There’s those words, “prima facie” again. “After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer”, read a stock market statement this morning by Worthington Group PLC, after the Leading Counsel “who is also a Deputy High Court Judge”, examined the case of their subsidiary, Sevco 5088 Ltd’s claim for the business and assets of Rangers International Football Club PLC.
“It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets”.
As revealed in the document below, Companies House now record Craig Whyte and Aiden Earley as directors of Sevco 5088 Ltd, alongside Charles Green.
The court will examine if Mr Green acted appropriately when he removed the entitlement of Sevco 5088 to acquire the assets of Rangers FC (in liquidation) and assigned them to Sevco Scotland (now renamed and trading as a subsidiary Rangers International FC PLC.
Rangers International stand accused of not owning the business they operate.
Subsequent to the entitlement to buy Rangers FC’s assets being passed to Sevco Scotland, Mr Green became the beneficial owner of £4m worth of Rangers’ shares at a cost of £40,000. Rangers International then raised £22m through an Initial Public Offering on the AIM market and the company became owners of a business worth tens of millions of pounds.
The allegation that Duff and Phelps disposed of Rangers assets to a company controlled by Rangers owner will be of interest to liquidators, BDO, who are likely to ask Lord Hodge for an opinion on behalf of creditors.
I am sure Rangers International FC PLC will strenuously deny they inappropriately acquired assets of Rangers. They will also take steps to immediately assure Cenkos, the nominated advisors of their IPO, that investors money is safe and the IPO was appropriately handled.
They will, at the same time, assure Cenkos that these allegations were not made known to Sevco Scotland prior to the IPO, otherwise potential investors would have been alerted.
These are the most serious allegations leveled in the entire episode of the Rangers group of clubs. The first question for the independent inquiry setup by Rangers International should be ‘What the hell have the non-execs been doing all these months?’
The cheerleaders for Mr Whyte and Mr Green have done enormous damage.
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Campbell about to earn his EBT payment?
hen1rik.
The statement has just been read out on snyde.
It’s been tipped on hear for a week that this would happen.
I smell s***e.
Stewart Gilmour today calls for a mediator and BINGO ! Who would have thought it ?
Never mind anyone else ,Celtic cannot stand aside and let them do whatever they choose !!
HH
One thing you can say with absolute certainty.
Any proposal on reconstruction that the sfa are involved in will revolve around giving sevco a leg up. First and foremost.
100% guaranteed.
BREAKING: ARREST MADE IN #BOSTON
BOMBING CASE / via @CNN
Still no mention on stv or bbc about the sevco development today. Surprised? Nah, under the carpet please…
And big McManus? When will these diddies learn to say “no comment” to any question to do with deadco?
The sfa statement.
Scottish FA Board statement on league reconstructionWednesday, 17 April 2013The Board of the Scottish FA has issued the following statement in relation to league reconstruction:“Over the past 12 months, representatives of the Scottish Premier League and Scottish Football League have worked tirelessly and collaboratively to present an exciting and financially viable proposal designed to take Scottish football forward for all 42 clubs.“The outcome of Monday’s Scottish Premier League vote, however, has been characterised by acrimony and rancour. Scottish football, even in times of grim uncertainty, should uphold the value of mutual respect, especially among clubs who all have a place within their communities.“It should be remembered that 10 out of 12 top-flight clubs voted in favour of change. It is with this in mind that the Scottish FA reiterates its commitment to restructuring on the five principles of a single league body, fairer financial distribution, introduction of play-offs, parachute payments and a pyramid below the third division.“The governing body calls on both the Scottish Premier League and the Scottish Football League to re-affirm their commitment to the five principles.“We are aware of public comments from club chairmen from both the SPL and SFL inviting the Scottish FA to intervene to find a solution. It should be noted that we have, over the duration of the reconstruction process, facilitated a series of discussions via our Professional Game Board. After the events of last summer, the Scottish FA called upon the leagues to meet under an independent chair with a view to agreeing reconstruction proposals by October 2012. This was rejected by the leagues, who sought to promote their own proposals.“In December 2012, when that process faltered, the Scottish FA’s PGB invited all parties round the table to get the process back on track, which culminated in the agreement in principle in January. Following the separate meetings of each league’s clubs in January 2013, the Scottish FA again sought to provide assistance to take forward an implementation plan. That offer was rejected by the leagues.“The Scottish FA’s rules – and the respective rule books of the league bodies – do not allow for the governing body, or any external body, to ‘take control’ of a separate company in possession of commercial contracts worth millions of pounds.“However, if it is truly is the will of the clubs, the Scottish FA is prepared to get involved and act in the best interests of the national game. This will require a mandate to the Scottish FA from both the Scottish Premier League and the Scottish Football League, so that positive changes to improve Scottish football’s future can be proposed without the threat of legal recourse or judicial review.“Structure, finance, voting and governance are the key issues all of which are intertwined and need to be reflected in one coherent set of proposals. The views of supporters and the general public must also be taken into account.“Lest it be forgotten, with the honourable exceptions of Celtic and Rangers in recent years, Scottish clubs now routinely exit European football in the qualifying rounds. Our national men’s team are bottom of FIFA World Cup Qualifying Group A and are ranked 77th in the world rankings. Some of our biggest clubs are experiencing serious financial difficulty.“There is no better snapshot to illustrate the current climate than the fact that the afterglow of goodwill and positivity generated by two exceptional William Hill Scottish Cup semi-finals this weekend lasted less than 24 hours.“We all have a duty to protect and promote the national game. The Scottish FA urges the league bodies, and their respective clubs, to embrace the positive aspects of change now, or to formalise their request to the Scottish FA for external assistance.”
lets get a list now …
for marching to hampden an tell the sfa to gtf
h.h
SPL will not give a mandate to the SFA. Motherwell, Dundee Utd and Celtic have all stated reconstruction talks are now finished.
