We exclusively reveal today the link between Rangers and a man accused of bringing down an Indonesian Bank which sent shockwaves through the Far Eastern country and also pointed a finger of corruption at high-ranking politicians and police officers. The ultimate cost of the Capital Bank collapse has been estimated at $US700 million.
OK get your seat belt on, sit back with a can of Irn Bru for the hangover and I will transport youse to the mysterious world of the Orient whose banking and financial dealings makes Libor Rigging look like a kindergarten game. I’m doing product placement with the Irn Bru to help the SFL3 sponsor out btw 🙂
The ‘Great Game’ rivals blockbuster movies for exciting action as does the twists and turns of the Monte Carlo Rally where Bears can be spotted twitching at the sight of the Lesser-Breasted Whyte Crow – a highly exotic and wily bird which occasionally pays a flying visit to Scotland where it nests in castles. In the meantime, the veils of the Orient need lifting.
After being forced to flee Indonesia, Rafat Ali Rizvi who could face the death penalty, headed for the safe haven of Singapore which has no extradition treaty with Indonesia. He was soon ensconced as chairman of Tembusu Investments Limited – a Bermudan registered company based in Singapore which operates mainly in Singapore and Mongolia.
According to Indonesia’s Attorney General’s Office, Mr Rizvi and his colleague Mr Warraq stashed $1.4bn of distressed debt securities that the bank was holding for liquidity in accounts around the world. Mr Rizvi claims he is the victim of “a xenophobic campaign to put the blame for the collapse onto the bank’s foreign owners”.
The two former colleagues are not fighting claims that there was a fraud at the bank but are arguing they were not the beneficiaries of the trusts at the centre of the allegations.
Mr Rizvi is alleging unfair treatment by the Indonesia authorities, including the judicial system, and expropriation after the Deposit Insurance Agency forced the bank into administration in 2008. He has taken proceedings under the 1965 International Centre for Settlement of Investment Disputes (ICSID) Convention. On 4 April 2012 the tribunal (chaired by a former Solicitor-General of Australia) reportedly rejected Indonesia’s application, under ICSID Rule 41(5), for the claim to be dismissed on an expedited basis as manifestly without legal merit.
Mr Rizvi is now on Interpol’s “red notice” wanted list and has had several of his bank accounts frozen under rules to prevent international money laundering.
The rescue of Bank Century has been highly controversial in Indonesia, with many in the country believing the taxpayers’ money could have been better used elsewhere.
So, what has all this got to do with Glasgow Rangers I hear you ask. Oh ye of little faith and less patience. All will be revealed in due course or even good time.
The connection is that Tembusu changed it’s name to Nova Resources Ltd and we already know that Charles Green was also chairman of said company. This, I would emphasize and put on the public record, does not show any direct, indirect or financial link between the two mean and I am happy to assure that it does not imply any impropriety on the part of Mr Green in any of his business dealings whether public or private.
But the link has apparently worried the SFA as persistent rumours swirl around Hampden and elsewhere that a Blue Chip investor who wished to invest £4.5 million in SevGers took to the hills as if the midges were after him when he allegedly learnt of a connection between Rafat Ali Rizvi and Rangers. Some say that he was a shareholder or that his ‘hot money’ was bankrolling the bid but no evidence has been provided to substantiate what remain rumours in a very intense and heated situation.
What does appear to be true is that the Blue Chip investor does exist and did walk away and I have been putting feelers out in the hope that he might explain his reasons so we can dispel the myth and get to the truth of the matter.
Mr Rizvi, 51, joined Tembusu Investments Limited in March 2008 as chairman and chief executive officer and company records reveal a complex list of financial interests beyond my scope to forensically examine. Suffice to say that, at the time, he was ultimate beneficial owner of the Brunei Darussalam incorporated, Clarence Limited whose wholly owned subsidiary, Galleria Resources Limited, was interested in 77.52% of the issued share capital of Vantage Corporation Limited – controlling shareholder of Tembusu.
I relate this interlocking web out of sympathy with the SFA which quite frankly doesn’t have the wherewithal to even begin a proper due diligence process on modern international shareholders even if they are strictly legit. The nightmare for the SFA is that by default they allow a wolf into Scottish Football to its reputational detriment but also to that of the ‘suits & blazers’ who will be swept away by fan fury if this all gangs aft agley and Rangers suffers a further calamitous financial collapse.
And to be fair to Mr Green, even he might not know all of the ultimate beneficial owners of Rangers shares as the many layered and faceted approach of the financial services industry is designed to protect financial anonymity for a number of reasons which can range from a wish to avoid the limelight to protect children of the seriously wealthy from ruthless kidnapping gangs to laundering drug money and other proceeds of crime such as tax evasion erm perhaps something already too close to home for Rangers.
Blue Pitch Holding and its secret beneficial shareholders is a case in point and the failure to name its beneficial investors has caused concern as has the failure of Mr Green to provide checkable details of other Foreign investors he has actually named.
By 30 June 2009 Mr Rizvi was on the move again and resigned as chairman and CEO of Tembusu whose Board thank him for his his contribution and wished him well in the future.
As we know from an earlier post of mine, Mr Green joined Nova Resources Ltd , the rebadged Tembusu, in early January 2012 just days after it floated on the AIM Market. He then resigned rather hurriedly it appears In May after becoming involved in bidding for oldco Rangers.
Posted by Ecojon