It Takes Two to Tangle

ByTrisidium

It Takes Two to Tangle

 Guest Blog by Auldheid

When helping write up the previous blog on the matter of the (mis) commissioning by Harper Macleod, lawyers to the then SPL and current SPFL, of the Lord Nimmo Smith’s investigation into side letters arising from EBTs issued by Rangers FC from July 1999 (http://archive.sfm.scot/an-honest-game-convince-us/ ) .

I had it in mind that only the SFA had something to hide as a result of their President Campbell Ogilvie being fully aware of the history and distinction between the two illegal Rangers Employee Benefit Trust (REBT ) ebts of wee tax case fame not declared to Harper Macleod and the more widely known Murray Group Management Remuneration Trust (MGMRT) Big Tax Case ebts which were declared and on which LNS focussed after (wrongly)treating both types as regular.

The idea that I think most bought into in terms of the registration matters LNS investigated was that no one in football except players with side letters had participated in those schemes and that football authority, both SFA and SPL were unaware of them until their existence became public in Feb 2012. This is when the Sun first published a side letter and the possibility of mis-registration was raised, notably on Celtic Quick News then more widely particularly following an interview between Alex Thomson of Ch4 News and Hugh Adam an ex Rangers Director.

However when you think of the world of Scottish football where players socialise with each other and with journalists, then it does seem stretching it a bit to think that no one in football authority ever heard any gossip or had any enquiry and decided not to investigate the matter before 2012.

Well Rangers Administrators Duff and Phelps thought so and their lawyers Biggart Bailie asked Harper Mcleod in March 2012 why the SPL had not investigated a lot earlier on the basis that

  1. There had been entries every year since 2000 in Rangers Annual Accounts of sums of money being placed in employee benefit trusts
  2. HMRC had written to the SPL at some unknown point in the past to ask about the existence of side letters in players’ contracts.

The first argument on annual accounts was one made once public awareness of ebts widened but it was dismissed on the grounds that no one knew much about ebts in those early years and in any case properly administered ones, which they would have been presumed to have been, did not have side letters.

However it does seem likely that having written to MIH/Rangers in 2005 to enquire about the existence of side letters to De Boer and Flo (which MIH/Rangers denied holding even though they did) HMRC would have written to the SFA or SPL sometime after 2005 whenever they first became aware of side letters in players contracts with regards to the MGRT ebts of Big Tax Case fame..

That the SPL had been contacted two or three years previous to 2012 by HMRC was confirmed at a SPL Board meeting in March 2012 as a result of a question being asked by Celtic, who were unaware in 2012 that such an HMRC enquiry had been made in 2009 or 2010.  It is possible of course that the connection to misregistration was not made then by the SPL executive asked, but had it been history could have been so different.

How that HMRC enquiry and what it contained was handled by the SPL executive perhaps explains not only why the SPL were so keen to take the lead on the investigation but why they were unaware of the different types of ebts at play, the enquiry in 2009/2010 presumably relating only to the MGMRT type.

The motivation of the SPL executive can be read into their advice to the SPL Board on 23rd February 2012 to instruct an immediate inspection and investigation of the financial records of Rangers with respect to the ebt payments under SPL Rule F1 and under Section G of the Rules on the basis that such an inspection and investigation might reveal prima facie evidence of a breach of SPL Rules independently of any Administrator decision or the outcome of the FTT.

The SPL Board were further advised that taking the lead on such grounds would also go some way to forestalling any attempt by the SFA to include any dependency on the outcome of either Rangers Administration (which they entered on 14th February) or the result of the FTT, (which came in November 2012.)

The desire and benefits of delinking what was at heart a registration enquiry   from the much more serious use of tax evasion methods to pay players was obviously not lost on those giving the advice.

In fact in directing LNS in the way the SPL did (possibly unaware that tax evasion had already occurred with Flo and De Boer) it avoided focus on the real and still unresolved issue, were players paid by unfair means from 1999 from which sporting advantage would naturally accrue with no need for proof that it had. You cannot say this had not been thought through in the advice given.

It was also the SPL’ stance that matters concerning player payments had traditionally been considered to be for leagues.

The narrative emerging here is one of the two football authorities keeping from public gaze what individuals in both, if not the whole organisations corporately, knew about the history of ebts; the SFA knowing the history of both types from 1999/2000 onwards and the SPL possibly only knowing something of the MGMRT ebts and side letters from 2009/10 as a result of HMRC asking them questions.

Thus it suited the SFA that the SPL take the lead as much as it suited the SPL to do so but for different reasons. The SFA to keep the existence of the wee tax case ebts hidden from public view and LNS scrutiny and the SPL to avoid answering any “when did they know and why did they not act” questions.

Also if the SPL were indeed unaware of the two distinct types of ebts at play (and they may indeed have been), it explains why they never picked up that the earlier illegal ebts were missed/concealed from them by Rangers Administrators.

Perhaps the SPL and SFA were aware of the benefits to them of focusing only on the registration aspect. This could be presented as an administrative error (which LNS basically decided) rather than the possible illegal nature of the big tax case ebts after the FTT (and which might still arise from the UTT) which would present both with much more difficult and unwelcome consequences to manage and certainly would have changed the nature of the investigation from the outset had the full evidence been provided.

However unless the questions put to the SPFL in the previous blog are answered, we will never know who did what and why, but we at least will know that the LNS Investigation and its findings were a sham from the outset and should be set aside.

 

Perhaps BDO who are investigating the role and behaviour of Duff and Phelps according to the latest report on their work should be asking Duff and Phelps about the circumstances surrounding the concealment of vital evidence from the LNS Commission?

Och why not?

To the BDO partner investigating. Dated 9th June by web site e mail

“ I see that BDO are carrying out a probe into the conduct of administrators Duff & Phelps. Does that cover the failure to supply SPL with full documentation requested to investigate side letters in 2012?

See http://www.tsfm.net/an-honest-game-convince-us/ for background. Missing evidence is available. ”

PS: I did try to ascertain if HMRC did indeed write to the SPL and when, but they were unable to confirm or deny that they had. The enquiry and response follow. The question on who is responsible for HMRC policy in respect of collection of tax from football clubs was not given but probably due more to an oversight than any attempt to stop the question being answered.

