The following is a comment by Ecojon on the previous post, but I thought it worth putting it up as a post in its own right.
Take it away!
Some “Rangers Haters” at the time suggested that the very wealthy gentleman in question had indeed invested at least £2 million but that when the original investors were told that they were to be paid in an equity for cash swap that he demanded and received his cash back as per the original agreement.
Now I have no way of knowing whether this is true or not or indeed of checking it.
However the McMurdo outpouring of grief is either sloppy journalism on a par with the Record, Sun, STV or Glasgow Herald or he has been fed mince in the guise of succulent lamb from a man in Ibrox.
However and we have to examine all possibilities – Was McMurdo correct and did Naqvi actually invest £2 million in Rangers. The interesting thing is that, as far as I know, Naqvi has never commented on the matter despite a number of people asking the question.
The only person who has said that Naqvi didn’t invest is Chuckles. So it might look like a straight choice between the Yorkshireman and McMurdo’s version of events.
But is it that simple? Let look in some more detail at the statement made by Chuckles who said: ‘“I would like to clarify that in the case of Blue Pitch Holdings, the legal beneficiary is Mazen Houssami and not Arif Naqvi of Abraaj Capital’.
No one has ever said that Arif Naqvi is the legal beneficiary of Blue Pitch Holdings and I’m fairly sure that last Spring the SFA were probably given the name of Mazen Houssami as the legal beneficiary of Blue Pitch Holdings. What we don’t know and have never known is who are the individual investors that comprise Blue Pitch Holdings and that may well include or have included Arif Naqvi. Basically Mazen Housami as ‘legal beneficiary’ is the legal ‘front-man’ behind which the investors remain legally anonymous.
Chuckles said that Arif Naqvi is a personal friend that he approached ‘early on in the process about a shareholding’. I struggle to see where Chuckles became a personal friend of Naqvi who is not only a fabulously wealthy inividual who founded an investment bank worth £40 Billion and who is regarded almost as Pakistani Royalty with numerous honours bestowed upon him by his native country and others. He has even been welcomed at Buckingham Palace.
Naqvi and his wife have spent a lifetime since they were both students at the LSE in London working especially to help deprived and disadvantaged women and children all over the Middle and Far East by setting up charitable projects. Naqvi is based in Dubai and over the years has become the confidante of Arab Rulers on financial matters.
I have to be honest and say that I just never realised that Chuckles moved in such exalted company. Still stranger things have happened – possibly.
And then the last section of Chuckles’ statement: ‘But HE HAS NOT PROCEEDED on the basis that the investment fell outside the core geography he invests in’.
So what does that actually mean? Chuckles says that Naqvi was approached early on in investing – say £2 million – with his personal friend Chuckles. To Naqvi £2 million is like a Fiver to us so no big deal.
‘But HE HAS NOT PROCEEDED’ – what exactly does that mean? Does it mean that he did invest and at some stage changed his mind – perhaps because the deal had changed as I ruminated above.
I will not waste any time on the phrase: ‘On the basis that the investment fell outside the core geography he invests in’. Seems that Chuckles thinks Rangers has a big Eastern market that isn’t shared by THE financial expert in the region or maybe just PR fluff that means nothing other than window dressing for a crushing blow.
Returning to McMurdo – he does make the interesting and fascinating statement: ‘I am led to believe that it was Orlit Enterprises that introduced Arif Naqvi of Abraaj Capital to Rangers’.
Why would chuckles not approach his personal friend direct and ask him to invest – why would he need to pay £400,000 to an introuction agency?
The story just keeps on getting curioser and curioser and I predict even strangers turns on the long winding road ahead
CHUCKLES’ STATEMENT IN FULL:
“Mr NAVIQ IS A PERSONAL FRIEND OF MINE and I approached him early on in the process about a shareholding but HE HAS NOT PROCEEDED on the basis that the investment fell outside the core geography he invests in.”
Posted by Ecojon