The following post comes about as a result of the research and work put in by Auldheid.
He has drafted the submission to FIFA detailed below after closely looking at their rules, and taking on board the points contained in the Glasnost “Golden Rule” blog. TSFM has attached the blog’s name to the report since the overwhelming – but not unanimous – view of our readership is that the SFA and the SPL have again gotten themselves into an almighty and embarrassingly amateur fankle over this issue.
We believe that tens of thousands of football fans will be lost to the game if the outcome of the LNS enquiry is not perceived to be commensurate with the scope and extent of the rule breaking that LNS found had taken place. In view of this, we believe that we have to do what we can to explore all possibilities for justice for those who love the game so much and yet are utterly disillusioned by recent events.
LNS is not being questioned here. He has found that RFC were guilty as charged by the SPL.
What is being questioned is the SFA’s crucial – and seemingly conflicted – role in the LNS enquiry, as is the effectiveness of LNS’s recommended sanction as either a deterrent or an upholder of sporting integrity.
It came to our notice last week that FIFA have created a web site at
https://www.bkms-system.net/bkwebanon/report/clientInfo?cin=6fifa61&language=eng
that tells us that FIFA have implemented a regulatory framework which is intended to ensure that all statutory rules, rules of conduct and internal guidelines of FIFA are respected and complied with.
In support of that regulatory framework FIFA have set up the above site as a reporting mechanism by means of which inappropriate behaviour and infringements of the pertinent regulations may be reported.
FIFA say that their jurisdiction encompasses misconduct that (1) relates to match manipulation; (2) occurs in or affects more than one confederation, so that it cannot adequately be addressed by a single confederation; or (3) would ordinarily be addressed by a confederation or association, but, under the particular facts at issue, has not been or is unlikely to be dealt with appropriately at that level.
Discussions arising from the previous blog on TSFM, “Gilt Edged Justice”, which was published after Lord Nimmo Smith (LNS) ruled on the registration of Rangers players who had contractual side letters that were not disclosed to the SFA as part of their registration, suggest that there may be possible unfortunate consequences for football arising from the evidence presented by the SFA to the LNS enquiry that informed its findings on registration and consequent eligibility. There is also a question of the propriety of the SFA providing evidence on an issue which could have had a negative impact on them had it been found that they had failed to carrying out their registration duties with due rigour over a period of ten years when the existence of EBTs was known to officials within the SFA.
On the basis that the LNS findings require that registration rules be clarified by FIFA and rewritten globally if necessary to remove any ambiguity and under clause 3 above, this appears to be an issue that the FIFA should examine and that the SFA cannot address.
The following report has therefore been submitted by TSFM on behalf of its readers to FIFA drawing on the content and debate following the “Gilt Edged Justice” blog in respect of the possible footballing consequences of the LNS enquiry.
The hope is that by speaking for so many supporters, FIFA will give the TSFM submission some weight, but individuals are free of course to make their own points in their own way. We await acknowledgement of the submission.
The report Submitted to FIFA is as follows;
This report was prepared on behalf of the 10,000-strong readership of The Scottish Football Monitor at http://scottishfootballmonitor.wordpress.com/
It is our belief that FIFA general rules of conduct were breached by the SFA and their employees in both creating and then advising The Lord Nimmo Smith (LNS) enquiry into the non disclosure of full payment information to the Scottish Football Association (SFA) by Rangers F.C during a period of player registration over 10 years from 2000.We believe that although the issue has been addressed by the SFA the particular facts at issue suggest that it has not been dealt with appropriately and we therefore ask FIFA to investigate. The facts at issue are that the process and advice given failed to uphold sporting integrity, and that a conflict of interest was at play.
We believe the advice provided and the enquiry set up, where SFA both advised and is the appellant body, breaches not only the integrity the registration rules were intended to uphold, but also totally undermines the integrity of the SFA in breach of General Conduct rules 1, 2 and 4. (See below.)
1. Firstly we believe that the advice supplied to LNS that an incorrectly registered player was eligible to play as long as the registration was accepted by the SFA however unwittingly, undermines the intent of the SPL/SFA rules on player registration and so undermines the integrity of football in three ways.
• It incentivises clubs to apply for a player to be registered even if they know that the conditions of registration are not satisfied, in the hope that the application will somehow ‘slip through the net’ and be granted anyway (in which case it will be valid until revoked).
• A club which discovers that it has made an error in its application is incentivized to say nothing and to ‘let sleeping dogs lie’ – because it would be in a better position by not confessing its mistake.
• And most importantly, it incentivises fraud. By deliberately concealing relevant information, a club can ensure that a player who does not satisfy the registration conditions is treated as being eligible – and therefore allowed to play – for as long as a period as possible (potentially his entire spell with the club). Then, if the club is no longer around when the deception is finally discovered, imposing meaningful sanctions may be impossible.
2. Secondly we believe the process followed was inappropriate due to a Conflict of Interest. Had the LNS enquiry not ruled on the basis of advice supplied by The SFA, they and those persons advising the LNS enquiry, could have been subjected to censure and the SFA to potential compensation claims had LNS found that the players were indeed ineligible to play and results then been annulled as was SFA practice when an ineligible player played.
3. Finally we contend that a law should not be applied according to its literal meaning if to do so would lead to an absurdity or a manifest injustice or in this case loss of football integrity.
See http://glasnostandapairofstrikers.wordpress.com/2013/03/07/gilt-edged-justice/4. We therefore ask FIFA to investigate both the process used and advice given to Lord Nimmo Smith to satisfy themselves that FIFA’s intentions with regard to upholding the integrity of football under FIFA rules have not been seriously damaged by the LNS findings and also to reassure Scottish football supporters that the integrity of our game has not been sacrificed by the very authority in whose care it has been placed to promote the short term cause of commercialism to the games long term detriment.
General Rules of Conduct (These are taken from the FIFA web site itself and can be found as part of completing the submission process)
1. Persons bound by this Code are expected to be aware of the importance of their duties and concomitant obligations and responsibilities.
2. Persons bound by this Code are obliged to respect all applicable laws and regulations as well as FIFA’s regulatory framework to the extent applicable to them.
3. N/A
4. Persons bound by this Code may not abuse their position in any way, especially to take advantage of their position for private aims or gains.
The Big Tangled Web must stay woven!
Even though the spider says he was duped!
Auldheid (@Auldheid) says:
Friday, April 5, 2013 at 19:31
5 0 Rate This
Sugar Daddy says:
Friday, April 5, 2013 at 19:09
Surely BDO HAVE to get involved as there is a suggestion of collusion in the purchasing of the assets that creditors might have had a claim on?
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That may well be true but forgive me, what have BDO actually done about investigating the sale process in the months since they were appointed? There was plenty circumstantial stuff they could have taken a look at. Maybe they are, but I doubt it. An orderly liquidation is all they appear to be facilitating. The police havent exactly been kicking doors down either in their quest for evidence.
I’m taken aback by Green’s assertion that he has £137k of Whyte’s money and is unable to give it back. Eh? A BACS transfer can be returned to the account that sent it. A cheque doesn’t need to be cashed. A bag full of fivers can be refused. Funds can be transferred out to a lawyers’ client account.
Assume Green believes that is what Whyte will bring up next. So he is getting in first.
Now that is fishy. Not sure anyone has got a rod though.
Only brooms.
Not my question, I read it elsewhere but a very pertinent one I think.