 

 

 

 

 

 

 

About the author

Trisidium administrator

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

1,247 Comments so far

neepheidPosted on2:58 pm - Jul 2, 2014


MoreCelticParanoia says:
July 2, 2014 at 2:41 pm
See what an army of researches can do and the BBC still makes an @rse of it. It might seem pedantic but I have to assume these commentators are handsomely paid and put up in nice Brazilian hotels to speak knowledgeably about the game and they can’t get basic information correct.
==================
Not to mention a commentary that means you have to hit the mute button through gritted teeth- ok, mixed metaphor or whatever, but I’m watching in silence from now on.

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normanbatesmumfcPosted on4:00 pm - Jul 2, 2014


MoreCelticParanoia says:

July 2, 2014 at 2:41 pm

This comes a few days after a different BBC commentator stated that the West Germany-Algeria match was the opening match of the 1982 World Cup, which again was strange as it’s fairly common knowledge among football fans that Argentina won the 1978 World Cup and the holders played the opening match of the tournament at that time.
————————————————————————————————————————————–
I can confirm this was the case, I was lucky enough to be at the game which followed on from the opening ceremony. Argentina v Belgium if I remember correctly as the whole trip was a bit of a lager haze. Hic

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andygraham.66Posted on4:00 pm - Jul 2, 2014


http://www.theguardian.com/commentisfree/2014/jul/02/eu-right-to-be-forgotten-guardian-google?CMP=twt_gu

When you Google someone from within the EU, you no longer see what the search giant thinks is the most important and relevant information about an individual. You see the most important information the target of your search is not trying to hide.

Stark evidence of this fact, the result of a European court ruling that individuals had the right to remove material about themselves from search engine results, arrived in the Guardian’s inbox this morning, in the form of an automated notification that six Guardian articles have been scrubbed from search results.

The first six articles down the memory hole – there will likely be many more as the rich and powerful look to scrub up their online images, doubtless with the help of a new wave of “reputation management” firms – are a strange bunch.

Three of the articles, dating from 2010, relate to a now-retired Scottish Premier League referee, Dougie McDonald, who was found to have lied about his reasons for granting a penalty in a Celtic v Dundee United match, the backlash to which prompted his resignation.

Anyone entering the fairly obvious search term “Dougie McDonald Guardian” into google.com – the US version of Google – will see three Guardian articles about the incident as their first results.

Type the exact same phrase into Google.co.uk, however, and the articles have vanished entirely. McDonald’s record is swept clean.

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TartanwulverPosted on4:15 pm - Jul 2, 2014


mcfc says:
July 2, 2014 at 9:16 am
and
helpmaboab says:
July 2, 2014 at 9:01 am

Re the tv commentators…
————————————————————————–
An article in the Independent nicely points out the patronising, and often downright ignorant, nature of much of what is put forward as informed punditry.

http://www.independent.co.uk/sport/football/worldcup/archie-bland-on-world-cup-2014-you-dont-get-plucky-teams-where-the-pundits-have-heard-of-all-the-players-9577355.html

And while on the subject…ITV I can understand have to cut to adverts left-right and centre as that’s part of their DNA, but the BBC pay an inordinate amount of cash to their pundits, fly them half way round the world…and then at half time in games a big chunk of the time is given over to advertising their upcoming coverage of another sport or watching a wanabee journo walk along the beach bantering with Clarence Seedorf and a couple of bemused locals. Nice work if you can get it

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mcfcPosted on4:20 pm - Jul 2, 2014


Google Filtering

Interesting that Google now filter for the EU as well as China and other healthy democracies where information is officially too dangerous to be trusted to the masses. Google’s “do no evil, unless it is profitable” mantra lives on.

If you need to use Google, I’d suggest using https://www.google.com/ncr as either your homepage or as a bookmark. The ncr means “no county recognition” so you don’t get localized search info ie UK oriented ads, news and listings.

Other search engines are available.

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SmugasPosted on4:26 pm - Jul 2, 2014


No surprises in the petrofac cup then. No surprises at all.

Home – tick
‘Big opposition’ – tick
‘crowd (hopefully large) pleaser’ – tick
Very high risk strategy – definitely tick

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loamfeetPosted on4:29 pm - Jul 2, 2014


Dougie, Google may forget but we won’t.

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hangerheadPosted on4:56 pm - Jul 2, 2014


mcfc, when i type that in, I actually get:
https://www.google.com/?gws_rd=ssl

It might be a little repeated already, but there is an article about the dougie macdonald ‘articles’ from the guardian being ‘disappeared’.

http://www.theguardian.com/commentisfree/2014/jul/02/eu-right-to-be-forgotten-guardian-google

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No1 BobPosted on4:58 pm - Jul 2, 2014


Ring ring. Ring ring.

Dougie, that’s the phone for you.

Who is it?

He says his name is Frank Blin. Looking for some advice.

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mcfcPosted on4:59 pm - Jul 2, 2014


I imagine I’m in a minority in admiring the EU’s willingness to take on big business and battle with them to the death in demanding reasonable behaviour – representing the interests of it’s half billion citizens – no honestly – 500,000,000.

Google’s defiant approach of letting anyone expunge any of their history (but only in the EU in a way easily subverted) regardless of context clearly frustrates the intent of the EU commissioners. It will probably annoy them and lead to further action as Microsoft found to its cost. Google probably haven’t fully understand that they are not all-powerful here – not powerful enough to game this system like they are used to doing elsewhere. So get reasonable or prepare to face your nemesis in the form of quietly spoken, hard-as-nails European bureaucrats exemplified by Nellie Kroes.

Microsoft learn the hard way: http://en.wikipedia.org/wiki/European_Union_Microsoft_competition_case

Nellie Kroes: http://en.wikipedia.org/wiki/Neelie_Kroes

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cowanpetePosted on5:06 pm - Jul 2, 2014


Smugas says:
July 2, 2014 at 4:26 pm
No surprises in the petrofac cup then. No surprises at all.
Home – tick
‘Big opposition’ – tick
‘crowd (hopefully large) pleaser’ – tick
Very high risk strategy – definitely tick
=======
I’m a Hibby so I can say this.
Did you see us against Hamilton (only 5 weeks ago)?
And we have lost most of that team.
We don’t have a goalie on our books.
Far from a tough game for any team drawing Hibs at home. Unless a very lot happens between now and the end of the month.

