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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Graffiti on toilet wall:
Anyone in here interested in Time Travelling?
Good ,meet me last Thursday at 7:30.
HH
Phil
Don’t know what the fuss is about the SFA,there’s no way they will get sevco fast tracked,has no one seen clubs statements saying reconstruction is over for this time,or how angry some chairmen were on Monday,are they really gonna bend over and let st mirren get their way,not a chance
Got 2 spare kids u-13 tickets for Sunday, section 102 gates 6-13. Free to a good home.
Interesting that the SFA could not get involved in the EBT debacle as this was the remit of the League.
Even though they issued the Licence that allowed Rangers to play in the League(s), Domestic Cup Competitions and more to the point UEFA Competitions.
A Pilate like abolution.
YET
League Reconstruction nothing to do with them, they want to be over it like a rash.
Good job they’re some smart ghuys looking through Stewart Gilmour’s eyes.
67heaven … i am neil lennon..!!.. ibrox belongs to the creditors
19:10 on 17 April, 2013
There’s people out there who want us to walk away mate after their beloved establishment club went bust so we can’t allow that to happen.
The best way forward is for every bampot to get marching towards the corrupt corridors at Hampden and for emails to our club.
The bampots showed that lot how it was done previously and we must unite again.
Oh well according to Gordon Waddell and Kenny McIntyre, Stewart Gilmour is talking a lot of sense and everybody else are diddies, personally I don’t have a particularly strong view on the proposal, however what I find laughable and sad is the way the MSM fall over themselves to defend anyone who is impilcated rightly or wrongly to be in the grip of Sevco.
Dire performance yet again from the MSM press conference (Richard Gordon excepted who at least challenged Gilmour)
Tom English did usual job of making it sound like he was trying to sound tough whilst actually crawling up Gilmour’s backside. Hugh Keevins, oh dear retirement bodes I’m afraid, didn’t even appear to grasp what the conference was about. The rest of the intrepid scottish sports journalists appeared to be suddenly short of a voice…..funny that.
Re: earlier posters
Who is McManus and what has he said? I presume Stephen?
Ho
I for one am most concerned about the presentation by the MSM in giving the Chairman of St Mirren a platform to suggest that he should now have three quarter voting ratio for all matters when he has been so mischievous with the 11-1 ratio.
I have not read the SFA statement, yet, almost feel I dont need to, however I will.
It is atypical of the MSM, television Sky, BBC and STV to raise a spectre that this is in some way everyone else’s fault.
Why did they not ask the questions that need asking, once again they have let the vast majority of football people looking for transparency and sporting integrity out in the cold as they continue to fuel this mess.
A start might be, why does Campbell Ogilivie not resign if this offer has any meaning.
The sfa who have prime responsibility for the corruption within Scottish football would be better disbanding, rotten to the very core.
Aye let them moderate the hell out of it.
Walk on Celtic.
V
From @Notonewco2013
SFA offering another 5 way deal ?
No Thanks.
We still don’t know what the last one was about.
#NoToNewCo2013
Just heard that the SFA have offered their services to the SPL and SFL to move matters forward. Well, my immediate reation is: Celtic have nothing to do with that odious organisation. Gilmour seems to be the mouthpiece for Green & Whyte (and whoever else is part of their consortium) and Ogilvie is jumping through hoops to help. Parcel of rogues….
Re “the list”
Is there a list of the corrupt SFA’s failed Governance activities?
V
Hmmm what’s that smell from Hamden ???? Cow?….pig?…….. Nah it’s BULL!!!!
vmhan
19:21 on
17 April, 2013
I would love it if we could get out of this corrupt set up for good without that cheating scum.
ASonOfDan@18:56
‘SPL will not give a mandate to the SFA. Motherwell, Dundee Utd and Celtic have all stated reconstruction talks are now finished’
Agree 100%. No chance that will happen.
bankiebhoy1
15:11 on 17 April, 2013
TBJ
:)))
…best one I saw was in the bogs at Glasgow Uni library – next to the Bog Roll it said
“Arts Degree – Please take one”
…still makes me laugh…………………
My favourite is,bog in Glasgow “Help Strathclyde Police — beat yourself up.