If Craig Whyte wrote to Charles Green / Rangers in December 2012 indicating that he felt they did not own the assets, or that he was owed money, or that he was suing them, then surely that should have been made clear to any prospective investor.
They would appear to have raised £22m with this hanging over the club / limited company / PLC and this is only coming out now. That can’t be right surely.
Sugar Daddy says:
Friday, April 5, 2013 at 19:09
I’m no lawyer but earlier posts suggested the conversation had to take place in Scotland for evidence to admissible in court.
============================
A conversation, or indeed anything else, does not have to happen in Scotland for that to be admissible in Scotland. There are other reasons why things may not be admissible in a Scottish Court but I can’t think why that would be one of them.
Mr Green is calling Mr Whyte out. He clearly believes he has bigger balls than Mr Whyte.
Mr Green is a gigantic chancer. He’s gambling that Mr Whyte will not spill any more beans, and my suspicion is that he’s hoping Mr Whyte values his own skin more than revenge.
Mr Whyte is probably in possession of damning evidence that will shoot Mr Green down in flames. However, it must be of such a kind that if he lays it on the table, then he’ll go down too.
It could be that Mr Whyte has done enough, although I think this evening’s statement will probably be convincing enough to the great dimness of beardom.
Mr Green has now admitted that he dealt with him at some length, although he’s hurriedly trying to distance himself.
Will the bears buy this? Mr Green is now a self-confessed liar. Is it only Mr Whyte he’s lied to?
Glen? Shield? Where are you, fellows?
Sugar Daddy says:
Friday, April 5, 2013 at 20:26
BDO are to all intents and purposes working for HMRC, the investigation could literally take years to finalise. They will be looking at Murray’s part, at Whyte’s part, the other director’s parts and now one would assume Green’s part. They will look at what happened, who was responsible for it and who benefited from it. They will look at the possibility of claims against individuals and criminal charges against them. It will not be a quick process.
If you remember the HMRC statement about this. “A liquidation provides the best opportunity to protect taxpayers, by allowing the potential investigation and pursuit of possible claims against those responsible for the company’s financial affairs in recent years.”
If you remember who Malcolm Cohen is. “Malcolm leads the firms’ Contentious Insolvency Team, this team is dedicated to recovering assets through litigation, cross border investigations and uncovering fraud.”
This is not necessarily going to be quick. It will however be thorough. Of that there is no doubt.
I was intrigued as to CG comments re the club .or not
CG admits he said to whyte you are sevco that is what we are saying
that is correct but at that point I had signed a resignation letter and stock transfer form because it was decided that a Scottish company should buy a Scottish institution ,Sevco 5088 was not required .
looks like he is at pains not to refer to them as ragers 1872 but rather a Scottish institution
or am I wrong
The RM viewpoint:
——
Ive been pretty relaxed all day about the Whyte goings on.
I was even more relaxed when I seen the club had released a comprehensive statement. That was until I started looking into it……….
Whyte claims he has an involvement over Sevco 5088. The statement tends to suggest this has no relevance.
“This is correct but at that point I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.”
SevCo 5088 wasn’t required? Why the feck were all the assets transferred there then?????
“A spokesman for Rangers confirmed that there had been a transfer of assets between one newco and a second separate newco. He told STV: “For the avoidance of doubt, Sevco 5088 Limited bought the assets of the Rangers Football Club and then transferred them to Sevco Scotland Limited so that all the assets would be in the Scottish registered company that is Rangers FC.””
http://local.stv.tv/glasgow/108240-rangers-crisis-ibrox-and-murray-park-hived-off-to-separate-newco/
Green states that Whyte did send in funds to the value of £137k to a corporate account not linked to the ‘current business’. This was less than requested, but Green still ASKED him for money! Was this ‘un-linked business’ SevCo 5088, the company that ‘wasn’t required’ yet our club still filtered through it! If Whyte has put money into a company that our club has passed through, then he might, just might have a case here.
Its a long shot, but im a hell of allot more uncomfortable now than I have been all day!
——
Interesting ot note that this post is followed by six pages of much sniffing, and numerous “taig” accusations until an Admin butts in and tells them to stop it..
Learn? Never!
Using Occam’s razor, a certain Sir has been forgotten about for the first time in a long while, in the middle of a banking autopsy, right when you would have thought his name would be mud.
As mentioned by others;
Having scanned Chalie’s statement and ignored all the subjective elements/character assassination of one spiv by another [!], this jumped out for me;
======================================
“…He said he wanted to invest and Imran said: ‘Okay, fine…
“… just more than £137,000 was deposited later and although way short of what he said he had, we were stunned and have tried to give it back to him. But no matter how hard we try to do that he won’t accept receipt of it.
…
“He has not invested a penny in Rangers FC…”
======================================
Who wrote this nonsense ?
I think Craigie may be an ‘investor’ whether Charlie likes it or not…. 🙂
Green’s statements should all now be (if they weren’t already) read/heard on the understanding that he tells people what they want to hear for his own benefit, whether those things are true or not. How do those in Scottish football who have met with him feel about that? I’m thinking particularly about assurances of long term financial stability. Well, that and pretty much everything else he’s said.
Auldheid (@Auldheid) says:
Friday, April 5, 2013 at 19:32
Don’t you wish our friends in the SMSM could write article like this, an eye opener unless of course you a blinkered Sevco fan
Next year’s ST sales start point is just weeks away.
We shall see how many will upkeep the charades, spivs and media leeches with their hard earned cash
Auldheid (@Auldheid) says:
Friday, April 5, 2013 at 19:32
Some interesting points raised here by James Forrest
http://www.onfieldsofgreen.com/?p=636
Not just interesting, absolutely spot on. In the mould of RTC if I may say. All encompassing in depth and TRUE.
There’s going to be more of this from reasoned gers fans – from Rangers Rumours
05 Apr 2013 18:54:55
I have been on here many times backing Green. If the reports are true that Whyte is still the owner of the assets, and Green appears to be a “front man”, I will never set foot in Ibrox again until all of them are away. Green/Whyte will not get one penny of my money. This is an absolute disgrace, I am dumbfounded.
I will hold my hands up and say that I ridiculed Brown for his antics but the questions now needs to be answered once and for all.
Who owns Rangers assets?
Is Whyte involved in any capacity?
Now is the time to prove this once and for all, show the deeds. No more stories, no more dodging the question, no more lies.
I also have slated the RST and RSA for their involvement, I call on them now, as they seem to have the ear of Green, to insist on a total boycott of season ticket sales until the whole sad, sorry situation is proven once and for all.
I feel sick, and if this is true, I will not be back. I am fed up of charlatans, spivs, liars and con men. If that means they go to the wall again, so be it. I would rather that happened than offer my support or money to these people.
Disgusted.
broadswordcallingdannybhoy says:
Friday, April 5, 2013 at 20:23
Can I just say that you have great taste as you stole my husband’s preferred ID and he has complained every day about this!! (smiley thing)
Can I ask what the board of RIFC(plc) think of all this.Surely,as the people charged with protecting the shareholders,large & small,they must now move to remove Green.
Are the non executive directors not charged with policing the board?.
Sir Cardigan could be held responsible if this face is allowed to continue,could he not?.
This may be Greens plan,of course.Get sacked,therefore released from his 12 month tie in.Sell up for what he can get then bugger off leaving a trail of destruction behind him.
Surely if the board don’t act then the Stock Exchange must.If only to protect the investors.