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mcfcPosted on5:33 pm - Jul 2, 2014


hangerhead says:
July 2, 2014 at 4:56 pm
mcfc, when i type that in, I actually get:
https://www.google.com/?gws_rd=ssl
==================================
hangerhead – that’s what it translates to (resolves to). You should see different results with and without ncr. (with and without ?gws_rd=ssl). If not it is probably down to the settings applied by your ISP, where their servers are located, and how your request is routed around the world from servers to server before reaching Google.

You can also try changing your search settings – click Tools icon (cog icon), top right on any Google page, then click “Location”, top left menu

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Danish PastryPosted on5:35 pm - Jul 2, 2014


MoreCelticParanoia says:
July 2, 2014 at 2:41 pm
13 0 Rate This
———

It is shocking the amount money the BBC (and ITV too, I take it) spend on pundits and ‘experts’ and how poorly-prepared and ill-informed some of them appear to be. Seems to me there’s been a huge dumbing down, of the BBC in particular, in recent years — and a sinister lurch towards Pravda-like utterances in general, but that’s another issue.

Treat yourself to the tennis and cycling commentators. There are some outstanding ones among them. Frew McMillan, McEnroe, Wilander, and several others are magnificent. If you’re a cycling fan I can recommend Cillian Kelly at irishpelaton.com, he is also part of the Velocast subscriber feed (velocast.cc) and brings outstanding insights into current events and cycling history. Now neither Cillian nor the Velocast lads have a huge staff, but their insights are worth paying for (and I do). The Eurosport cycling chaps mostly know their stuff too.

Rio, Shearer, Waddle, Savage, Dixon and the other former players on both channels are really on a free lunch. How their presence on live TV is justified, I know not. Mind you, if the English lads hang around with Henry and Seedorf, they may learn more sophisticated English from those two foreign lads, both of whom sound much more comfortable speaking English as a second language than Savage, Rio and Shearer do speaking their first!

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erniePosted on5:59 pm - Jul 2, 2014


Just to say that Viv Nicholson spent her own money and therefore not a great analogy.

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easyJamboPosted on6:08 pm - Jul 2, 2014


The Brian Stockpile share option got me looking back at the resolutions passed at the RIFC AGM.

Resolution 9 read as follows:

ORDINARY RESOLUTION
9. “THAT the Directors be and are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the “Act”) to allot Relevant Securities (as defined in the notes to this resolution):
(a) up to an aggregate nominal amount of £217,000; and
(b) up to an aggregate nominal amount of £66,000 to employees and directors in accordance with the rules of any share option scheme approved by the Company; and
(c) comprising equity securities (within the meaning of section 560 of the Act) up to an aggregate nominal amount of £434,000 (after deducting from such limit the aggregate nominal amount of any Relevant Securities allotted under sub-paragraphs (a) and (b) above) in connection with an offer by way of rights issue to holders of ordinary shares of one pence each in the capital of the Company (‘Ordinary Shares’) in proportion (as nearly as may be practicable) to their existing holdings and to holders of other equity securities as required by the rights of those securities or, as the Directors otherwise consider necessary, but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange,

and such authority shall expire on the date of the Annual General Meeting of the Company to be held in 2014 or, if earlier, 19 January 2015, but so that the Company may, in each case, before such expiry make an offer or agreement which would or might require Relevant Securities to be allotted after such expiry and the Directors may allot Relevant Securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired. This authority shall be in substitution for any previous authorities granted in this regard by the Company, but without prejudice to any allotment of Relevant Securities or grant of rights already made, offered or agreed to be made pursuant to such authorities.”

9(b) is the key one which gives the RIFC Board the authority to issue more shares to employees and directors. In fact up to 6.6M new shares can be allotted for this purpose before the next AGM or Jan 2015 at the latest.

How many other current or ex-employees may have options waiting to be exercised?

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hectorPosted on6:31 pm - Jul 2, 2014


Back to the subject of the standard of commentators for this world cup.As Danish Pastry comments the cycling is well served as is golf. I can’t comment on cricket or tennis and rugby has a bit of a mixed bag. Standards have slipped since we had David Coleman , Murray Walker, “Arry Carpenter” and Bill McLaren . The one thing they had in common was a deep knowledge of the sport they commented on and passsion for the subject. The ability to kick an inflated bladder round a field or to hack the legs from under a player is no qualification for being a pundit . With the wall to wall coverage of sport the talent pool is going to be diluted but some of the rabble that are getting a wage out of this world cup is a joke. I could save the BBC and ITV a small fortune by talking crap or saying nothing for a fraction of the cost and would love to visit Brazil. 😆

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SmugasPosted on6:34 pm - Jul 2, 2014


Cowanpete,

Agreed, but what better way to reset that ‘procession’ mindset than beat the strongest two competitors (at least on paper) early doors. But, as I said its a pretty high risk strategy unless you hope that being seen to be behind the Edinburgh two spurs extra interest and cash! Alternatively, why bother PATG if they’re romping the league anyway. Big downsides either way, if you’ve nothing in reserve

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oddjobPosted on6:46 pm - Jul 2, 2014


More on commentators.

My wife won’t stay in the room if I’m listening to a game on radio Scotland, because I’m constantly shouting at the unfortunate appliance “where’s the ball?” Some commentators think they are still on tv. As often as not the programme ,which promises “every kick of the ball” , degenerates into a chat show between the commentator, and his two sidekicks.

It’s so bad that I sometimes yearn for the days of Peter Thompson, George Davidson or David Francey.

Commentators should remember they are supposed , on radio especially, to be our eyes.

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twopandaPosted on7:05 pm - Jul 2, 2014


easyJambo says:
July 2, 2014 at 6:08 pm [edit]

The Brian Stockpile share option got me looking back at the resolutions passed at the RIFC AGM.
Resolution 9 read as follows:……………………

9(b) is the key one which gives the RIFC Board the authority to issue more shares to employees and directors. In fact up to 6.6M new shares can be allotted for this purpose before the next AGM or Jan 2015 at the latest.
How many other current or ex-employees may have options waiting to be exercised?
_

Super Post EasyJambo 😉
Think this will be about timing

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essexbeancounterPosted on7:15 pm - Jul 2, 2014


oddjob says:
July 2, 2014 at 6:46 pm
It’s so bad that I sometimes yearn for the days of Peter Thompson, George Davidson or David Francey.
=====================================================================
Oddjob…Davidson and Francey, perhaps but Thompson, not even if heel were to freeze over. He was quite easily the nastiest piece of work ever to corrupt the air waves!

