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. vmhan



    13:27 on


    17 April, 2013





    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?





    Aunt Sally demands to know the names.

  2. Doc – You trying to get me in trouble with Big Swee :-) Glad all the teachers are back in class! I missed a comma it is Paul the Lurker or Boot Bhoy he may have finally logged in as!



    Amazing the number of them in here who still have their heads firmly in the sand! They really just don’t get it do they?

  3. The Red Telephone



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



    Wont be as bad as the prize ol Maggie gave me today on mine !!!!-))))

  4. South Of Tunis on

    Steve Buscemi.



    Famous in Sicily for being unable to correctly pronounce his surname .

  5. !!Bada Bing!! on

    Supersutton-I think earlier post re Cup Final tickets was for Premium ST Holders



  6. thomthethim



    Probably nothing, just Charles Green tidying up as he would see it by removing those who he doesn’t think should be directors.



    Directors not really important, key is who owns Sevco5088 and Worthington Plc today say they are going to buy it.




  7. Stairheedrammy on

    Gallowgate 13 court case held back a month, maybe after todays news the judiciary are still trying to recover their poise

  8. leftclicktic



    Thankfully there’s no melodramatics here over the Iron lady.-)))

  9. The Blogger Formerly Known As GM on

    I’m bemused why the Sevco share price has not fallen by more.



    There are two issues here: 1) was Craig Whyte involved in the second takeover and 2)have the assets been misappropriated and belong to him.The evidence would suggest the answer to 1) is yes and the answer to 2) is maybe, but a court of law will ultimately decide. The shares are worthless if a court decides the assets were misappropriated. If it decides they were not, then shareholders will still own Ibrox. However, Whytes involvement with the second takeover surely invalidates The Rangers license to play football. Shareholders will own a football stadium with no team licensed to play there and of little value for alternative use.

  10. when i read paul’s article i wondered who would be first to pour some cold water over it . step up tomtheleedstim with some questions then joe fillipis haircut sticks the boot in , fair enough guys but at least let us finish our first portion of jelly and icecream

  11. Here is a trans scripted copy of the letter sent to Stephen House by my local MSP regarding the Gallowgate fiasco. Dated 27th March 2013 which has just arrived in the post this AM.



    “I am writing to you on behalf of several constituents who have recently contacted me regarding their concerns about incidents which took place between Strathclyde Police and supporters of Celtic Football Club in the vicinity of Gallowgate in Glasgow on Saturday 16th March 2013.



    I appreciate that you were not the senior officer in Strathclyde Police at this time but given that the force ceases operation on 1st April I felt it best to address this letter to you.



    It is my understanding that on the date in question a group of football fans planned to stage a march between this area and Celtic Park.



    The constituents who have contacted me have expressed their concerns that the actions of Strathclyde Police on this occasion may have been disproportionate in nature. Can you set out for me whether you feel that this matter has been dealt with proportionately, and why the police were deployed in the fashion they were?



    Some constituents feel that football supporters in general are now being targeted by the Police. What is your perspective on this matter? Some suggested that supporters of Celtic specifically have been the focus of Police attention. Do you feel that there is any cause for this perception? Can you set out for me the numbers of instances where charges have been brought against football supporters and set out which clubs were playing in each instance to demonstrate that this isn’t the case?



    I would be obliged if you could give your attention to the concerns of my constituents regarding the matters of Saturday 16th March, and I look forward to receipt of your response in due course.



    Yours sincerely,



    Jamie Hepburn


    MSP for Cumbernauld & Kilsyth (SNP)



    I will await Mr House’s response with baited breath and will publish it then.




  12. traditionalist88 on

    Interesting to see the re-emergence of our Declan yesterday and in the true spirit of things I wish someone would just tell us all what on earth is gonig on :)



    Phil re-emphasising his article of April 12th and in particular the legal wrange over Ibrox and how police may be set to investigate the asset transfer from Rangers(dead) to Sevco(status unknown!)




  13. …scemi(pl) is Italian for – ‘stupid’, ‘silly’, ‘dumb’, ‘foolish’, ‘idiotic’…



    I like old Steve ‘tho!




