as he sought funding for his defence from Newco Rangers last month. The £21m IPO money and those assets purchased by Sevco Scotland were ploughed into the club now sitting at the top of the Championship. Should these charged be upheld, the assets would be proceeds of crime.
Green was allowed to issue unfathomable edicts as a desperate PR campaign blamed others for bizarre conspiracies. This was enough for an already-compliant media and he played to the gallery magnificently. Supporters lapped it up.
Under pressure to provide the stock market with a clean bill of health, the club went to the Masons for a report in April 2013, Pinsent Masons, who in conjunction with auditors, Deloitte, found none of the alleged links between Green and Whyte surrounding the asset sale and setting up of Newco. I understand the investigation heard no testimony from Craig Whyte, so found no evidence of anything inappropriate.
All of this provided temporary respite on the park and in the Scottish media but the ultimate Day of Reckoning was never going to be affected by PR. Should charges against Green be upheld, the only unfathomable consideration will be what future a football club with no legally acquired assets has.
There is a chance that all the dominoes will fall in Newco’s favour. That all charges are unsuccessful, that Mike Ashley relinquishes control of all contracts and that investment will be found to meet medium-term cash requirements. It is also possible that one or more of these dominoes will remain standing, and that nothing will ever be the same again.
Best of luck to all parties. I wonder when the penny will drop with those recently rooting for Green to be put away of the consequences……
478 Comments- Pages:
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JOHNBHOY on 5TH JANUARY 2016 2:59 PM
I think your scare mongering.
I am with Cato on this one unless David Grier gets toasted.
I would assume that a dodgy deal has already been done and put in place here and if the Scottish judiciary wants to make one up then it will. Internet or no internet
HH
Bailey
? Ambrose Simunovic Izaguirre
Allan Rogic Armstrong Johansen GMS
Griffiths/Nesbitt
JJHS
If he plays Griff and young Nesbitt from the off I’ll eat warburtons magic hat
HH
http://www.scotzine.com/2016/01/celtic-linked-with-south-korean-striker-hyun-jun-suk/?
Only speculation I know – But
If you are a manager of any business and you interview someone who has had 4 jobs in 4 years
Are not not entitled to ask why has this guy not stayed in one place for any more than a year ??
Its probably IMHO because he is not very good
67ECW
67ECW
I have had four jobs in four years. You should see my bank account
HH
Jungle Jim Hot Smoked on 5th January 2016 3:09 pm
No idea who will play – but bet my house (OK my Mortgage) that we play 4-2-3-1
Our manager does not do change the system
67ECW
AWE_NAW_NO_ANNONI_OAN_ANAW_NOO on 5TH JANUARY 2016 3:17 PM
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-3/#comment-2748487
Point taken – but you get my point ??
67ECW
twentyfirst
It was either/or o:-)
The ? represents a player!
JJ
sure for a footballer it looks poor
HH
Afternoon Timland from a warm but very windy hun free mountain valley.
TBB
You said you have £150 mill sitting in a bank account, and you reckoned that nobody has a scooby how things will turn out re this trial.
Take a very, very small % of that £150 mill, say £20, and I reckon I know how the trial will end, if I am right, I get the £20 to a charity of my choice, if I am wrong, you get the £20 to a charity of your choice, you really can’t lose.
HH
And you will still have your £150 million :-)
Baily
Lustig
Jozo
O’Connell
Tierney
Ambrose
Bitton (Unless suspended Rogic)
Armstrong
Forrest
Commons
Griffiths
We are playing Stranraer!
LB
67ECW
In that set up, who are the `2` and who are the `3`?
JJ
Meant to put Allan for Arnstrong!
LB
JJHS
Sorry mate, misread you earlier
HH
Funny how a few bampots received an email 2yrs earlier saying a deal has been done and now slavery saying the same hmmm.
My 9 year old German neighbour boy Ken Ichalles (address supplied upon legal request) was discussing today’s Edinburgh high court proceedings over the garden fence as you do.
He assured me that if there was any case on Earth that the Scottish judiciary, smsm would like to sweep under the carpet without the public taking any note of it. It is this case.
As a young Germany boy he said of course it is public knowledge to all and sundry that only one of the defendants has a very long and historical business relationship with the man who sold Rangers for a pound.
He also suspected that due to this long historical relationship that this man will be handled with kid gloves by both prosecutors and defendants and the judiciary alike and it was particularly this axis that he thought everyone who pays taxes in the E.U especially the U.K should concentrate on publicise and apply pressure in the vain for justice in any way they see fit.
I told him that I agreed with him but that I would clipe on him at the drop of a hat to Paul67 as I am a happy clapper
HH
HH
Johnbhoy,
I think your advice is timely and correct. Indeed, I think in times past Paul67 has himself warned us to be careful what we said on line.
