Tag Archives: Sevco Scotland Ltd

Worthington PLC Claim To Have Reported Charles Green and Imran Ahmad to the Serious Fraud Office

As a preamble, it has not been made clear what the basis for the above report is. Undoubtedly Messrs Green and Ahmad will maintain, as they are entitled to do, that they are not guilty of any offence and in law they remain innocent men until a criminal court declares otherwise. There is a big difference between a report being made to the police or the SFO and such a report being accepted as credible and reliable. Even then, there remains some distance to go before evidence of criminality sufficient to mount a prosecution can be produced, and even then there is a further stretch to reaching the standard for a conviction in court. Most complaints to the police result in no action at all, as the matter falls at one of the above hurdles.

So, to end the preamble, accusations are not proof, and the reporting that such a report has been made should in no way be taken as a statement that the parties mentioned have done anything wrong. There is a long way from accusation to conviction, and my comments on the whole matter should not be taken as implying that there has been any wrongdoing by anyone.

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Two Stock Market announcements today, which make it clear that all parties are very serious and that this issue is not going away any time soon.

First of all RIFC PLC came out in almost as “all guns blazing” a way which one can in a Stock Exchange announcement.

In light of the recent media speculation in relation to alleged claims which are purported to have been made by Craig Whyte, Aidan Earley, Law Financial Limited or Worthington Group plc in relation to the ownership or control of Sevco 5088 Limited (“Sevco 5088”), Rangers confirms that no legal claim has been received by Charles Green, Imran Ahmad or the Group.   As none of the allegations that have been made in the press have been substantiated by evidence of any legally enforceable rights and as details of any claim, whilst threatened, have not been received, the company regards any such press commentary and speculation to be highly spurious.  The Group has been and continues to receive legal advice to protect the business, assets and reputation of the company and its directors from such spurious claims. Continue reading

294 Comments

Filed under Charles Green, Civil Law, Rangers

The “Sevco Shuffle” – Mr Green and Mr Whyte – Scotland and 5088 – Fun With Forms!

The ever assiduous BillyBhoy68 has sent me on a couple of documents which could have a bearing on the kerfuffle about Sevco 5088 Ltd, Sevco Scotland Ltd and who bought Rangers. It might also give some circumstantial evidence about the involvement of Mr Whyte.

Finally it answers some questions about the creation of the 22 million Rangers shares, and suggests that keeping paperwork in order is a major problem, even for such experienced and successful businessman as Mr Whyte Green.

One of the documents will be familiar to keen-eyed readers of the blog who have long memories!

Back in July 2012 I wrote about the Sevco 5088 Dis-Application of Pre-Emption Rights.

Part of what I wrote at the time appears below:- Continue reading

88 Comments

Filed under Charles Green, Companies Act 2006, Rangers

Mr Whyte, Mr Green, Sevco 5088, Sevco Scotland and Prospectus Risk Factors

In which I comment on:-

  • the return to the fray of Craig Whyte,
  • the confusing issue of whether Sevco Scotland Ltd (which was not a party to the sale agreement) or Sevco 5088 Ltd (which was) acquired the assets directly from Duff and Phelps,
  • whether Mr Whyte’s challenge ought to have been mentioned as a “risk factor” in the Prospectus,
  • whether Mr Whyte’s allegations might provoke BDO into further and more immediate action and
  • whether his involvement, if established, bolsters or weakens any case of alleged “gratuitous alienation”. Continue reading

352 Comments

Filed under Charles Green, Courts, Insolvency Act 1986, Rangers

Charles Green’s 16 Points – How Many Will Be In the Rangers Prospectus?

And so the time for the grand revelation of the Rangers share prospectus fast approaches. Mr Green spoke to some of the Rangers executive supporters gathered for the match against Alloa on Sunday.

Many of the matters he raised and discussed are indicative of a smart businessman, leading his business forward to prosperity, although there are a few head-scratching comments too.

Once the Share Prospectus appears, I suspect we will hear much less from Mr Green, to avoid ill-founded accusations that he was seeking to influence the share issue outwith the formal AIM procedure.

A helpful reader forwarded me the following summary from a prominent Rangers website. I have edited it only in relation to inappropriate language, to avoid any accusation of not recording faithfully what the helpful scribe has noted. Therefore, there will be the occasional grammatical or spelling error. I have added my comments in bold. Should there be any errors in the bold sections, then that is down entirely to me. My comments are based upon the report, as I did not have the pleasure of hearing Mr Green personally.

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CG spoke for 40 minutes yesterday in Ibrox, here are some of of his comments.

1 – He met with Sky last week and refuses to sign up to the new sky deal which ends in two years !

Why refuse to do so?

A             Because he will not countenance dealing with Sky as doing so might benefit the “hated” SPL.

B             Because, especially with his expectations, as detailed below, of football reconstruction in Scotland, and not wanting to commit his company too early in an uncertain landscape, he is holding off from a decision that does not need to be taken now. Continue reading

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Filed under Charles Green, Rangers

Who was Spartacus when Duff & Phelps sold Rangers Football Club? by Ecojon

Craig Whyte’s declaration he was the catalyst behind the Rangers sale to Charles Green shook Ibrox to its foundation and fired my memory into gear. However before dissecting my lonely grey cells let me jog your memory as there are a few twists and turns along the road to liquidation.

Rangers entered administration on 14 February 2012 and after various bidders dropped by the wayside American tycoon Bill Miller  was declared ‘preferred bidder’ for the failed club on 3 May by Rangers administrators Duff & Phelps who were reportedly left ‘stunned’ just five days later when Miller walked away from Ibrox.

Commenting on the withdrawal at the time, administrator David Whitehouse said: ‘Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.

‘As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency’. I am unclear whether the Sevco offer is included in the trio but the Sevco bid was accepted by the administrator on 14 May. Continue reading

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Filed under Administration, Charles Green, Rangers