Oh my aching sides. At the risk of stating the blindingly obvious, does nobody read this blog?
To be fair me and Goosy have always said that Whyteman always owned the assets.
bangordub says:
Friday, April 5, 2013 at 22:05
Oh my aching sides. At the risk of stating the blindingly obvious, does nobody read this blog?
Yes Craigy is an avid reader. He just contributes on Ahem A higher plane. If you can call the SUN that.
The story that just keeps on giving, Mr Green has adopted the only position he can publicly not scared, but behind closed doors he knows his old switcheroo is now in serious danger of being un-done. All the wise on this site well done for chasing this story too its conclusion, in the face of the MSM obsessed delusion talk.
Told you it would get worse a wee exchange on RR – the guy at the end has sense of humour:
“04 Apr 2013 21:43:41
Rangers hit with player legal bill
4 April 2013 Updated 20:19
Rangers are facing a legal bill after a panel judged they should pay the expenses of five former players they were in contract disputes with.
Sone Aluko, Kyle Lafferty, Steven Naismith, Jamie Ness and Allan McGregor all quit the club when it was placed into liquidation last year.
The players refused to transfer their contracts from the old company to the new one, which the club challenged.
The panel says Rangers should pay all legal bills relating to the dispute.
The panel was established and facilitated under the Scottish Football Association’s Articles of Association after agreement was reached by the club and the players over who should represent each side of the dispute, with a chair appointed to review both side’s claims.
However, the SFA is not directly involved in the arbitration process and has no influence over any decisions taken by the panel.
Then there’s the Nimmo smith £500k and also Sandaza.
(32)
(11)
Op this is a counter claim put forward in the hope cg will stop chasing their new clubs for compensation and guess what cg won’t stop his persuit of justice
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Typical green,,, a flurry of legal cases that kick the ball into touch for 5 mins.
then in time these cases are ajudged and sudddenly a flurry of £100k bills land on gers and from £22million in back, to £17million,,,. to 0 in just few months
same old pattern from many floatations with green.
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Ed been reading the sun this morning and now it seem’s craig whyte is claiming he still own’s rangers what is this guy playing at just when we think we are getting back on the straight and narrow then more details come out when is this mess ever going to end. {The Ed039’s Note – You guys really do make me laugh, if we all believed everything that was printed in the s*n, and if we all believed everything Craig Shyte said then the world be a very different place from what it is today. The only good thing about The S*n is page 3)
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What is going on at Ibrox. I’ve heard that the Orlit bill is still not settled and that solicitors have been instructed to recover the debt. The punting of Sandaza is a cost saving measure and this also might end up in court. Add in the bills being sought by the SPL and SFA to the Orlit debt and it’s over £1m.
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I came on here a while back and was slated by one individual because I had the audacity to describe Charles Green as “Our so called Saviour” At the time there was no malice in my description of the man, just that my team had been burned before, and now this guy, who remember, was just through the door, had come in promising the World! Alarm bells should have been ringing straight away, but unfortunately there were those, and plenty of them, who greeted him as some sort of messiah storming in to pull our club from the burning ashes and destroy all who tried to bring our once mighty club to its knees! Remind you of anyone? Yes, even though we had been duped before by one almighty chancer, here we were again, open and willing to embrace another so called “Colorful Character”. I remember clearly, all of those Rangers fans praising CW, preaching his word, and believing in his “Master Plan”. I remember nearly getting into a fight at work with a colleague because I said that CW was an person hell bent on killing our club. For God sake, if people can get sucked in by the blithering person who is Craig Whyte, then just think what anyone else could do! Guys, our club is still in one almighty mess! We are hemorrhaging money, there is infighting, players have no discipline or regard for authority, the football is terrible, the management team don’t seem to know what they are doing, and Charles Green is coming out with the most bizarre statements on a regular basis. When is this going to end, when is it going to be about the football? Can anyone out there really give assurances that we will get through this, and how?
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05 Apr 2013 12:54:01
rangers are just a soap-opera nowadays, would say that I don’t trust (or rate) anyone that is in a postion of power at the club.
There’s very little good news, quite a bit of bad news, and so much spin/crap/speculation it’s unreal.
I walked out on my supporters club agm at the start of the season as the punters were just ready to accept mr greens promises with blind faith.
I have geniune worries about were it’s all going if I’m being honest.
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Real issue is whyte raises this before share floatation and Green&Co don’t mention it in list to risks to business?
shocking. green now says in sun. oh we got a letter and did not think it applied. hello! please give me £50million
same happened in , where eduardo lost 30% of company over night, and now owns £2billion in stock.
D&P sold to Rangers and green then transfered major assets (ibrox/murraypark) to RangersScotland. but was that legal!
Suddenly the ibrox deeds comes to front.
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Whoever took over Rangers had the rather unenviable task of introducing the fans to something they had never encountered at the club, it is called economic reality.
CG is understandably shy about announcing sub standard players for high ticket prices, but this is in effect the only way Rangers can get back in the SPL. The fixed operating costs dictate the policy and the fans must support the club DESPITE the poor quality football.
So it is another two years of sub-standard football at a high price, and the fans must accept they will never see a quality team built around high wages again.
It will take Rangers countless years to recover the advantage they handed to Celtic, and that alone will frustrate the fans.
But what can you do, there is no plan ” B “, if it wasn’t CG it would be some other businessman doing the exact same thing.
Rangers will fail again under CG if the fans stay away, and in this event CG is entitled to protect his investors and the assets.
Think of it this way, the Celtic fans also got screwed to save their club, and now its your turn.
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I came on this site a year ago warning about Green`s integrity and was slated as not being ” one of us ” My reasoning was simple. Green is a VENTURE CAPITALIST. Whyte is a VENTURE CAPITALIST What they also had in common was neither was a fan of Rangers. Stevie Wonder could see what they were up to IE What venture capitalist do best – ASSET STRIPPING! It is now all coming out in the wash! Will both of them be fighting in court for the benefit of Rangers? No they bloody well won`t. They will be fighting for their OWN SELF INTEREST. Major trouble ahead!
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Does it really matter what CG promised CW to get his hands on Rangers?
Let the two of them fight it out.
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All we need now is the return of Brian Kennedy and The Blue Knights.
regards
Bill Miller
chipm0nk.
“This is not necessarily going to be quick. It will however be thorough. Of that there is no doubt.”
________________________________________________
I don’t understand this. If BDO’s investigation is dragged out over a couple of years will not the tangible assets have disappeared over the horizon. Surely if BDO detect even a hint of fraud (in their initial probe) are they not obliged to secure all the assets of the club until the investigation is completed?
bogsdollox says:
Friday, April 5, 2013 at 22:16
To be fair me and Goosy have always said that Whyteman always owned the assets.
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Not true really. SDM via BVI is pulling the strings.
Senior says:
Friday, April 5, 2013 at 22:38
chipm0nk.
“This is not necessarily going to be quick. It will however be thorough. Of that there is no doubt.”
________________________________________________
I don’t understand this. If BDO’s investigation is dragged out over a couple of years will not the tangible assets have disappeared over the horizon. Surely if BDO detect even a hint of fraud (in their initial probe) are they not obliged to secure all the assets of the club until the investigation is completed?
=====================================================================
HMRC want Whyte behind bars. They don’t want Rangers really. They have picked one of the best to get him..