  14. Joe Filippis Haircut @ 13:59



    As you rightly point out (dare I say with more than a hint of exasperation), Rangers died last year only to be reincarnated via a succession of ever more contrived company ‘vehicles’.



    Perhaps the main difference now is that the battle for the soul of Rangers and the guardianship of that noble institution [I know, I know …] has acquired a marvellously internecine quality which has totally flummoxed their fawning friends in the meeja … who now don’t know who to back.



    As someone wiser than I said recently, the only winners in this are the popcorn sellers …




  15. The silence from the SFA this past week has been scandalous. Time for UEFA to step in regarding Sevco. How is their share price doing today?

  16. ………the final ignominy……….



    “Father Jack” as……….ra Bommur….?

  17. I can confirm the following, Doc, Miss Doc, Cowiebhoy, MWD, Mini MWD, CelticRollerCoaster, Mrs CRC, CaityRollerCoaster, DeccyRollerCoaster, HamiltonTim, Minx1888, The Boy Jinky, Jobo Baldie plus mini, Roy Croppie, Ten men won the League, Palacio67, Mini Palacio67, KevJungle, EmbraMike, Neganon, OldTim67, FourGreenFields,FourGreenFields Jnr(16), FourGreenFields Jnr(10), Mouldy67, BJMac, VMhan, Che, VoguePunter, Gordon 64 and Willy O ,the bold Fenian Mhan (lurker), MightyTim, Iki, Praecepta, FanadPatriot, Johann Murdoch,


    Kilbowie Kelt, Sipsini, LostinBonnybridge, Frantic07, Mrs Frantic07,The Good Ship Celtica, Jungle Jim, Bamboo, Neganon2, Swatson neil lennons 6ft skinny twin, Gourockemeraldbhoy, Thebhoyfromoz and thebhoyfromoz jnr, Houl yer Wheest, BognorBhouyle, Tommysbhoy,


    The Red Telephone, Youssarian67, Stairheedrammy, Sipsini, Lennybhoy, Vale Bhoy,


    Troon Tim, Troon Tim Jnr, Leftclick, Mrs Mighty Tim, SeanyBhoy, SarahGhirl,


    The Belfast Belle, Tombhoy, Catman, EasterRdDave, LifeofBrian CSC,


    Setting Free the Bears, Fred C. Dobbs Jnr, St John Doyle, Mrs St John Doyle, CeltFish, Lionroars67, BigGeorgeFanClub, Wee BGFC, PrincessBGFC, Mrs BGFC, Senor Pablo Diabo, Fordon, The Melvin Gael, Celtic1member1vote, Big Swee,


    Paul The Lurker/Boot Bhoy, MattE, Mrs Matte, Miss Matte, Dim Sam, DougC, DougC Jnr, Timabhouy, thebhoyfromu.n.c.l.e, Mic1888, prince albert_kidd of hamilton,


    Señor Pablo Diablo, Mearns 2 Milton, The Sooside Bhoys,

  18. VMhan, the list is for an article Moonbeams and I are doing for the CQN Magazine.


    If this keeps up it won’t be much of an article, just a list;-)


    Winning Captains asked me to put the list together for the Mag.

  19. Has she gone yet?



    Rumours abound the real reason Big Ben was silenced is so the mourners can hear the cheers from Scotland.

  20. ASonOfDan


    14:21 on


    17 April, 2013


    The silence from the SFA this past week has been scandalous. Time for UEFA to step in regarding Sevco. How is their share price doing today?





    Very slow, but I suppose it’s still claret o’clock in some corners of the City. The trades ought to pick up before close.

  21. Doc


    Note that 2 of the FAC attendees are in fact Sky Sports heart throbs, (poetic licence applied) if there are to be individual photographs used please don’t consider either if them for fear of frightening the weans.

  22. blantyretim


    The Black Madonna of Czestochowa. Queen of Poland. Czestochowa, Poland



    My wife and I went there as her Polish father had a special devotion to the Black Madonna. The hourly revelation of the icon was dramatic. But I don’t think I’ve ever met people as wilfully hostile and unhelpful as the staff behind the counter at the railway ticket office there.

  23. “Show us the deeds for the stadium i used to play fer”



    Sage words.




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