Henr1k
Busy at work……can you elaborate please…
Fholks,
What have I been saying for 3 years …..IPOX BELONGS TO THE CREDITORS …….where’s ma wee pal, KevJ….:) ….. Is this possibly why our Board have been (justifiably) maintaining a silence ?
INTERESTING TIMES CONTINUE….
He also suspected that due to this long historical relationship that this man will be handled with kid gloves by both prosecutors and defendants and the judiciary alike and it was particularly this axis that he thought everyone who pays taxes in the E.U especially the U.K should concentrate on publicise and apply pressure in the vain HOPE for justice in any way they see fit.
Korrektur
Phil MacGiollaBhain @Pmacgiollabhain 36m36 minutes ago
The very experienced Match Delegate stated that the discriminatory chanting was throughout Ibrox stadium during the match.
Phil MacGiollaBhain @Pmacgiollabhain 37m37 minutes ago
I’m hearing that the report from the recent Rangers v Hibernian match DID include a full account of the discriminatory chanting by RFC fans
67HEAVEN .. CHALLENGING THE LIE ..I AM WEE OSCAR…… IPOX BELONGS TO THE CREDITORS on 5TH JANUARY 2016 3:36 PM
Henr1k
Busy at work……can you elaborate please…
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-3/#comment-2748496
Not on here mate.
Jings, whit?
First Paul tells us its a string of falling dominoes, then the Battered Bunnet ensures us its more of a muti-dimensional hologram of sevco misdeeds.
It’s getting all quantum energy like in hundom these days.
Of course, what that means is somebody is going to get a bolt of pure, white energy up their tight ends and/or wide receivers.
TD67 I know you are an extremely busy person but any chance of a response to my post @ 2:32, just to clear things up. H H Hebcelt
Shhhh
The Speculative Society might hear you.
And dont mention those pesky Masons…Its no allowed:)
And Shhh again, you might give them an excuse to allow the wrongdoers to escape justice:)
So…all in all….Shhhh, you might upset the Huns while they are going about their dirty devious business.
Run, Run for your lives…Its SEVCO:)
HH
“Ahmed’s Mum”!!!
Nearly spat oot my esspresso over a bunch of appropriately named Banana Republic clothed middle class septics.
The joy.
Johnbhoy…
Are we to be gagged because the cabal has put out it is not right to speak of a court case?
Ffs, everyday the smsm print their interpretation of a deid team (brainwashing) without any comeback.
Although I know you mean well…its time the truth was outed. HH
Livibhoy
Delighted to hear things are going well for you mate.
Hebcelt
Managed to watch the programme and thoroughly enjoyed it!
Shhhhh and Shhhhh again.
Yer no allowed to talk aboot thems cheating.
They want to move on….and er….their pals will help them to do so.
So….shut up about the cover-up…naebody wants to hear.
Just let them cheat.
That what usually happens anyway….Right!
HH
Its a bit like the current Oregon scenario.
Id be willing to bet, that if those ‘Patriots’ were black,….They would be called terrorists.
Shhhh
And dont mention, the Speculative Society, and Minty Moonbeams….ah telt ye, its no allowed.
Shhhh, and dont mention John Knox either:)
HH
Sipsini
The zombies are a laughing stock. … I was thinking how our old mate jj must feel – not only has he lost his menial job that he hung onto for decades behind the cloak of the masons ….. but his whole reason to live died in 2012 and the Carcase has been picked clean so many times they are chewing on the bones in 2016.
But but but but we are the people and the same club :)))
Good Afternoon.
Some thoughts about the backlash James Doleman has received from Sevconian over his court coverage today.
https://theclumpany.wordpress.com/2016/01/05/courting-popularity/
Right, nae mair blethering aboot supposed, alleged and unsubstantiated shenanigans here forth with of the unnamed speculative “punters”.
How is the weather looking doon Dumfries and Galloway way this weekend?
The Green Man
If those guys in Oregan were black, they would be deid.
Florida Bhoy
Sunday is supposed to be cloudy with some sunshine. Come Sunday, it’ll be pishing down!!
I wonder if The Magic Hat thinks it’s ‘disrespectful ‘,for Sevco to approach 2 Accrington Stanley players (no laughing at the back…),without going through the club?
HamiltonTim,
Thanks pal, and having taken the ferry umpteen times myself to visit family over the water, that wind fair howls down Loch Ryan. Ole Efe better be prepared for continuous long balls being lumped in his way.
HT glad you saw it and enjoyed it ,she has had some seriously good feedback about it. It is being repeated tonight at 10:00pm on BBC Alba for those who missed it – or perchance see it again, what about it TD67?? H H Hebcelt
Johnbhoy
I thought CL was Russel F in Sunday Mail ?
Know the one ?