I’ve read CGs statement on the official site twice now. There’s something not quite right about it. If any other club in Britain put their name to such a pile of shit I’d be amazed. Dignity indeed. Please for the sake of my sanity, remind me. Who is the dillusional one here?
The tortured syntax and phraseology of Sir James Traynor remains one of the great wonders of the English speaking world. Not.
Lets be honest here, this site ranges from the legalistic ruthless unremitting logic of BRTH and others, to the heartfelt agonised honesty and downright hurt of many others. For myself, from a business background, I don’t know whether to laugh or cry.
A few words of advice I received 40 years ago. Document Everything. A certain Mr Whyte appears to have been to my school
Good Evening.
Having now read all the official statements and various quotes and interviews surrounding the Sun’s exclusive this morning—- It appears to me that there are huge mysteries left to explore here with the oddest of things afoot.
Forget who the parties involved are for the moment and forget that the whole argument is connected to Rangers Football Club.
What is important to remember here is that there was at least two formal commercial transactions here whereby one Limited Company bought supposedly distressed assets from a licensed court appointed insolvency practitioner and then quickly transferred those assets to a wholly different but legally connected company.
In each case the value of those assets has been stated to be Millions of pounds– and on at least one occasion millions of pounds changed hands.
Now, this does not happen in a nanosecond or in the blink of an eye— it takes a great deal of preparation and can involve quite a large number of people– accountants lawyers and so on.
So– lets start with Sevco 5088 Ltd.
Most companies are formed by registration agents/lawyers/ accountants– so just who was the formation agent for this company and who instructed them? Who was at the very route of Sevco 5088 Ltd from the very beginning?
In other words did Whyte form the company or was it formed for him?
OR
Did Whyte approach Zeus who brought in Green and somewhere along the way someone formed a company in furtherance of the Whyte/Green discussions?
If either of the above happened then Craig Whyte has a legitimate claim to be at the route of Sevco 5088 Ltd.
However, when a company is formed, the relationship between shareholders and between Directors and Shareholders is governed by the memorandum and articles of the company.
However, in most cases there very quickly follows a shareholders agreement– a specific agreement which often limits what shareholders can and cannot do without the agreement of everyone else. Further, the same agreement often dictates what directors can and cannot do without the agreement of all the shareholders or a majority of the shareholders.
So let’s pause there. Was there a shareholders agreement for Sevco 5088 Ltd?
No matter what anyone says, Sevco 5088 Ltd bought assets and paid over £5m for them.
Could it really be the case that Craig Whyte allowed all of that to proceed without his vast army of lawyers not having either side letters saying that he was the beneficial owner of a majority shareholding in this business, or a shareholders agreement which curtailed the activities of Green and so preventing him from doing precisely what he has now been accused of?
That would seem very odd.
Unless of course he was persuaded that he did not need such formal protection for some reason.
But if that were the case then surely the lawyers would be writing to him pointing out the risks?
Ok moving on– Charles Green says that Whyte’s claims are all rubbish but does admit he told Whyte he would front for him and indeed told him anything to keep him onside.
Now that is different to the original Green story peddled months ago.
But strangers still is Green’s explanation that Whyte became irrelevant after the CVA failed and specifically his argument that Sevco 5088 was no longer needed.
If that was so then why use it? And why form a similar sounding company to pass the assets on to?
Further, on what basis did Whyte pay money to Green? That is something else that just doesn’t happen out of the blue or without there being some recording of what the money was intended for.
Also, on whose behalf were ZEUS raising money– again there should be a paper trail to say who their client was and who was all involved.
Green has confirmed that there was a Whyte Green axis- contrary to what was said before– and the question now to be asked and answered is ” Did Charles Green unilaterally bring that to an end and if so when– and further was he entitled to do that on his own without fear of repercussion?”.
It seems to me that Green has openly admitted that he mislead Whyte into believing certain matters would involve him in an ongoing basis and Whyte then acted on Green’s assurances and representations– he did this by physically passing over money and possibly by not insisting on a side letter or shareholders agreement between green and his nominee..
Irrespective of what there is by way of written contract, all that seems to me to create a legal connection between the two which would be enforceable by law– or –in the event that one party was being totally disingenuous from the outset and allowed the other party to act to their detriment in the belief that what they were being told was genuine– then that is redress-able in civil law and punishable under the criminal code.
Under certain circumstances, an action of reduction could be successful whereby the transfer of assets from one company to another could be reversed– however that might be made more difficult if in the interim those same assets have either been passed on to another party or secured in any way in return for funds etc with the allegedly aggrieved party sitting back and doing nothing to prevent any such series of transactions.
In short what bothers me most is that the stance of both men as openly stated makes no practical legal sense whatsoever!
And when you are faced with the inexplicable it often means that there is something else out there that someone is not telling you…. or….. that someone has made a right bollocks of it!
one good thing that MIGHT come out of all this spivvery…….there must surely be major reform at the SFA.
If they fail to act and Sevco go the way of RFC – then the SFA have failed big time in allowing a club to enter without meeting the basic criteria.
We’ve had thrreats of boycotts, legal action, claims/counter claims, disgraceful treatment of employees, terrible media relations, the game has been talked down and sullied at every opportunity, we’ve had the SPL called thieves and the upstart has done nothing but talk of leaving – all the while fleecing suppliers, supporters, member clubs as well as governing bodies
the SFA have allowed the spivs to make a joke of the game
Once the dust settles on this, surely the SFA must be rebuilt from the ground up.
http://www.thescottishsun.co.uk/scotsol/homepage/news/4873912/Green-I-shafted-Whyte-to-get-Gers.html
Read: But Green says he was just telling Whyte porkies so he could get the businessman’s shares — a plan he says was changed when the club was liquidated.
in the context of the CVA proposal.
https://docs.google.com/file/d/0Byta_cvHX5jyNEV5eTFpZVRBaDQ/edit?pli=1
If it had transpired that a CVA was agreed, Sevco 5088 would have been contractually bound to LEND Rangers £8.5m – which would have been secured by a floating charge over the assets of the company.
In the event, a CVA was not agreed and, as per the contract with D&P, Sevco 5088 purchased the assets of Rangers FC.
Either way, Sevco 5088 had a substantial part to play.
It appears that Mr Whyte is saying he offered to make his Rangers shares available to Mr Green on the understanding that he (Mr Whyte) would have the majority shareholding in Sevco 5088. Mr Green appears to confirm that the deal was verbally agreed; but as the agreement was not made in written form, he had no intention of following through on his side of the bargain.
If, as the Sun reports, Mr Green “was just telling Whyte porkies so he could get the businessman’s shares”, it seems to me that this is a dangerous admission for Mr Green to have made.
Assuming jurisdiction is held to be in Scotland (and I do not see why it would not) a court will confirm to Mr Green that a verbal contract is held to be as binding in Scotland as a contract established in written form.
It does not seem to me a particularly good defence for Mr Green to say that he wishes to treat a verbal contract with Mr Whyte to be null and void simply because he (Mr Green) had entered into that contract in bad faith.
If I may amend my earlier comment regarding the “legalistic ruthless unremitting logic of BRTH “.
Its emotional.
Reassuring,analytical and emotional.The views of someone who has lived a little,maybe a lot.
Thanks as ever BRTH
Robin
In the interests of intellectual advancement long favoured on here I propose a new “Word of the month” competition on this site.
This months word being ” novated”
As in
following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before
Discuss
Bangordub
Nothing emotional about it lol– not sure it is unremitting either and as for logical…… aye well sometimes!!