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upthehoopsPosted on7:22 pm - Jul 2, 2014


Just getting time to comment on the sale of Ryan Gauld. Well done to Dundee Utd for bringing this boy through, protecting themselves by giving him a good contract, and reaping the benefit of a ritzy transfer fee, with maybe even more to come!

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Danish PastryPosted on7:22 pm - Jul 2, 2014


easyJambo says:
July 2, 2014 at 6:08 pm
5 0 Rate This

The Brian Stockpile share option got me looking back at the resolutions passed at the RIFC AGM.
———–

@easy
I thought there would be dilution of the value of current shareholder’s share value with the next share option / issue — which is supposed to be soon. Won’t this diminish the return Stockbridge or others get from these nice wee share lucky bags?

So, will they have to offload them asap to get maximum return?

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oddjobPosted on7:30 pm - Jul 2, 2014


ESSEXBEANCOUNTER says

July 2 2014 @7.15pm

I didn’t know Thompson was “nasty”. All I remember was being able to picture what was happening on the field when he was on radio.
Thanks for your comment.

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Danish PastryPosted on7:38 pm - Jul 2, 2014


essexbeancounter says:
July 2, 2014 at 7:15 pm
2 0 Rate This

oddjob says:
July 2, 2014 at 6:46 pm
It’s so bad that I sometimes yearn for the days of Peter Thompson, George Davidson or David Francey.
=====================================================================
Oddjob…Davidson and Francey, perhaps but Thompson, not even if heel were to freeze over. He was quite easily the nastiest piece of work ever to corrupt the air waves!
——–

Unintelligible commentary notwithstanding, the BBC Alba match productions are actually really excellent, even though only half of it is in English. Derek Rae on BT also seems a decent and fair-minded commentator who talks up the game. Archie McPherson was on Aff the Baw recently, and to me he still has the gift of the commentator gab, or at least ‘expert pundit’ ethos. Would love to hear him again.

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easyJamboPosted on7:59 pm - Jul 2, 2014


Danish Pastry says: July 2, 2014 at 7:22 pm

@easy
I thought there would be dilution of the value of current shareholder’s share value with the next share option / issue — which is supposed to be soon. Won’t this diminish the return Stockbridge or others get from these nice wee share lucky bags?

So, will they have to offload them asap to get maximum return?
==================================
That would be my reading of the situation. Anyone who has options to exercise at a price lower than today’s selling price would be advised to do so now, or at least before the new issue is announced, then sell them asap.

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AllyjamboPosted on8:06 pm - Jul 2, 2014


easyJambo says:
July 2, 2014 at 7:59 pm

Assuming there’s a buyer, I’d suppose!

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AllyjamboPosted on8:12 pm - Jul 2, 2014


Phil tweeting some rather disturbing stuff for the bears. I wonder what will be the reaction of Deloittes, and the NOMAD, if some of the ST money has already been used, as in there is no other money in the tin?
_____

Phil MacGiollaBhain @Pmacgiollabhain · 19m
Deloittes are being very clear to RIFC (thru the NOMAD) that the Season Ticket money is currently off limits.

Phil MacGiollaBhain @Pmacgiollabhain · 9m
Deloittes saying (Thru the NOMAD) that until there is workable business plan for the next twelve months the ST monies are off limits.

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twopandaPosted on8:12 pm - Jul 2, 2014


Allyjambo says:
July 2, 2014 at 8:06 pm

easyJambo says:
July 2, 2014 at 7:59 pm
Assuming there’s a buyer, I’d suppose!
_
Voting rights?

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easyJamboPosted on8:12 pm - Jul 2, 2014


The SFA have moved to distance themselves from the “right to forget” re Dougie McDonald, although STV have also been advised that their article has been removed from search results too.

darryl broadfoot ‏@DarrylBroadfoot · 15m
Thanks for enquiries but no, we didn’t exercise RtF in @guardian and @STVSport despite usual social hysteria. Would do my own first. . .

Grant Russell ‏@STVGrant · 28m
STV story on the infamous “Dougie Dougie” affair removed from Google results under EU “right to be forgotten” ruling http://bit.ly/VdPneM

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hectorPosted on8:17 pm - Jul 2, 2014


Back to the commentary thread and again I agree with Danish Pastry the commentary on BBC Alba is pretty good. I have only experience of the rugby and the odd time Shinty commentary and without any in depth analysis the 10% of the commentary that is in English usually imparts more than the 100% that is available on other channels . BBC Alba is a shoestring operation so why can’t the mainstream BBC and ITV match it. Sky with its coverage of the Super Rugby in the southern hemisphere employs ex-players but they have a bit of craic about them , a sense of humour, a good knowledge of the game and as the standard is high I can only assume there is a vetting or interview process . In this country it seems that appearing on Strictly or being a darling of the tabloids gets you a gig at the world cup. Sad very sad.

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AllyjamboPosted on8:22 pm - Jul 2, 2014


twopanda says:
July 2, 2014 at 8:12 pm

The thought did cross my mind that if there are more of these options out there then he, and the rest should they exercise their option(s), might be holding onto them to add to some block of shares held in various names for one party (or plague of spivs). I suppose his next move depends on whether or not he is genuinely ‘out’ of the Sevco loop.

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neepheidPosted on8:29 pm - Jul 2, 2014


From Twitter-

RangersNews ‏@RangersInter 15m
Dougie Dougie, rather than suppress Google, go ask the SPFL and SFA for your file. Knowledge is power.

http://www.scribd.com/doc/232352988/Dougie-Dougie

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twopandaPosted on8:32 pm - Jul 2, 2014


Allyjambo says:
July 2, 2014 at 8:22 pm

Yep, and
If the thing is out of control they`ll need something to negotiate a play with

End of the day
– It’s nothing more than lining pockets at the expense of trusting supporters

And they`re being allowed to get away with it for some reason

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martin cPosted on8:51 pm - Jul 2, 2014


I must stress this is unconfirmed but the transport for the North American tour;

http://www.youtube.com/watch?v=bPpBGsFddao

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StevieBCPosted on9:11 pm - Jul 2, 2014


neepheid says:
July 2, 2014 at 8:29 pm

From Twitter-
RangersNews ‏@RangersInter 15m
Dougie Dougie, rather than suppress Google, go ask the SPFL and SFA for your file. Knowledge is power.
http://www.scribd.com/doc/232352988/Dougie-Dougie
==========================================
From Regan’s last email you would think it was him and not Doncaster who was the lawyer, [re: “natural justice”].