SFA = don’t act when their beloved club break every rule.
SFA = act when their beloved club isn’t given a helping hand.#disgraceful
Time for all us bampots to unite and make sure our club forward nothing in to these corrupt morons.
Jamsiebhoy @ 18:00,
Not been there for sometime but helped design the technology infrastructure there.
If you wireless and all Technology needs are working smooth and well that was me.
If no it was the English guys:-)
Hail! Hail!
Someone to bang heads together is a very good idea. But it needs to be someone independent, with credibility and an impeccable clean reputation.
That rules out a body headed by RC Ogilvie on so many grounds.
tommysbhoy
18:55 on 17 April, 2013
I’ve been banging that drum for months mate.
The corrupt blazers get away with murder because all everyone does is talk talk talk and no action.
Sfa are as predictable as they are desperate – agent gilmour, return to base!
Quite a story yet no mention elsewhere.
I suppose there was a funeral today
I wonder if it will be news tomorrow.
Once the shameless Ogilvie makes sure his beloved club get a helping hand that is when he’ll stand down.
protect the national game?ffs you let the huns burn money they never had!!borrow what they couldnt payback!!buy what they couldnt afford through normal financial means!!arrrrrgggggg!!!!!
Any SFA restructure is certain to involve truncating Sevco into the top level of Scottish football.
Peter Lawell surely will not fall into the trap that us being set.
Celtic will soon be targeted as the divisive club.
TT
Did anyone put their name to that dreadful statement?
The sheer hypocrisy and condesension beggars belief.
The very thought of the SFA offering themselves as Honest Brokers is nauseating.
Not only are they proposing, at the will of the leagues, to get involved, but are also saying that what they say, goes, as there will be no appeal or recourse to review.
That’s it, I’m boycotting the cup final and any game under the SFA’s auspices.
This was always their end game, so, stay awake.
BAMPOT ALERT BAMPOT ALERT.
Remember to email or club and advise them we will not take part in a setup which involves the cheats.
That Funeral was a farce today, £10 Million on that nonsense.
thomthethim
19:04 on 17 April, 2013
My guess is jabba.
whitedoghunch
17:52 on
17 April, 2013
googybhoy ♥ Celtic
Michael is a fine man
NOT A LOT OF PEOPLE KNOW THAT…
tinytim
19:04 on 17 April, 2013
All PL needs to say is they can’t bend rules to allow for 1 club to be given a helping hand and 3 years out means 3 years out.
The SFA have turned a blind eye whenever it suited them to not see what Oldco and Sevco were actually doing.
Disband The SFA.
TT
Evening troops, Sneevins on Snyde has stated that if SFA step in, the rule book would have to be thrown out…..
…well they do have previous don’t they?
It’s game on….
hen1rik
its time for our
supporters to take real action..this is an absolute joke..surely the trust and other supporters bodies can start the ball roling for a demo on hampden..And get those removed that shouldnt be in a position to cause confliction of interests!!Olilvie to f#ck out now!!!!
The SFA didn’t listen to fans with league reconstruction and they won’t listen when fans say Sevco can’t be given a helping hand
To be fair, the SFA have stated categorically that sevco will not be fastracked, and I don’t think theywill…..
I think the SFA, like everyone else, are seeing the writing on the wall for sevco, and are trying to save Scottish Football……when sevco go bust, the SFA want to ensure they maximise revenue across the remaining clubs…….they need this change..
Having said that, if any attempt is made to do anything for one single club, they will be heralding the demise of Scottish Football……I, for one, will immediately ‘walk away’
He/she’s back!
Henr1ck
The press gang PR campaign is about to begin.
Newco should be stripped of their license.
They won’t be.
TT
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LAST Friday saw coaches from Celtic´s
Development Academy make the trip to
Bangalore in India to oversee the latter
stages of this year’s Mahindra Youth
Football Challenge.
This is the third year of our partnership
with the event, and with event organisers
Procam, and it’s been a highly enjoyable
and productive venture for all involved.
The tournament is played out across six
major cities in India (Mumbai, Delhi,
Kolkata, Goa, Kerala and Bangalore) with
the winning teams from each city then
invited to Bangalore where they are met
by the Celtic coaches for a five-day
specialist training camp.
The six teams then play out a mini
tournament, with the top two playing off
to decide who the ultimate winner of
Mahindra Youth Football Challenge
Season Three is.
Throughout this process, the Celtic staff
evaluate and identify the best 22 players
across all six teams who are then chosen
to remain in Bangalore and take part in a
coaching master class, finishing with a
final one-off match under the watchful
eyes of the Celtic coaches.
From that match, the top performers are
then invited to spend an unforgettable
week with us in Glasgow, where they live
the life of a professional footballer. The
youngsters are given the opportunity to
train at Lennoxtown, take in a game at
Celtic Park and even take lessons with the
club´s other young footballer’s at our
partner school, St Ninian’s, Kirkintilloch.
Ogilvies wife was a shareholder in the defunct club. Is she a shareholder in Sevco now?
Ogilvie epotomises everything that is wrong with Scottish football ; financial mismanagement, personal interests and poor judgement.
Ogilvie needs to be removed before the SFA can bring any credibility to the debate.
Ps. Campbell why don’t you look into the license you issued Sevco
pogmathon
nice one!
feck me….i
There’s got to be someone out there who will start the ball rolling and get fans from every SPL club to email their club to make sure we don’t send anything to the SFA regarding reconstruction.
We couldn’t trust them to do the right thing previously and we can trust them to do the right thing when it comes to their beloved club.
yees no whit a mean