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……
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& now the Sun with sore eyes !!
FB
I expect big Efe’s heading ability may well be needed in the biggest aerial assault since D Day!
Hebcelt
Not a bother I genuinely really enjoyed it.
That mob in the suits at Celtic Park will be happy to see we are again more interested in what is going on in court re them than getting things sorted on and off the pitch at Celtic FC. Fed up reading on here about them and their financial, legal and other situations, scottish football had the chance to get rid of them and didn’t take it. They will be back and with more assistance than ever before, the Celtic board are as much to blame as the sfa, they didn’t put the boot in.
s.i.d.
Not enough criticism of the board and Ronny on CQN?
Where have you been?
” the Celtic board are as much to blame as the sfa ”
Wow.
slow today
HH
Hello Dena
Slow most days now. I think the constant negativity has dampened the enthusiasm of those who enjoy supporting Celtic. Not unequivocal enjoyment, of course, but more than those who seem to glean no pleasure whatsoever.
Hope your nephew ( well that`s your story!) enjoyed his visit.
JJ
From FAC. Can I please ask as many of you as possible to get involved in contacting your MSPs and encouraging them to support this.
Many thanks.
——-
On Tuesday 12th January 2016 a petition will go before the Petitions’ Committee of the Scottish Parliament asking them to carry out the review of the Offensive Behaviour at Football Act which the Government promised to do last June but which they conspicuously failed to do.
All you have to do is put in your name and a few simple details and an email will be sent to all your representatives in your name asking them to support the petitioner and the aims of the petition.
It will only take a few minutes of your time and we urge you to do it now.
Thank you.
The draft text of the email is as follows:
In June 2015 the Scottish Government reneged on its promise to carry out a full and transparent review of the Offensive Behaviour at Football Threatening Communications (Scotland) Act 2012. Instead, the Minister, Paul Wheelhouse, in a twenty minute statement to Parliament, quoted selectively from a single piece of research and a highly skewed YouGov poll commissioned by his Department. During the ten minutes of questions he also lied to the Chamber by saying that Fans Against Criminalisation supported his diversion from prosecution scheme. I am shocked that he has repeatedly refused to withdraw this comment after being requested to do so by that organisation.
On Tuesday 12th January 2016 a petition will go before the Petitions’ Committee asking that Parliament carry out the review of the Offensive Behaviour at Football Act which the Government has conspicuously failed to do.
I am writing to you as your constituent to ask you to support the petitioner and the aims of the petition either in person at the meeting on the 12th or by writing to the Chair of the Petitions’ Committee in advance.
I look forward to your response.
Jungle Jim Hot Smoked on 5th January 2016 4:57 pm
Agree the negativity has put many off, me included I seldom post in case I incur their wrath :-))
Yes my nephew enjoyed the result if not the performance
HH
And still they cannot bring themselves to use the ‘L’ word.
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-35235611
Even though they say, correctly’ that the consortium bought the assets, not the club.
That would be because the club was, and still is, in the process of being liquidated, of course.
Talk about not being able to handle the Truth.
That apostrophe should be a comma!
BigchipsUK
If it costs 80 million for Bale, 100 million would get you Messi’s right leg.
And BTW….SHHHHH
Yer no allowed tae say anything aboot Big Peter or the blessed PLC of Lords, Tories, and Masons either.
SHHHH….Its a secret:)
Just whistle and look the other way like they do.
Shhhh, stop talking aboot cheating and bigotry….just forget aboot it, or you will upset the Huns.
HH
Awe FFS…
Just throw a massive blanket roon the court.
That should do nicely.
Shhhh
HH
Run, Run for your lives…Its Sevco.
Smashing through the Scoddish Coorts like Godzilla in a bad mood.
Running Scoddland wi their weird symbolic handshakes and extreme broguery of the worst kind.
Ahm terrified in case somebody tells the truth about them…they will make ISIS look like a mob of cubs fae Bearsden.
Run.
And dont look back:)
HH
HEBCELT on 5TH JANUARY 2016 3:44 PM
TD67 I know you are an extremely busy person but any chance of a response to my
– See more at: http://www.celticquicknews.co.uk/pre-trial-hearing-brings-stark-focus-to-newco-future/comment-page-3/#comments
I was and still am very busy, way to busy to get into dialogue with malcontents, I find it time wasted in my life, there are a few in here who I don’t do discussion with, and you are one, no offence, but it is rather pointless, please don’t be offended, I’m just answering you to let you know my posts are not up for debate for any of the malcontents.
Tumbleweeds.
It get a bit boring talking tae yersel.
That ban on all things truthful must be taking effect.
HH
As I don’t live in britland, I don’t give a toss about staying silent.
What I do know is that whatever the outcome, you can guarantee that the outcome will be to the benefit of the hun.
Amazing how the architect of the whole sage will get protected come what may.
HEBCELT
So you are a malcontent are you :-)
HH
catch you all later
HH
THE GREEN MAN on 5TH JANUARY 2016 5:51 PM
Just throw a massive blanket roon the court.
That should do nicely.
Shhhh
>>>>>>>>>>>>>>>>>>
Hahahahahahaha….Brilliant ….!!!!
so… are malcontents different from mineshafters? if so, how? which is worse? we should be told.
MiT
I reckon they are the same but different :-)
HH
Malshafters of The World Ignite:)
TET ….
I dont think so! Those malcontents are a radical offshoot of the CQN mineshafters….
Hebcelt is a splitter!
People’s Front of CQN
left leg for sale
low mileage
Mike in Toronto
Mike…The malcontents are Marxists, and the mineshafters are crazy surreal anarchists, like my good self:)
HH
Let’s not go back to the mineshafters era. Those were very black days:o)
SOUTHOFTUNIS @ 2:47pm is correct, the whole ‘Rangers’ after life is deliberate mess of ever changing owners/directors/shareholders/investors to keep ahead of being brought to account
Radio Shortbread giving 10 minutes airtime to 2 guys from Accrington who haven’t even signed yet,desperate stuff
TGM …. I think the next CQN chat should be with Noam Chomsky. Think he would put the numpties running our club and the game in Scotland right in their place! That is what Scottish football needs …. a good dose of syndico-anarchism!
Hebcelt
In wee Leo’s case, it’s the right that is low mileage.
Burghbhoy/Kelvinbhoy – Sorry to read the sad news about the loss of your Father.
Condolences from Beal Feirste.
KTF.
Even this early, it looks like the Club, RFC, are being cast as innocent victims of a serious of heinous crimes committed against it, by unscrupulous alleged crooks.
On reflection, though, that is properly correct.
However, what it does is create a timeline from the day Dave the First accepted the shiny £1 coin from Craig the Cad.
As a result, all the attention will be centred on these court cases and on completion, we will all be urged to finally “move on”.
The Tax evasion/avoidance and improperly registered players offences will be swept away as being historical, belonging to the old company.
At which time, the switcheroo wil be complete.
This is when the counties football supporters have to decide whether to continue to be fools or
regain any lost self respect.
OR
They/we can organise and target our clubs and, particularly the SFA/SPFL axis of evil and reclaim the Game.
#bcordc
Next up the HMRC appeal, methinks there’s just too many things need to line up for them to walk away from this, oh and Res 12 is still got a few wee nettles to sting.