And, unless I got it wrong, both Regan and Doncaster occupy offices on the 6th floor of Hampden ?
Now if I was looking for an effective, [& possibly ‘illegal’], life ban on anybody – and I was a lawyer – rather than put something in writing, which could later be leaked online 😉 , I would have a wee stroll along the corridor and chap Regan’s door for an informal chat, if only to ‘test the water’.
Strange.

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neepheidPosted on9:23 pm - Jul 2, 2014


From Twitter again- I don’t remember seeing this previously?

RangersNews ‏@RangersInter 13m
Charles Green – Contract with RIFC.

http://www.scribd.com/doc/232359336/Charles-Green-Contract

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Danish PastryPosted on9:29 pm - Jul 2, 2014


neepheid says:
July 2, 2014 at 9:23 pm
1 0 Rate This

From Twitter again- I don’t remember seeing this previously?

RangersNews ‏@RangersInter 13m
Charles Green – Contract with RIFC.

http://www.scribd.com/doc/232359336/Charles-Green-Contract
——–

21 pages of the stuff too. It’s emerging now. Why? Is someone at Ibrox royally miffed at Green and his gang.

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twopandaPosted on9:34 pm - Jul 2, 2014


StevieBC says:
July 2, 2014 at 9:11 pm

Yep – Much manufactured deception – to keep money flowing to select pockets
Not sure Bears alone in this Big Con IMO
No worries – award winning MSM will clear up everything in a tomorrow`s `exclusive`
As if

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StevieBCPosted on9:34 pm - Jul 2, 2014


neepheid says:
July 2, 2014 at 8:29 pm

From Twitter-
RangersNews ‏@RangersInter 15m
==========================
In my haste, Neepheid I forgot to clarify;

Would you know if this is a ‘reliable’ Twitter account ?
Content does look believable though.

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twopandaPosted on9:42 pm - Jul 2, 2014


CGs contract in the public domain?
Why did a shareholder ask [?]
– And why with such legal effort was it blocked on timeline?

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AllyjamboPosted on9:51 pm - Jul 2, 2014


cowanpete says:
July 2, 2014 at 5:06 pm

With all the problems your new manager, Alan Stubbs, is going to face – recruiting new players, getting to know those already there, getting a game plan together for a bunch of players completely new to him, the early start to the season will cause problems. On the other hand, TRFC are used to this early start, will have had a few matches to sharpen their game, and mostly know each other well. They have Ally McCoist as manager. Hmm, maybe all is not so grim for Hibs after all 😀

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neepheidPosted on10:13 pm - Jul 2, 2014


StevieBC says:
July 2, 2014 at 9:34 pm
0 0 Rate This

neepheid says:
July 2, 2014 at 8:29 pm

From Twitter-
RangersNews ‏@RangersInter 15m
==========================
In my haste, Neepheid I forgot to clarify;

Would you know if this is a ‘reliable’ Twitter account ?
Content does look believable though.
===========
Been around a while, but just in short bursts a few weeks apart. I suspect it is a PR creation, so driven by the agenda of one of the warring factions, but all the stuff posted so far looks genuine to me.

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Cluster OnePosted on10:15 pm - Jul 2, 2014


Should the Club suffer a substantial decrease in season ticket income in the next two months then it would be unable to trade in the short term without seeking additional external funding as previously disclosed in the RIFC December 2013 interim results.
(From the Business Review and Strategic Plan Update)

Phil MacGiollaBhain @Pmacgiollabhain · 19m
Deloittes are being very clear to RIFC (thru the NOMAD) that the Season Ticket money is currently off limits.

Phil MacGiollaBhain @Pmacgiollabhain · 9m
Deloittes saying (Thru the NOMAD) that until there is workable business plan for the next twelve months the ST monies are off limits.

Now with a substantial decrease in season ticket income and this news from Phil.
Who will they seek additional external funding from?

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jean7brodiePosted on10:19 pm - Jul 2, 2014


Completely OT, forgive me.
A parallel perhaps? We rightly question why things are covered up and kept secret re all things SFA/SPFL/TRFC etc and we are at last seeing Leon Brittan and paedophiles surfacing more than 20 years after it was mooted!!!

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easyJamboPosted on10:24 pm - Jul 2, 2014


Allyjambo says: July 2, 2014 at 9:51 pm

cowanpete says: July 2, 2014 at 5:06 pm
—————————————————————
Hibs will get at least a week’s grace as TRFC have been given permission to postpone their opening PTC and LC ties ostensibly because of the Commonwealth Games.

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twopandaPosted on10:25 pm - Jul 2, 2014


neepheid says:
July 2, 2014 at 10:13 pm

Possible PR stuff NH? – Yes – sound assessment IMO

Doesn’t matter
Bears seem content with their `future` – Dafties `rules` it seems

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ianagainPosted on10:36 pm - Jul 2, 2014


Phil
You and I and everyone else knows Deloittes “auditors” have no place telling Sevco or anyone else how to run a business.

Are we clear this is the “advisory” end of things?

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ianagainPosted on12:01 am - Jul 3, 2014


I reckon the board are thinking
Jelavic money = Boyd or Miller – 0 + 200k

Hearts home = 600k – Miller and 200k left

Hibs home ditto

Share joke thing – no idea. But you get the drift with a bit of assistance the wreck can be salvaged.

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Resin_lab_dogPosted on12:45 am - Jul 3, 2014


Cluster One says:
July 2, 2014 at 10:15 pm

6

0

Rate This

Should the Club suffer a substantial decrease in season ticket income in the next two months then it would be unable to trade in the short term without seeking additional external funding as previously disclosed in the RIFC December 2013 interim results.
(From the Business Review and Strategic Plan Update)

Phil MacGiollaBhain @Pmacgiollabhain · 19m
Deloittes are being very clear to RIFC (thru the NOMAD) that the Season Ticket money is currently off limits.

Phil MacGiollaBhain @Pmacgiollabhain · 9m
Deloittes saying (Thru the NOMAD) that until there is workable business plan for the next twelve months the ST monies are off limits.