What I am right now is perplexed— Missing something I think.
However, the unremitting Hirsuite Pursuite may just have unearthed some answers and a nugget.
Look at the terms of the agreement reproduced above and it becomes clear that whoever was raising money here was doing so on behalf of Sevco 5088 Ltd– and not any other Sevco company.
In other words, If Green was telling Whyte he was “in” and that he “was Sevco” and that he (Green) was his representative on the board of Sevco– and all this was happening in front of one of the partners of the company which was raising the capital on behalf of Sevco– then you really have a case to say that Whyte is really in the game.
I still don’t get the lack of formal paperwork though– unless it was decided by all parties that there would be no such paperwork for fear of going too far along the road with the deception that Whyte was not involved at all!
In any event– the agreement with Duff and Phelps shows that Sevco ( as defined in the document ) was “it” irrespective of the CVA working or not — and that I think blows away much of what Charlie Green has said today!!!
Whytey has a case that will run…. he has some way to go before he can say it will win….. but it will run by the looks of it.
Cheers BRTH – in Corsicas memory the 35 year old for the vv old birthdays coming out. Its been a while but we all knew it would be Craigy coming back for the floating charge one way or another.
We now see the truth exposed. The entire admin was a scam entered into by D and P to defraud the creditors and to work on behalf of Whyte and to return the club to him in the SPL devoid of debts hence the need to hold on to players and avoid redundancies – the plan was to tupe all over shafting the creditors whom D and P were supposed to protect. As such unless BDO are compromised and making political rather than professional decisions (entirely possible) then the entire administration and the sale of assets must be rescinded.
It also leaves the following fatally compromised – Lord Hodge – who appointed the administrators and delayed the liquidation and calling in of BDO for no reason, the SFA SPL and SFL who allowed this charade to be entered into the league system by abandoning their entire rule book for the benefit , it now emerges of Whyte, specifically banned from holding any office in Scottish football, the MSM who , despite rumours to the contrary desperately refused to join any dots in the picture and instead chose to take a load of baloney at face value ( James Forrest espouses this very impresively in On Fields of Green) and our political leaders viz Alec salmond whose ridiculous and unprecedented and wholly wrong intervention gave he green light to any shenanigans to preserve this “institution at the core of Scottish life”
There is now a stark choice. Either the reputations of all of the above are blown apart and the entire debacle is unpicked to the complete demise of TRFC and the inevitable reactions that that will produce or the cover ups will continue and more lies deceit corruption and dishonesty will be brought to bear to keep this corrupt criminal enterprise running at all costs to Law, Justice , footballl and sense: this is Scotland – only option 2 will be allowed.
Expect more smoke and mirrors , bare faced lies and hysterical attacks on any daring to tell the truth. Too many establishment figures have staked too much reputation on this ill conceived escapade to give up now or ever. They will brazen it out and rely on the stupidity and/or apathy of the masses and a willing MSM to keep the truth from ever getting in the way of this charade.
ianagain says:
Saturday, April 6, 2013 at 00:05
0 0 Rate This
In the interests of intellectual advancement long favoured on
here I propose a new “Word of the month” competition on this
site.
This months word being ” novated”
As in following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before
Discuss
~~~~~~~~~~~~~~~~~
After the CVA failed, The Rangers FC was innovated.
Also it has been pointed out elsewhere tonight– the sum sent by Whyte to Green— £137,500 works out as exactly 25% of the non refundable deposit sought by D&P as part of the deal.
Now, sometimes I believe in coincidence but…….. it is a really odd and random figure just to transfer into someone’s bank account on a mad mental whim isn’t it?
So get out of this pickle Regan. Note the date.
Published on Thursday 8 March 2012 17:29
The Scottish Football Association has stated that Rangers owner Craig Whyte “is not considered to be a fit and proper person to hold a position within association football” following an independent inquiry into the stricken club.
SFA chief executive Stewart Regan also confirmed that Rangers face a charge of bringing the game into disrepute.
The findings of the independent inquiry were heard at a Special Board Meeting at Hampden Park today and will now be referred to the Judicial Panel.
Lord Wobbly says:
Saturday, April 6, 2013 at 00:25
anagain says:
Saturday, April 6, 2013 at 00:05
0 0 Rate This
In the interests of intellectual advancement long favoured on
here I propose a new “Word of the month” competition on this
site.
This months word being ” novated”
As in following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before
Discuss
~~~~~~~~~~~~~~~~~
After the CVA failed, The Rangers FC was innovated
=======================================
Maybes immolated the way this is going?
http://www.scotsman.com/sport/football/sfl-division-three/mccoist-seeks-answers-from-green-on-whyte-takeover-1-2880432
Be interesting tomorrows wee chat will it not?
On the basis that Green got 5M shares for £50,000 and Ahmad got his 2.2M shares for £22,000, then Whyte’s £137,500 should get him 13.75M shares on the same basis as the original backers. That would buy him a fair degree of influence.
Chukles mince for our overseas readers:
http://sport.stv.tv/football/220346-charles-green-statement-on-craig-whytes-latest-rangers-claims/
easyJambo says:
Saturday, April 6, 2013 at 00:47
On the basis that Green got 5M shares for £50,000 and Ahmad got his 2.2M shares for £22,000, then Whyte’s £137,500 should get him 13.75M shares on the same basis as the original backers. That would buy him a fair degree of influence.
=================================
Which is his point. He owned the floating charge and got stuffed, hence todays farrago.
I attempted to wind up a few Berrz at work today with the Super Soaraway Sun tapes. Didn’t even get a reply. These are intelligent, financially aware individuals, who up til now have defended their beloved club. I suspect the silence speaks volumes. They’re gubbed 🙂
paranoidwellfan
The ones down here in Engerlund have been bemused from the start and still don’t get it at all. However nice to see from their forums Greens getting pelters for lying.
Chust to prove the cut n paste brigade still make a living behind their laptops a choice selection of our finest churnalism.: Wasters
Earlier today
McCoist seeks answers from Green on Whyte takeover The Scotsman 00:06
In the last 2 hours
Rangers chairman Green hits back at Whyte ownership allegations Goal.com 23:01 Fri, 05 Apr 2013
Queen’s Park v Rangers – Go On Super, Just Do It! GersNet 22:47 Fri, 05 Apr 2013
In the last 6 hours
Green adamant in rebuttal Sporting Life 20:31 Fri, 05 Apr 2013
Full text of Charles Green’s statement in response to Craig Whyte STV 20:27 Fri, 05 Apr 2013
Green rubbishes Whyte claims Sky Sports 20:15 Fri, 05 Apr 2013
Charles Green: I’ve never been Craig Whyte’s front man The Scottish Herald 20:10 Fri, 05 Apr 2013
Charles Green hits back at Craig Whyte claims Sports Mole 19:14 Fri, 05 Apr 2013
In the last 8 hours
Thomson not expecting abuse TEAMtalk 17:27 Fri, 05 Apr 2013
Yesterday
McCoist Wants Answers 107 The Bee 16:14 Fri, 05 Apr 2013
McCoist wants clarity over dispute between Rangers owners old and new Daily Mail 16:03 Fri, 05 Apr 2013
McCoist tells players to learn Sporting Life 16:03 Fri, 05 Apr 2013
McCoist calls for clarity Football 365 15:54 Fri, 05 Apr 2013
Rangers players must learn from Sandaza sacking The Scottish Herald 15:21 Fri, 05 Apr 2013
McCoist: Green should give fans ‘the answers they deserve’ over Whyte claims The Scottish Herald 14:51 Fri, 05 Apr 2013
Craig Whyte ‘plans legal action’ to claim back Rangers ownership STV 13:56 Fri, 05 Apr 2013
Hegarty accepts ban Galloway Today 13:23 Fri, 05 Apr 2013
Queen’s Park v Rangers preview TEAMtalk 13:22 Fri, 05 Apr 2013
Enjoy Your Football Glasgow Rangers – Official Site 13:06 Fri, 05 Apr 2013
ianagain
Didn’t realise you were an exiled Dosser, but I’m sure you’re enjoying this Armageddon as much as I am in sunny Wishy 🙂
BTRH,
And so the obvious becomes the essence of case again.