Hail Hail.
Paul 67
Some sage advice and guidance needed.
HH
I see Rod Stewart was hoping to sing at Thatchers funeral today, but realised that “Wake up Maggie” might not have gone down too well. :))
Weefra HH
It amazes me why the SFA are quick to make a statement tonight but are slow to make a statement on Whyte’s involvment.
southside,
In their turn, they are all Jabba.
Keevins in getting it right shocker!
Keevins is correct when he says that the rule book will have to be thrown out (again), if the SFA get involved.
Even their statement acknowledges this.
The SFA are compromised beyond repair, due to, at best, their lack of governance and ,at worst, their complicity in the misdeeds of all the Rangers incarnations.
Phil’s embargoed story should add another lair to the mess.
@EdwardRice via twitter.
Ogilvie, the “heavily conflicted” Pres’ of the SFA, recipient of EBT, the man who knew about the side letters. Now why wouldn’t I trust him?
Walker & Keevins both doing their best to get Deadco in top flight!
channelislandcelt at 17:38
i have emailed Celtic FC re this.
tommysbhoy @18:55 “lets get a list now …
for marching to hampden an tell the sfa to gtf”
No doubt Glasgow council will have an even longer list of reasons for banning it.
forgot to say, thanks for letting us know about it.
chairbhoy
19:18 on
17 April, 2013
Great point…..
Has anyone in official EVER came out and stated that oldco, and only oldco have caused this problem ………… The SFA had better take that into account before they even think about any old shoite…….
Henr1k,
It would break my heart…..but, I am absolutely convinced of 2 things
1) sevco will not survive the legal processes currently progressing…..
2) The SFA would not fastrack sevco, since, even if they were to survive, the license WILL be recinded…….they obtained it under false pretences, by duping the SFA on some of the ‘conditions’ for granting the license…..
The Sevco Franchise Alliance.
Are they something to do with football ?
The SFA have offered to mediate,the SPL can tell the to p off
I remain unsure about any model of restructuring that has been put forward.
I am,however,absolutely sure of one thing.If the game in Scotland is restructured in a way that sees a club progress to a higher league through anything other than merit then the game in Scotland will die.
The fans of the game will withdraw their support in such numbers that professional football will be unable to survive.
If we don’t stop this corrupt farce now…… i swear
in a decade we will be suffering, at the feet of the
hun.
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors
19:34 on 17 April, 2013
They’re all still maintaining the line that it’s the same club.
Don’t trust anyone who starts with a lie.
There was someone who organized an e-mail that could be sent to their MPs.
A standard e-mail that you had to put your e-mail address to, then send to the SFA,SPL,and the SFL.
I’m sure there’s is a bright spark out there that can mastermind an e-mail , It can be passed on verbally to other supporter clubs from all the leagues.
67heaven … i am neil lennon..!!.. ibrox belongs to the creditors
19:34 on 17 April, 2013
If they rescind their licence I’ll be absolutely gob smacked mate.
LNS anyone ? Guilty of being cheats and still didn’t lose titles.
@MTH FORUM
Possibly the biggest fraud in Scottish Football is taking place yet the SFA think league reconstruction is the important concern?
oldtim67 @19:40 unfortunately such an e-mail can be filtered to the trash folder, or met with an automated reply.
Celtic fans have more financial clout than any others.
We do not have a representative, elected leadership.
If we cut the pseudo-socialist politics out, we might succeed in organising an effective boycott.
SFA won’t be able to do anything I suspect. Pretty obvious that the SPL chairmen see the hand of Sevco behind Gilmour- so I doubt they will welcome Ogilvie in to direct things now…
I also think events are about to overtake any rescue attempt for Sevco in any case… just a hunch..,
BOSTON NEWS
Police refuting CNN suggestions of an arrest
Definite suspect in mind though
Dharma bam \o/ @19.33
Good for you mate ,let me know if you receive