Sevco 5088 claim ownership to Rangers Int assets


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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  1. Sevco – first trophy: the IrnBru 3rd Division winners, second trophy: oscar for best comedy (starring and directed by Craigy Whyte).

  2. CQN’ers,



    I’ve not been on CQN much lately but noticed an ever changing list of CQN’ers who attended the FAC demo.



    My question is why?




  3. jimtim


    They have certainly fared far better than any other team/club would have under the circumstances. I am with you on that. Nevertheless, they are definitely NOT the influence they were and that which remains is more likely to decrease than to grow… especially as people like Paul,TSFM, PhilMac and others will continue to pursue them. We can help those good folk by encouraging their efforts rather than just accepting that because it always has been thus, so it always will be.


    As has been said in many a fight: Don`t let the barstewards grind you down. Fight the good fight ,jimtim, the Truth will out.




  4. Craig Whyte and Aidan Earley have been removed as directors of Sevco 5088 in papers lodged with Companies House yesterday. The address of the company was also changed from Craig Whyte’s business address back to Charles Green’s business address.




  5. Dontbrattbakkinanger on

    Vmhan- the list is the new podium.



    it’s the 15 pixels of fame that everyone wants.

  6. Vmhan


    Doc asked for all those who attended to add their names to the list hence its constant reapppearance in updated form.




  7. Jungle Jim




    13:27 on 17 April, 2013




    point taken mate . but god I want them gone .




  8. the long wait is over on

    ernie lynch




    13:22 on 17 April, 2013




    the long wait is over



    13:09 on 17 April, 2013



    More likely an insurance policy for Whyte, to be used only in extremis.





    I agree but if your appointment states as a matter of public record that you were appointed in May 2012 then you have as a matter of fact and law been a director since then, unless the form is wrong.



    So its pertinent to ask in that 11 months or so



    1 were you an executive or non exec director?



    2. did you or any of your fellow board members acknowledge to any third party that you were a director



    3. did you or any of your fellow board members deny to any third party that you were a director



    4. Did you act at any time for or on behalf of the company and , if so , what did those actings involve?



    5. Have you acted at any time in that period in any way contrary to the Company’s best interests?



    6. Were you remunerated for your directorship?



    7. Why was the registration so delayed?

  9. Prince Albert_Kidd of Hamilton on

    Doc is Neil Lennon



    was at the demo with Monteblanco



    didn’t hang out with the ‘oldies’ though :)




  10. My boss is Peter Principle on

    Some posters were mentioning yesterday how they were missing the deadco games well the Glasgow Cup v Deadco is at Firhill on 29th April. Tickets £5 Adults & 2 Juvs..



    Go along and re-live the Old(co) days



    THE Glasgow Football Association is delighted today to announce that the City of Glasgow Cup Final will take place on Monday, April 29, 2013 at Firhill Stadium, with a 7pm kick-off.



    Celtic will meet Rangers in the final of a tournament which stretches back to 1887 and is actually the second oldest trophy to be played for in world football.



    The event has received fresh momentum in recent years having been re-introduced as an U17 tournament. Celtic, Rangers, Clyde, Partick Thistle, and Queen´s Park all form the Glasgow Football Association and have all competed for this year´s trophy through a round-robin format.



    The Glasgow Cup is once again sponsored by City Refrigeration Holdings Ltd and all clubs who have taken part in this year’s event would once again like to thank City and Willie Haughey for their continued magnificent support.



    Celtic U17 Coach Tommy Mcintyre said: “Everyone is looking forward to the match against Rangers at Firhill and we´re sure it will be a good final.



    “We´ve just returned from the Spartak Cup in Moscow after narrowly missing out on the trophy to Barcelona so we have been in good form, but we know that the cup final will be a very different game and we will need to be ready for a difficult match.



    “We hope that as many fans as possible turn out to see these young players from both clubs. In recent years a number of our young Academy players have played in the Glasgow Cup and gone on to represent the Celtic first-team and clearly this is the aim of all the players within our youth teams.



    “As coaches this is something we strive for too and clearly we will continue to work hard to ensure we keep developing the Celtic players of the future.”



    Tickets for the City of Glasgow Cup Final are now on sale from the Ticket Office at Celtic Park, and are priced £5 adults and £2 concessions.



    Tickets will be available to season ticket holders on a first come, first served basis from the Ticket Office only.



    For any enquiries, please call 0871 226 1888, option 1, option 2*

  11. Dontbrattbakkinanger



    13:34 on 17 April, 2013



    John Buscemi to play Our Hero.






    Not sure about John, but Steve Buscemi would be perfect mhate. ;o)





    /Bishop B

  12. fillums is it????



    ………………..the boul’ Marty Feldman must shurely play Our Hero?

  13. WRT to the FAC demo, I am ashamed to say I was not there and have no plausable excuse for not being there. My folical challenged head does not allow the excuse of washing my hair.



    The fact that I live in Suffolk is not a good enough reason as I should have made the effort to go to such an important event on that day.



    Was there in spirit although still disgusted at not being there in person.

  14. Dontbrattbakkinanger on

    Len -John is Steve’s more talented brother.



    In the film the part of CQNlegend Mr JohnnyClash has been snapped up by Gerald Butler.



    Maks sense tae me.

  15. !!Bada Bing!! on

    In The Foggy Dew Temple Bar Dublin,got a few hours to kill,any recommended pubs nearby?

  16. The SFA have no appetite to withdraw Sevco’s football license.



    BDO have shown no appetite to delve into the dodgy sale of the assets.



    Don’t hold your breath Bhoys.




  17. Dontbrattbakkinanger on

    Ole Glasgow Cup Final looks like ideal opportunity for Mo Bangura to cement his reputation as a bounce game hunskelper.

  18. Paul67



    Naughty bhoy!



    I downloaded a doc from Companies House (for a Client) this morning and couldn’t find it – for a moment there I thought I had posted it on the blog. Ha! Ha!



    I hope Danny Boyle gets to direct the movie: “Slumbear Billionaire.”



    More thrills and spills to come? :-)

  19. There was a link to a Herald article on Paul`s previous article page. I responded to the article by saying that it showed Neil Lennon in a more positive light than normal. I immediately followed with this comment:


    “I meant to start with my hope that Paul Slane is able to cope with his problems and realise his true potential.”


    The Herald posted that one but omitted to use my positive comment on Lennon. I wonder why?




  20. The Red Telephone on

    Just noticed from 5088 papers that I share the same birthday as Charlie Chuckles. Do I get a prize?



    Off topic, emailed Taxpayers Alliance on Monday for their position on the State paying upwards or £10m for a certain funeral. Strange, no reply.

  21. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on






    In a word…..YES…..!!!!!!!! ………and this is now LEGAL…..nothing the aprons can do about it …. no license, no club…..creditors will now get their due…….I wondered why Ticketus and BDO were so ‘quiet’ ………..when you dance with Wolves, you had better keep an eye on them, something the LL etc failed to do, thankfully…..!!!!!!!!

  22. Joe Filippis Haircut on

    All you bhoys celebrating the latest financial news of the Ibroxes mob are certainly cleverer than me I have been reading on CQN for at least two years now that they are dead.However,they are still very much alive as far as I can see and have just won there league and are planning for next season so could somone tell me in laymans terms what they think is different this time ? H.H.

  23. People have been remarking on the fact that there will be two Welsh teams in the top flight of English football next season.



    An Evertonian wit in our office has just said there will, in fact, be three Welsh teams in the EPL next season: Swansea City, Cardiff City …





    and Gareth Bale.

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