Paranoidwell
Yup always entertaining when they fall to earth isn’t it. And by the way just went out for a smoke and its 0 deg.
All the fun begins tomorrow with th CG and Sally chat at the flag unfurling. Be interesting. Aff to bed
ianagain
Its the same temp here!! when i go for a smoke it feels colder 🙁
iceman63 says:
Saturday, April 6, 2013 at 00:15
‘…There is now a stark choice. Either the reputations of all of the above are blown apart and the entire debacle is unpicked to the complete demise of TRFC and the inevitable reactions that that will produce or the cover ups will continue and more lies deceit corruption and dishonesty will be brought to bear to keep this corrupt criminal enterprise running at all costs to Law, Justice , footballl and sense: this is Scotland – only option 2 will be allowed…’
———
I think you are right, Iceman63.
In the months that I have been grandparenting in Australia, I have read widely on the subject of the institutional and governmental inability fully to acknowledge the deliberate attempt, by men of my grandfather’s generation, to wipe out the indigenous peoples of Australia.
By nod and wink from the UK government, the truly evil ‘squatters’ ( i.e. the kind of land-grabbers from England, Scotland- and, indeed, Ireland-who make the likes of third rate football club owners look like St Francis of Assisi) were permitted to clear Aborigenes off the land they grabbed by killing them, no questions asked.
Indeed, they even had a mounted police force who specialised in murderous raids ‘dispersing the natives’ on behalf of the vile ‘entrepreneurs’ and ‘pioneers’ who ‘made Australia’. The white officers of that force would have had nothing to learn from the evil men of the Third Reich. And the MSM of the day wholly supported that police force.
To this very day, millions of British-stock Australians shut their eyes to the history, or try to refute it.
Tony Abbot, the leader of the opposition, said the other week that yes, it might be appropriate to acknowledge the ‘contribution’ that indigenous people had made to ‘our country’! He nearly choked on even that form of words.
Hell will freeze over before the Australian government and people will publicly acknowledge by formal treaty that their grandfathers and great-grandfathers were invaders, thieves and murderers.
Scottish Football is not, of course as important a matter as genocide, but the same kind of institutional inability to acknowledge wrong-doing and make amends is in the mindset of its leaders and principal actors.
Bad, and very bad, cess to them.
Flag??? Tomorrow is when we cement 2nd place surely????
And now the Record has more -http://twitpic.com/ch8zhi
Suspect that CG’s bags are already packed.
McCoist in today’s Scotsman quoted as confirming the recent news that Neil Murray left Rangers following an investigation, and although he walked out the door once things had been looked into, that there was ‘no scandal’, and that, amazingly, Murray is still there in the background. At any other club, that would seem to be a very strange way of conducting business, but at Rangers there seems to be no end of people who leave under a cloud but remain in the background, Whyte being only the latest in a long and undistinguished line.
http://www.youtube.com/watch?v=pK9Mg6gXGdk
http://scotslawthoughts.wordpress.com/2012/11/05/who-was-spartacus-when-duff-phelps-sold-rangers-football-club-by-ecojon/
The above is an article written back at the start of November and deals with the start of the shenanigans – I believe it’s very perttinent to what is happening and well-worth a read.
iceman63 says:
Saturday, April 6, 2013 at 00:15
Expect more smoke and mirrors , bare faced lies and hysterical attacks on any daring to tell the truth. Too many establishment figures have staked too much reputation on this ill conceived escapade to give up now or ever. They will brazen it out and rely on the stupidity and/or apathy of the masses and a willing MSM to keep the truth from ever getting in the way of this charade.
———————————————————————————————————————
Absolutely spot on, iceman.
It’s a little over a year since I moved Stateside. Today is the annual Tartan Day Parade in NYC, which I went to and enjoyed last year. Not a chance I will go along today. There is nothing to celebrate in hailing from such a corrupt and bigoted wee backwater. Based on everything we have bore witness to so far, ‘Rangers’ must prevail, no matter what. I’m amazed there are still people who think anything else is even a possibility.
http://scotslawthoughts.wordpress.com/2012/08/13/the-many-mysteries-of-the-rangers-fc-shareholding-by-ecojon/
This one goes further back to August and raises some more interesting issues and reveals the inability of Companies House to actually do anything more than just be a ‘post box’ for whatever documents are sent to it.
An important bit of the jigsaw which people might have missed in the Sun which stated: The Scottish Sun has seen a bombshell warning letter Whyte sent to Green and former Rangers director Imran Ahmad days before the recent £22million flotation deal . . .
‘The letter says Ahmad then told Earley he had ‘just the right guys’ — referring to businessman Rafat Rizvi and Green. Whyte claims Ahmad introduced Green and Rizvi to him at a London hotel on May 1 last year. It’s alleged Rizvi and Ahmad agreed to raise funds for the deal while Green would front it. The letter also says that all parties agreed Earley and Whyte would have a majority shareholding in Sevco 5088.
‘And it alleges that Ahmad, Rizvi, Green and Earley would share a £250,000 fee and ten per cent of share capital raised.’
It’s important to understand who Rizvi is and the fact that his involvement was not only known about but documented in The Herald way back and at: http://scotslawthoughts.wordpress.com/2012/07/21/exclusive-amazing-rangers-link-to-interpol-fugitive-posted-by-ecojon/
jonnyod says:
Friday, April 5, 2013 at 20:49
I was intrigued as to CG comments re the club .or not
CG admits he said to whyte you are sevco that is what we are saying
that is correct but at that point I had signed a resignation letter and stock transfer form because it was decided that a Scottish company should buy a Scottish institution ,Sevco 5088 was not required .
looks like he is at pains not to refer to them as ragers 1872 but rather a Scottish institution
or am I wrong
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Here is a question. If CG had already resigned and signed stock transfer papers regarding Sevco 5088 at the point of this discussion, then in what capacity was he acting when he transferred the Rangers assets from Sevco 5088 to Sevco Scotland? Bear in mind that the CVA/Sale agreement was with Sevco 5088, not Charles Green.
I note that Brian Stockbridge and Imran Ahmad no longer appear listed as directors with Zeus Capital and Ahmad was MD there. Still there are, from memory, approx 5 million shares held by former or present directors of Zeus in Glasgow Rangers and then Rangers International and there may well be more because as the Zeus Website states: Zeus Capital and its associates are also investors in the newco.
I am unclear whether the shareholdings held by Zeus directors/ex-directors are held in a personal capacity or not and therefore they may not be part of the shareholding held by Zeus Capital, its associates and its investors – who I do not believe have ever been named.