Now with a substantial decrease in season ticket income and this news from Phil.
Who will they seek additional external funding from?

_________________________________________________

– we have a company trying to offload assets (players) to pay its bills. (decent behavior)
– we have ‘Rangers men’ scotching the deals thereby preventing them from doing so. (crooked)
– we have onerous constracts negotiated by spivs crippling a footballing business (crooked)
– we have ‘rangers men’ offering below value for pubicly traded shares. (crooked)

Tell me – where are the crooks now?
If RIFC aren’t able to access SB cash, then the inability of RIFC to offload Ally’s overpriced bloat signings becomes crippling.
Was that McCoist’s job???
– Sink the ship so that ‘real rangers men’ could harvest the wreck, perhaps?

Who decent would wear a blue shirt now???? Crooks, Liars, and cheats. Only dodgly patronage and dog whistling at boggits keeps them remotely relevent now.

Q.When did a club in blue from Ibrox last add anything meaningful to the game?

Sorry Ryan, I really feel for you – but enough is enough. Your team are now beyond a joke! They are past funny, through painful, beyond tragic and into ‘pathetic’ territory.

TRFC have become the ‘Rolf Harris’ of Scottish football. (With RFC(IL) as Jimmy Saville, obviously)

History you say?
Aye right!

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easyJamboPosted on1:09 am - Jul 3, 2014


Keith Jackson confirming that Stockbridge will pay 1p a share for his options

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-confirm-brian-stockbridges-share-3801972?

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StevieBCPosted on2:23 am - Jul 3, 2014


World Cup quarter finalists;
Costa Rica population c.5 million
Belgium. population c.11 million
==============================
Scotland population c.5 million.

If you where an SFA blazer still on a jolly in Brasil – you would be desperate to make contact with your Costa Rican & Belgian counterparts.

You would be developing a rapport and trying to tentatively establish some ‘fact finding’ missions to both countries to learn how they managed to qualify – and how they made it to the quarter finals.

You would think that the SFA blazers would be extremely grateful to learn anything from other countries in their support of the Scottish national team.

…yes, I know… 🙁

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gherrybhoy57Posted on2:30 am - Jul 3, 2014


RESIN_LAP_DOG

Much as the Ibrox debacle is a disgusting slur on Scottish sport and its cover up by MSM is deplorable, I don’t think analogies to a major sex abuse scandal are at all appropriate.

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upthehoopsPosted on6:05 am - Jul 3, 2014


neepheid says:
July 2, 2014 at 9:23 pm

From Twitter again- I don’t remember seeing this previously?

RangersNews ‏@RangersInter 13m
Charles Green – Contract with RIFC.

http://www.scribd.com/doc/232359336/Charles-Green-Contract
=================================================

I wonder why none of the contracts for the football management side are being published. They may make for interesting reading. In fact, are they the ‘onerous’ contracts we keep hearing about?!!!!!!!!

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Danish PastryPosted on6:44 am - Jul 3, 2014


Was reading the tweets on the thread below Phil’s tweet (nice to see you on twitter btw AllyJ). I thought this response from @Jonokeydonkey was enlightening:

@Allyjambo @Pmacgiollabhain think its more to do with inability to use funds gained against future business before proof of viability
9:00pm – 2 Jul 14

If ST cash for running next season’s campaign is off limits for other uses, what are they living off now? And if they don’t have a viable business plan, what do they have? It will look very bad if, after gathering what could be gathered from fans, they then ditch on a sandbank. In the meantime, another loan to pay the Letham loan?

PS SPFL no doubt have the situation well in hand …

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SmugasPosted on9:56 am - Jul 3, 2014


Interestingly, the person who comes out best from the latest dougie-gate Emails (assuming they are legit) is probably Doncaster. Checking facts for his board members, extolling the virtues of integrity by expressing his surprise at DM’s continuing involvement.

Just saying.

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neepheidPosted on10:31 am - Jul 3, 2014


Danish Pastry says:
July 3, 2014 at 6:44 am

If ST cash for running next season’s campaign is off limits for other uses, what are they living off now? And if they don’t have a viable business plan, what do they have? It will look very bad if, after gathering what could be gathered from fans, they then ditch on a sandbank. In the meantime, another loan to pay the Letham loan?
===========
I’m not clear that a company’s cash can be ring fenced in the way that is being suggested. The ST money so far received is presumably in the TRFC bank account. When the wages or VAT or whatever have to be paid, then surely the directors have to use the ST money if thay’s the only money they have? The alternative is to cease trading, surely. I have seen no suggestion that the ST money is held in an escrow account, so I simply can’t see how this ring fencing could work in practice.

TSFM indicated a couple of weeks back that it must be that money is being provided to keep TRFC afloat. I agree with that analysis. Somebody is lending the club money, I can only assume on unsecured terms, since no charges have been registered recently.So whoever the lender is, they must be very confident that they will be at the front of the queue for repayment if things go badly wrong. In other words, the mystery lender must already control the board.

Incidentally, unless some rights were attached, I don’t think that such an unsecured loan would have to be notified to shareholders generally through AIM, any more than a bank overdraft would have to be notified. Presumably all will be revealed in a couple of months, when the accounts to 30/6/14 are published.

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mcfcPosted on11:05 am - Jul 3, 2014


neepheid says:
July 3, 2014 at 10:31 am
totally agree. People do tend to read into comments what they want to read. I imagine, though no expert, that Deloittes are saying to TRFC/RIFC something along the lines of “You took money for tickets for football games and if you spend it all before the football games start then how will you deliver football games to honour your sales of tickets. Show us how money will flow in after you’ve spent the ST money. If you can’t, then we can’t sign off your accounts as a going concern and the caveats would be so damning as to amount to a declaration of insolvency. How do you want to proceed?”

If the only answer is “We’ll get occasional, informal, unsecured brown envelopes from an unnamed friendly shareholder as necessary” I imagine Deloittes will be rolling their eyes and checking the exits.

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AuldheidPosted on11:18 am - Jul 3, 2014


I came across this on Twitter yesterday

https://twitter.com/ModgePKR/status/484351792604782592 and was wondering.

Is it an accurate representation of what RIFCIL owe creditors overall and specifically:

if the £94,426,217.22 shown against HMRC as an unsecured creditor is accurate does anyone have a breakdown of constituent elements i.e.

