Alex Thomson reports today that a Singapore based company is attempting to proceed with a winding up petition in Scotland in connection with Rangers.
Orlit Enterprises alleges that £400,000 is due, according to Mr Thomson.
One wonders what a Singapore-based company could be invoicing Rangers hundreds of thousands of pounds for. Allegedly two invoices have been paid and two have not.
What can we glean from this?
First of all, the entity against which the petition is directed, should it be raised, is presumably Rangers Football Club Ltd, being formerly known as Sevco Scotland Ltd. That company owns the football club, having bought the assets from Duff and Phelps, and is in turn a wholly owned subsidiary of Rangers International Football Club PLC.
Secondly, there appears to be a possible connection between Mr Green and this company. Internet research suggests that one of the Directors of Orlit Enterprises is a lawyer called Chan Fook Meng. He is a Director of many companies, all of which is entirely legitimate.
The connection with Mr Green?
Mr Chan is Chairman of Nova Resources Limited.
He is described as follows on their site:-
Mr Chan obtained a law degree from the National University of Singapore in 1985 and was called to the Singapore Bar on 12 February 1986. He has since then practiced as an advocate and solicitor in Singapore in various firms. In the course of his work, Mr Chan has handled and been involved in a number of corporate finance matters and various mergers and acquisitions.
Mr Chan was on the board of directors of a SESDAQ listed entity in Singapore for approximately 18 months until April 2005. During this time, he dealt with issues relating to the rescue and restructuring of the business and its acquisition of several businesses. Mr Chan is a Director of Tricor plc (AIM Listed) and Mandarin Mining plc (PLUS Listed).
Guess who the chairman of Nova Resources Limited was until May 2012, when he resigned to pursue “other interests”?
It would appear that Mr Green and Mr Chan (or at least Orlit, being one of Mr Chan’s companies) have fallen out.
With no knowledge of the details of the invoices and the apparent dispute, it would be wrong to take this as a sign that Rangers are in financial difficulty. Seeking a winding-up order can be an effective way of forcing payment.
It is embarrassing, even if Rangers have a cast-iron defence to any claim made against them.
We shall see what more is to come out about this. The taciturn Mr Green might even issue a statement!
Posted by Paul McConville