Is it possible that CW is an investor through Zeus given his links he has revealed with Zeus which go right back to the very beginning of the Rangers saga and which have been revealed in the Sun.
Just so I have this right….
““Yes, Mr Whyte was told what he wanted to hear….”
This is attributed by Rangers Football Club to Mr Charles Green, their Chief Executive, in the official Club statement yesterday.
Mr Green appears to admit that in the course of a discussion with the previous owner of the Club he uttered complete falsehoods to gain financial advantage.
Is Mr Green not on very dangerous legal ground?
Does he still retain the confidence of his Board (and shareholders)?
Is he still regarded by the authorities as a ‘fit and proper’ person to be involved with a Scottish Football Club?
Some great reading and links here over the past 24 hours.
Not quite on the same intellectual plane perhaps, but Dave Bassett’s unique insight into CG at Sheffield Utd (and how he regrets not having had a fisticuffs with him in the car park!) is fuel to the Whyte fire.
http://www.dailyrecord.co.uk/sport/football/football-news/former-sheffield-united-boss-dave-1814597
Brogan Rogan Trevino and Hogan says:
Friday, April 5, 2013 at 23:17
68 0 Rate This
…
Most companies are formed by registration agents/lawyers/ accountants– so just who was the formation agent for this company and who instructed them? Who was at the very route of Sevco 5088 Ltd from the very beginning?
In other words did Whyte form the company or was it formed for him?
OR
Did Whyte approach Zeus who brought in Green and somewhere along the way someone formed a company in furtherance of the Whyte/Green discussions?
If either of the above happened then Craig Whyte has a legitimate claim to be at the route of Sevco 5088 Ltd.
However, when a company is formed, the relationship between shareholders and between Directors and Shareholders is governed by the memorandum and articles of the company.
However, in most cases there very quickly follows a shareholders agreement– a specific agreement which often limits what shareholders can and cannot do without the agreement of everyone else. Further, the same agreement often dictates what directors can and cannot do without the agreement of all the shareholders or a majority of the shareholders.
So let’s pause there. Was there a shareholders agreement for Sevco 5088 Ltd?
…
It seems to me that Green has openly admitted that he mislead Whyte into believing certain matters would involve him in an ongoing basis and Whyte then acted on Green’s assurances and representations– he did this by physically passing over money and possibly by not insisting on a side letter or shareholders agreement between green and his nominee..
Irrespective of what there is by way of written contract, all that seems to me to create a legal connection between the two which would be enforceable by law– or –in the event that one party was being totally disingenuous from the outset and allowed the other party to act to their detriment in the belief that what they were being told was genuine– then that is redress-able in civil law and punishable under the criminal code.
…
===============================================
BRTH – in terms of what Sevco 5088 articles of association may or may not say, it is interesting that on 15th May a resolution was passed by the members of Sevco 5088.
The resolution, a disapplication of pre-emption rights, could really only have had the effect of preventing a prior offer of shares – that had been written into the company’s articles (or by shareholders agreement) – being issued to the expectant purchaser(s).
Since Mr Green was the only registered shareholder and director of Sevco 5088, it would seem rather strange if the existing pre-emption rights applied to him. It stands to reason that the pre-empion rights (being disapplied) were rights of another (un-named) person or persons.
Is it just too obvious that Craig Whyte and Aidan Earley had pre-emption rights to shares in Sevco 5088?
If so, this is where Mr Whyte’s claim for damages will begin.
Good Morning,
here is an excerpt from a post by Hirsuite Pursuite last night:
————————————————————————————————————————
Offer of Loan to Company
4.17 Following the extensive marketing of the Company and the extensive sale process, an offer was made by Sevco 5088 Limited (“Sevco”) to make a loan on certain terms (explained below) in conjunction with the purchase by Sevco of the Group Shares.
4.18 Having considered the offer from Sevco and compared it to other offers received for the Company / business and assets, the Joint Administrators determined that the Sevco offer was preferable because it:
secures the best available return to creditors of the Company; and
proposes a CVA in respect of the Company, the benefits of which are outlined in paragraph 2.10.
4.19 Consequently, on 12 May 2012, the Joint Administrators agreed and signed an offer letter with Sevco (“the Offer Letter”) and granted Sevco exclusivity to complete a takeover of the Company or a purchase of the Company‘s business and assets by 30 July 2012. Sevco made a payment of £200,000 to the Company for such exclusivity.
4.20 The Offer Letter is confidential between Sevco and the Company, but the principal terms are as follows:
4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000;
4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the “Conditions”) are satisfied;
4.20.3 The Company will repay the Loan together with interest on it on or before 31 December 2020; and
4.20.4 The loan will, subject to the laws of Scotland, be secured by standard securities and a floating charge over the assets and undertaking of the Company.
4.21 From 6 June 2012, Charles Green will be appointed to assist in the day-to-day management of the business of the Company (at no cost to the Company or the Joint Administrators), in order to manage the ongoing trading costs of the Company and allow for a smooth transition in ownership.
If it had transpired that a CVA was agreed, Sevco 5088 would have been contractually bound to LEND Rangers £8.5m – which would have been secured by a floating charge over the assets of the company.
——————————————————————————————————————–
The above is as per D&P and their report on events and may well be taken directly from the agreement they entered into with Sevco 5088 Ltd.
Hirsuite Pusuit goes on:
———————————————————————————————————————-
In the event, a CVA was not agreed and, as per the contract with D&P, Sevco 5088 purchased the assets of Rangers FC.
Either way, Sevco 5088 had a substantial part to play.
It appears that Mr Whyte is saying he offered to make his Rangers shares available to Mr Green on the understanding that he (Mr Whyte) would have the majority shareholding in Sevco 5088. Mr Green appears to confirm that the deal was verbally agreed; but as the agreement was not made in written form, he had no intention of following through on his side of the bargain.
If, as the Sun reports, Mr Green “was just telling Whyte porkies so he could get the businessman’s shares”, it seems to me that this is a dangerous admission for Mr Green to have made.
Assuming jurisdiction is held to be in Scotland (and I do not see why it would not) a court will confirm to Mr Green that a verbal contract is held to be as binding in Scotland as a contract established in written form.
It does not seem to me a particularly good defence for Mr Green to say that he wishes to treat a verbal contract with Mr Whyte to be null and void simply because he (Mr Green) had entered into that contract in bad faith.
———————————————————————————————————————-
Now note the dates in all of the above, the names of the companies mentioned, and who contracted with whom.– Also note the sum invested/lent/provided by Imran Ahmed– £200k.
Ok going forward:
Here is a statement by Malcom Murray taken directly from the interim accounts of Rangers International Football Club PLC:
“The acquisition of the trade and assets of the then Rangers Football Club plc by a consortium of investors was completed on 14 June 2012 and heralded the end of a traumatic period for the Club, during which the then Rangers Football Club plc had been placed into administration by the previous owner. Following the rejection of a Company Voluntary Arrangement by creditors, the Rangers Football Club plc was put into liquidation and subsequently Rangers International Football Club plc was created, incorporating The Rangers Football Club Ltd into the Group.
Note the date of 14th June and the fact that the assets were acquired directly from Rangers PLC (In Admin) by The Rangers Football Club Ltd aka Sevco Scotland Ltd– not Sevco 5088 Ltd— which is the company Duff & Phelps say they contracted with on 12th May 2012 and to whom they granted an “exclusivity” to in return for £200k– presumably provided by Mr Ahmed.