MGMRT (Big Tax Case) Ebts Core amount
Penalties on above
REBT (DOS Wee Tax case) ebts Core Amount
Penalties on above
Vat Unpaid
NI Unpaid and
PAYE not handed over?

Thanks.

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Danish PastryPosted on11:19 am - Jul 3, 2014


neepheid says:
July 3, 2014 at 10:31 am
4 0 Rate This

TSFM indicated a couple of weeks back that it must be that money is being provided to keep TRFC afloat. I agree with that analysis. Somebody is lending the club money …
——–

Hence the reason for Wallace’s public confidence about all things financial, while Deloitte’s fret and worry?

I would have thought, though, that if I (for example) advertise a pre-paid magazine subscription with x-number of upcoming issues, knowing full well that I do not have the business plan or wherewithal to produce those issues, then that would amount to defrauding customers of their money.

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torrejohnbhoy(@johnbhoy1958)Posted on11:26 am - Jul 3, 2014


Morning all,

Auldheid says:
July 3, 2014 at 11:18 am

Think this may be of interest to some of those oh HMRCs list.
From the guys on KDS:

oh oh – Hectors going to be asking for money back from players/managers!!!!

I wonder what those 5 players who’s guilt has been admitted are thinking – i wonder if we might see more revelations from them as they seek to defend the EBT scheme and the fact they are not liable for the tax.

http://www.fundweb.co.uk/2011835.article?cmpid=fwam_386342

HMRC aims to seize £7bn in disputed tax from tens of thousands of people which means advisers could face a torrent of misselling complaints

New powers which will see HMRC seize £7bn in disputed tax could trigger a wave of misselling complaints against advisers.

When the 2014 Finance Bill is given Royal Assent this month, HMRC will begin issuing “accelerated payment notices” – demands to pay tax within 90 days – to tens of thousands of individuals. In last year’s Autumn Statement, the Government announced HMRC would be given the power to issue payment notices to anyone who has used a tax avoidance scheme that a court has ruled against. In the Budget these powers were extended to anyone who has used an avoidance scheme into which HMRC has an open inquiry.

Guilty until proven innocent

Regulatory experts say the notices will trigger a torrent of complaints against advisers for recommending the schemes and failing to give clients sufficient warning that they may have to pay upfront.

The accelerated payments scheme marks a major step change in HMRC’s strategy, says Technical Connection joint managing director Tony Wickenden.

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mcfcPosted on11:35 am - Jul 3, 2014


Is TRFC/RIFC the next FarePak

The business models seem very similar i.e. take money long in advance of delivering a product/service whilst knowing that the accounts suggest that the probability of honouring those commitments is unacceptably low. However, keep trading in the hope of turning things around with the facade of normality until insolvency is forced by events.

ST holders, the SPFL and the SFA may want to read this advice for victims of FarePak – http://www.speechlys.com/knowledge-centre/knowledge-centre/publications/corporate-recovery-restructuring/ten-practical-lessons-from-the-farepak-statement-for-litigating-insolvency-practitioners.aspx

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mcfcPosted on12:05 pm - Jul 3, 2014


torrejohnbhoy(@johnbhoy1958) says:
July 3, 2014 at 11:26 am
oh oh – Hectors going to be asking for money back from players/managers!!!!
================================
Very interesting turn of events – those of a suspicious, conspiratorial state of mind might even theorize that HMRC have been delaying the RFC judgement in order to take advantage of these new powers.

I particularly like this quote from an “expert”:

“It is the inconvenience of having to pay upfront, even if you later go on to win. These are large sums of money and if a client has to take out a loan to cover the payment that could seriously affect their cash flow.”

http://www.fundweb.co.uk/2011835.article?cmpid=fwam_386342

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jw hardinPosted on12:29 pm - Jul 3, 2014


“TSFM indicated a couple of weeks back that it must be that money is being provided to keep TRFC afloat.”

Would it be possible for a group, Scottish ro international, to be supplying funds to the Govan Club in order to keep it afloat? A group that had no real concern of a return on their investment but a very real concern for the perpetuation of maintaining the ethos of the Club. – the Club-Deck is, after all, a networking gang hut for the bruvvers.

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mcfcPosted on12:40 pm - Jul 3, 2014


jw hardin says:
July 3, 2014 at 12:29 pm
the Club-Deck is, after all, a networking gang hut for the bruvvers.
===============================================
If so, the spivs have found themselves another cadre of emotionally vulnerable victims to exploit until they have nothing more to give.

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neepheidPosted on12:54 pm - Jul 3, 2014


jw hardin says:
July 3, 2014 at 12:29 pm

Would it be possible for a group, Scottish ro international, to be supplying funds to the Govan Club in order to keep it afloat? A group that had no real concern of a return on their investment but a very real concern for the perpetuation of maintaining the ethos of the Club. – the Club-Deck is, after all, a networking gang hut for the bruvvers.

That is exactly what I thought would happen first time round- but of course it didn’t. So if it didn’t happen then, it won’t happen now, is my take on it. You don’t become rich by giving your money away. And the club deck gang have already been suckered once. They’re not up for second helpings.

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torrejohnbhoy(@johnbhoy1958)Posted on1:31 pm - Jul 3, 2014


Should there not be an announcement by RIFC wrt the current status of Mr Lethams loan?.

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coineanachantaighePosted on2:06 pm - Jul 3, 2014


upthehoops says:
July 2, 2014 at 7:22 pm

Just getting time to comment on the sale of Ryan Gauld. Well done to Dundee Utd for bringing this boy through, protecting themselves by giving him a good contract, and reaping the benefit of a ritzy transfer fee, with maybe even more to come!
=====================================

If you read some of the background about Gauld it’s clear – though he obviously had great natural talent – he was lucky enough to meet the ideal coach in Ian Cathro, a man responsible for the development of some of United’s best young players. He’s now working for Portuguese side Rio Ave.

