SFO, IPO, hell will freeze before SFA act

An appropriate course of action when you are the chairman or a non-executive director of a PLC when a fellow director and, until last week, chief executive, has been reported to the Serious Fraud Office for matters in connection with the company, would be to immediately contact the accuser asking for full and immediate disclosure of information which could materially affect investors and the company’s trading position.

The “compelling evidence that Messrs Green and Ahmad received a letter before claim in December 2012, having received previous correspondence, and chose to ignore it” sounds like a signed-for receipt.  If this was received before 22 December, the date of Rangers International FC PLC’s IPO, it is of critical importance that the board ask for sight of the evidence, irrespective of what Mr Green says about its existence.

This season’s Third Division has nine days to run and it would inconvenience many if these matters were brought to a head before then, but the duty of directors is clear; they cannot postpone attending to the interests of investors until after the football season.

Lawyers acting for RIFC PLC should politely request full disclosure from the other party, without delay.

Some in the SFA may be tempted to attempt another Grand Plan to prepare for and accommodate and almighty collapse at one club.  Grand Plans don’t work in these circumstances; the last one led to the current Lawyers at Dawn scenario.

We await the SFA acting in relation to RIFC PLC’s claim that Sevco 5088 Ltd, a company Craig Whyte is a registered director of, is part of their group.  This is in direct contradiction to an earlier representation made to the SFA, and breaks a condition of their membership of the Association.

Current SFA president, Campbell Ogilvie, is a former Rangers director.  My prediction is that hell will freeze over before he allows the SFA to act on this matter.  The SFA shall wilfully ignore its own rules.
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