This will be the same Mr Ahmed caught on tape who was present when Whyte was assured that he was Sevco 5088 and who appeared to be raising money for Sevco 5088 Ltd.
In the interim accounts for Rangers International PLC, Deloittes go onto confirm that The Rangers Football Company Ltd was incorporated on 29th May 2012— so quite clearly that company was not in a position to make any offer, enter into an exclusivity agreement or any other type of contract on 12th May– nor could anyone have paid over any money on its behalf in return for exclusivity on 12th May.
Therefore the only legal entity that could have had any rights to buy the assets or anything else was indeed Sevco 5088 Ltd– yet Charles Green seems to suggest that company just did not matter when the CVA was rejected.
Clearly, that is not the case.
Further, if Sevco 5088 Ltd did actually buy the assets and then transferred them to Sevco Scotland Ltd (aka The Rangers Football Club Ltd ) at a later date, then the interim accounts do not mention that anywhere for some reason.
The very same accounts go on to say the following:
Basis of consolidation
The Group’s condensed set of financial statements incorporates the financial information of Rangers International Football Club plc and entities controlled by the Company (its subsidiaries) for the accounting period from incorporation on 29 May 2012 until 31 December 2012 through the application of merger accounting. Under these principles the financial statements of the Group have been prepared by combining the results of the combining entities for the interim period under review. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefit from its activities. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Note that the start of the accounting period is the date of incorporation of Sevco Scotland Ltd—- then go back and look at what D& P say are the key dates in their deal with Sevco 5088 Ltd.
Again the interim accounts go on:
” Acquisition expenses relate to one off costs paid on acquisition of the trade and assets on 14 June 2012 from RFC 2012 plc.”
This again implies that the deal was direct with D& P as administrators of RFC PLC with no mention of Sevco 5088 Ltd who I stress again had complete exclusivity according to D & P.
Again the accounts go on:
16. Related Party Transactions
On 6 August 2012, Brian Stockbridge, a director of RFCL provided a loan of £50,000 to RFCL. No interest accrued on this balance which was repaid on 7 August 2012. Brian Stockbridge also received a payment of £30,000 for the period from 14 June 2012 to 31 December 2012 with respect to his consultancy services as a director.
The following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before incorporation of RFCL and RIFC plc:
· On 11 May 2012, Imran Ahmad, a director of RFCL, provided a loan of £200,000. £ 178,000 was repaid on 15 August 2012 and £22,000 was converted into ordinary share capital of RFCL. Imran Ahmad also received an arrangement fee of £50,000 relating to this loan.
· On 21 May 2012, Charles Green, a Director of RFCL provided a loan of £25,000. No interest accrued on this balance and this was repaid on 15 August 2012.
Note the word ” Novation” which is defined as follows:
“novation ordinarily arises when a new individual assumes an obligation to pay that was incurred by the original party to the contract. It is distinguishable from the situation that occurs when another individual makes a guarantee that a debtor will pay what he or she owes to a creditor. In the case of a novation, the original debtor is totally released from the obligation, which is transferred to someone else. The nature of the transaction is dependent upon the agreement between the parties.
A novation also takes place when the original parties continue their obligation to one another, but a new agreement is substituted for the old one.”
The word “novated” was brought up lat night by Ianagain and at the time its significance passed me by but worked away at me over night.
Now– if all of the above creates a logical trail– If Ahmed was raising money for a company that was meant to include Whyte– or Whyte was meant to believe that it included him in every way, with a majority shareholding, with Green as a front, and which entered into an exclusive binding contract which saw Ahmed pay over a sum of money for the benefit of that company as noted in the RIFC interim accounts:
Isn’t Charlie Green and Imran Ahmed in potentially very deep doo doo here given Charles’ very VERY public pronouncements of late about telling Whyte anything to get him to go along with the initial deal with D&P?
Without that exclusive contract Sevco Scotland Ltd ( The Rangers Football Club Ltd ) would have gotten nowhere near the assets of Rangers PLC and subsequently there would have been no AIM flotation.
Another potential interpretation of events is that they told Whyte what he wanted to hear because that was the only way to get D&P to enter into any deal at all with Green and Ahmed– in other words Whyte controlled D&P all along irrespective of what they were saying publicly.
If Craig Whyte had not been behind Sevco 5088 Ltd and if Green and Ahmed were not fronting for him, would here ever have been a contract between Sevco 5088 Ltd and D&P at all???
Sorry for the length of all this but it is interesting.
The full interim accounts can be found here:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11506139
I must admit I’m finding this circus increasingly complicated and confusing as time goes by, and ‘Ze plot thickens.’
As I don’t buy newspapers, I rely on (mainly) this blog to keep me up to date with the state of play.
A humble thanks from myself to all the guys on here doing all the research and poring over their
findings.
Maybe I don’t post much, (Enough being said already) but I’m always here, reading, learning.
So glad we all ‘tupe’d’ over from RTC! Thanks guys.
HirsutePursuit says:
Saturday, April 6, 2013 at 09:37
5 0 Rate This
… Sorry for the length of all this but it is interesting.
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Absolutely fascinating HP. Whoever is looking at the conflict of interest aspect must surely have woken up again by now, you’d think, perhaps.
Yakutsi,
The strength of this blog lies very much in providing a platform for the skill and talent of those contributors who are able to analyse and cut through the morass of technical detail before presenting it to lay readers in a form which is penetrable by the rest of us.
It is also a stark contrast to the abject failure of the MSM (although some credit is due to the Sun for breaking the story) to make the same connections and raise the same sorts of questions.
We are in the debt of those contributors like Auldheid, HirsutePursuit, BRTH, Humble Pie and others for shining a very bright light on the dark matter.
Danish Pastry says:
Saturday, April 6, 2013 at 09:29
Not quite on the same intellectual plane perhaps, but Dave Bassett’s unique insight into CG at Sheffield Utd (and how he regrets not having had a fisticuffs with him in the car park!) is fuel to the Whyte fire.
http://www.dailyrecord.co.uk/sport/football/football-news/former-sheffield-united-boss-dave-1814597
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Bassett has struck quite a blow with that, coming as it does from someone with previous relevant experience of Green, and describing something that sounds uncannily familiar to current goings-on. If I was a Rangers supporter, I would be wanting a LOT more clarity from Green about what is going on, and fast
BRHT and Hirsute Pursuit
As of today Charles Green is still registered as a Director of Sevco 5088, despite his claims that he resigned. Further based on the information I have seen through the worlds largest ratings agency, he is and remains the sole director. Responsibility therefore for lodging the appropriate forms showing resignation lie directly with him.
Equally a Ltd Company cannot exist without at least one director registered with companies house. On the evidence of the ratings agency it appears that Green is not being truthful with his claims of resignation, however even assuming he was being accurate with his claims of resignation, then who was appointed in his place, and why were they not registered
One final piece on Sevco 5088 , it gave notice of intention to voluntarily liquidate on Dec 28 2012. The form is explicit , it must be signed by the sole director. On 28/12/2012…….sole director….
Who’s lying here ?
As one who is devoid of any legal or accountancy skills can someone quickly summarise to me whether Green admitting lying in order to aquire a company is an admission of law breaking?
Will these recent revelations bring us back to how Whyte got his club in the first place?
Ticketus?
Anyone?
Are we seeing a trend – would there be a figure behind Whyte’s initial takeover who may not want their name out there for some very good reasons either.
Are we watching history repeating?