If I were an SFA bigwig and really cared about the future of Scottish football (I know …) I would move heaven and earth to get him back to Scotland and working on the development of our young players. But then who would want someone who never had a real professional football background to be telling them how to develop good young players?

http://www.bbc.co.uk/sport/0/scotland/28138008

http://www.heraldscotland.com/sport/more-scottish-football/local-hero-ian-cathro-of-dundee-united-1.822792

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John ClarkPosted on2:10 pm - Jul 3, 2014


torrejohnbhoy(@johnbhoy1958) says:
July 3, 2014 at 11:26 am
‘…Regulatory experts say the notices will trigger a torrent of complaints against advisers for recommending the schemes ..’
———-
Is there a porn merchant struck-off lawyer in the house? 500 000 000 million people and a knight of the realm may wish to have words concerning the soundness of his tax advice.

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John ClarkPosted on2:36 pm - Jul 3, 2014


Smugas says:
July 3, 2014 at 9:56 am
‘…the person who comes out best from the latest dougie-gate Emails (assuming they are legit) is probably Doncaster. .’
—————-
That’s as maybe, Smugas.
I would merely observe that ‘Integrity’ is indivisible. Mr D was party to the 5-way agreement, that monumental attack on Integrity in Scottish football administration. An attack which makes the lies of a deceitful match official pale into relative insignificance.
As Jean7brodie earlier pointed out, even the highest levels of Government cannot keep things secret for ever. The Truth will always, always, emerge, even twenty, thirty, forty years down the line. The Good Guys’ are vindicated, and the shame of the bad guys is exposed.

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SmugasPosted on3:24 pm - Jul 3, 2014


JC

My comments were more based towards the source, as opposed to the message therein.

Oh, and meant to add, it is indivisible. But is it recoverable? (again with a nod to the purpose of the latest release)

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torrejohnbhoy(@johnbhoy1958)Posted on5:02 pm - Jul 3, 2014


Latest from Phil:

Phil MacGiollaBhain ‏@Pmacgiollabhain 49m

I am hearing that Mr Letham has yet to be paid his money by RIFC/TRFC. The loan is not securitized.

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neepheidPosted on5:28 pm - Jul 3, 2014


torrejohnbhoy(@johnbhoy1958) says:
July 3, 2014 at 5:02 pm
================
Well, whatever is meant by “securitised”, Letham’s loan is certainly secured. Below is the regulatory announcement, and the relevant charge did appear on the Land Registry.

Rangers Int. Football Club PLC
25 March 2014

?

Rangers International Football Club plc

(“Rangers”, “RIFC” or the “Company”)

Further re. Credit Facilities

On 24 February 2014, the Company announced that it had entered into two secured short term credit facilities for an aggregate amount of up to £1.5 million. These credit facilities were provided by Laxey Partners Ltd (“Laxey”) to the amount of £1 million (the “Laxey Facility”) and Alexander Easdale to the amount of £500,000 (the “Easdale Facility”).

Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the Company and a lifelong Rangers fan.

The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash.

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bailemeanachPosted on6:00 pm - Jul 3, 2014


My understanding of a secured loan is that security is over a tangible asset, eg a mortgage is secured on the property, car finance secured on the vehicle. Securitisation is slightly different in that it is an intangible asset, rather like the Ticketus set up. Funds are lent with security being on predicted future sales/debt book. It carries the risk of the debt going bad. I’m pretty sure HBOS went this route with the bail out (on the mortgage book), they were also going to put up their unsecured book, which would have been a UK first, however this didn’t go ahead. I know this because I worked for them at the time and put a lot of work into valuing the book and projecting future value.

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Danish PastryPosted on6:04 pm - Jul 3, 2014


The announcement did actually day something about repayment no later than 1 September. Since Mr Letham is a shareholder you’d imagine he’d not rock the boat and risk losing both share value and his £1m.

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easyJamboPosted on6:31 pm - Jul 3, 2014


Auldheid says: July 3, 2014 at 11:18 am
———————————-
There are conflicting numbers from various reports and within the same report, but here are references to some of them in early reports from D&P
—————————————-
Info from the D&P Creditors Report dated 05/04/12
the Big Tax Case – An ongoing Tribunal with HMRC regarding the Company‟s use of an Employee Benefit Trust (“EBT”) Scheme. This case is subject to a First Tier Tribunal Hearing and the estimated claim of HMRC, subject to the findings of the Tribunal is circa £50m, with estimated interest and penalties of circa £25m;

the Small Tax Case – A dispute between the Company and HMRC regarding the Company‟s use of a Discounted Option Scheme. The liability of the Small Tax Case is circa £3m with interest and penalties of circa £1m;

5.13 Payments to HMRC were not honoured by the Company, as a consequence the Company continued to incur additional arrears with HMRC in relation to PAYE and VAT, the non-payment of which ultimately left HMRC with little alternative but to take enforcement action.

5.19 …..the Small Tax Case liability, its associated penalty of circa £1.3m and arrears of PAYE/NIC and VAT that had continued to accrue since August 2011.

5.23 Shortly afterwards HMRC lodged a creditors‟ petition to appoint an Administrator in respect of the unpaid taxes which had accrued since August 2011 of circa £9m.

9.26 In September 2011 HMRC arrested approximately £2.9m held in the Company’s accounts with BOS in respect of tax arrears. On 24 November 2011, the Company agreed to release the arrested funds to HMRC, which were used to settle certain outstanding VAT arrears on instruction of the Company.

Small Tax Case
14.29 The total amount determined as due by HMRC in respect of this case is in the region of £4,000,000, after interest and penalty charges.

Big Tax Case
14.32 The total amount determined as due by HMRC in respect of this case is in the region of £75,000,000, including interest and penalties.

14.27 Non-Preferential Unsecured Creditors
HM Revenue & Customs – Excluding Big and Small Tax Cases 14,372,042
HM Revenue & Customs – Small Tax Case TBC
HM Revenue & Customs – Big Tax Case TBC

Notes
9.The claim from HMRC is as per the Company’s books and records and does not include any amounts which may become oustanding upon the resolution of the big and small tax cases.

Creditors List
HM Revenue & Customs Enforcement & Insolvency Service Durrington Bridge House Worthing West Sussex BN12 4SE 14,372,042.00
———————————–
From the CVA Proposal dated 29/05/12

Non-Preferential and Preferential Creditors
HM Revenue & Customs 21,376,767.00

5.24 A summary of the non-preferential creditors is set out below:
HM Revenue & Customs – Excluding EBT Case and the Discounted Option Scheme Case
18,324,285.42
HM Revenue & Customs – Discounted Option Scheme Case 3,052,481.67
HM Revenue & Customs – the EBT Case TBC

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