Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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In that scenario, would BDO not have a claim on the assets on behalf of the old club?
With so many claims outstanding it's hard not to see this having an affect on the new club.


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Yup, but then that's always been on the cards since the day Sevco bought the assets for £5.5m. If it hadn't have been a criminal case, it would have been a civil one brought by BDO.

[Ozyhibby]

https://rangersfraudcase.wordpress.c...ctment-part-1/

Here is part one of today's indictment


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[CropleyWasGod]

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I sent that to a Celtc supporter at work and he came back with this....

Any thoughts on the second para?? CWG?


So much fun: “basket of assets”, “is now a football club” etc etc :)

Another conspiracy theory is that DK is planning on another asset transfer to a HK registered company and will liquidate the current entities which will remove Mike Ashley from the picture. This will also shaft most of the current shareholders as the “new” board can convert the current loans into equity as they see fit (but which they couldn’t do with the current set up because of MA and the Easdales) .

It’s amazing how a football club can be used to generate so much money for so many criminals over such a long period, although I guess it helps to have a gullible fan base who believe anything and are desperate to hold on to anything rangersish…..

JJ posited that the other day. I queried it, and he (perhaps wilfully) got the wrong end of the stick.

First off, I'm not sure DK could do that without greater shareholder support than he already has.

More importantly, the issue I have is that the assets would be sold for £1. HMRC would not like that, given that that would be less than market value, to a connected company. They would aggressively pursue the old company for the tax that should have been due. That would result in a liquidator being appointed, and a similar scenario to that currently being experienced by the old version of rangers.

There's also the small matter of whether the SFA licence could be transferred.

And many others on JJ's site have picked other holes in the scenario.

[portycabbage]

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James Doleman ‏@jamesdoleman 2m2 minutes ago
Craig Whyte also accused of fraud against the SFA by not disclosing previous bar on being a company director during "fit and proper" test

Should that read, SFA don't conduct 'fit and proper' test correctly? Surly the SFA should also be checking this basic of things?

or is it a case of, hey mr new chairman, any reason why your not a fit and proper person?

Chairman: naw, im squeeky clean.

SFA: Passed.

I'm sure I remember reading (probably on here) about CW's bar on being a director within about 30 seconds of the first mention of his name. Maybe the SFA should have googled his name or something.

[Bostonhibby]

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I'm sure I remember reading (probably on here) about CW's bar on being a director within about 30 seconds of the first mention of his name. Maybe the SFA should have googled his name or something.

Was thinking this might be an interesting wee precedent for any Judge considering Ashleys review of the test that was applied when the glib and shameless one was deemed fit and proper.

Might it go something like - what is the process that you actually go through before coming to a decision on whether someone is fit and proper and how did you apply it in the case of CW? Or any of the others for that matter.

Nae wonder the original club is now defunct.

[Ozyhibby]

Here is a summary of the charges that was posted on SFM
----------

I’m unable to discuss any matters discussed in court today but here is a summary of the updated indictment, which is a public document.
CW – Whyte, GW – Withey, DG – Grier, DW – Whitehouse, PC – Paul Clark, CG – Green, IA Ahmad
Substance of the charges:
1. CW, GW, DG, DW, PC conspired to obtain funds by fraud from Jerome, Merchant and Ticketus to fund the fraudulent purchase of the club (offence was aggravated)
• CW & GW obtained £2,825,000 by fraud from the trustees of the Jerome Pension Fund
• CW & GW obtained £1,000,00 by fraud from Merchant Turnaround PLC
• CW, GW & DG made false representations to Rangers Independent committee about the funding of the purchase
• CW & GW obtained £24,337,094 by fraud from Ticketus
• CW & GW made false representations to the Takeover panel re the funding
• CW failed to disclose a disqualification as a director
• CW & GW made false representation to the PLUS stock exchange re CW’s disqualification
• CW, GW & DG made false representations to Murray Holdings Ltd re funding of the purchase and the future funding of the club including the wee tax case (£2,800,000) and an H&S liability (£1,700,000)
2. CW & GW contravened the proceeds of crime act using the £28,262,094 obtained by fraud when purchasing the club
3. DG, DW & PC failed to report suspicions of Money Laundering by CW & GW using “Financial Assistance” to purchase the club, contrary to the proceeds of crime act
4. CW, GW, DG, DW, PC did conspire together to act as in Charge 1
5. CW & GW breached the Companies Act by using the clubs own money to fund the acquisition (Financial Assistance”
6. CW & GW committed fraud by failing to disclose CW’s disqualification to the SFA
7. CW & DG committed fraud by falsely submitting invoices for £253,800 to Rangers which should have been submitted to Liberty Capital.
8. CW & DG committed fraud by falsely submitting invoices for £409,320 to Rangers which should have been submitted to Liberty Capital.
9. CW & DG committed fraud by falsely submitting invoices for £66,120 to Rangers which should have been submitted to Liberty Capital.
10. CW, GW, DG, DW & PC conspired to defraud creditors, including non-payment of taxes and while they ran the club in order to facilitate CW in buying back the club debt free, which was in breach of the Companies Act
11. DW & PC perverted the course of justice when stating to Lord Hodge that they were unaware of the Ticketus arrangements
12. CW, GW, DW, PC, CG & IA conspired to defraud creditors by purchasing the club’s business and assets significantly below market value.
• CW, DW & PC sought to put the club in administration• Caused the court to appoint DW & PC as administrators
• DW & PC falsely pretended to act in the interests of all creditors
• CG falsely presented himself as an independent purchaser
• DW & PC pretended that the purpose of administration was to get the best return for creditors
• CW acquired Sevco 5088 of which CG was appointed director• CG received £25,000 from CW to pay legal fees related to Sevco 5088
• CG paid the legal fees with the £25,000
• IA paid the administrators DW & PC £200,000 as an exclusivity fee
• DW & PC granted Sevco 5088 exclusivity to the exclusion of other prospective purchasers
• CW paid £137,000 into IA’s mother’s account as part payment of the exclusivity fee
• DW & PC completed a sale and purchase agreement with CG on behalf of both Sevco 5088 and Sevco Scotland for a price of £5,500,000, significantly below market value.
• DW & PC falsely advised creditors that SPL prize money was reflected in the consideration paid for the assets, but the sale and purchase agreement reflected a “nil” consideration
• Permitted the transfer of £291,823.10 from Rangers Youth Development to help fund the purchase of assets
13. CW, GW, DW, PC, CG & IA participated in a conspiracy to purchase the business and assets of the club depriving creditors of the rightful sums due to them and the material benefit going to themselves
14. CW and IA defrauded investors in Sevco 5088 and RIFC, acquiring money and shares by fraud and to increase the value of their shares in RIFC
• CW pretended he had no interest in Sevco 5088• Induced investors to put £5,500,000 into Sevco 5088
• CG caused the change of exclusivity from Sevco 5088 to Sevco Scotland without proper approval
• CG did appropriate the £5,500,000 invested in Sevco 5088 by fraud without the investors knowledge or agreement
• CG & IA allotted themselves 2,000,000 shares
• CG & IA changed the name of Sevco Scotland to The Rangers Football Club
• CG & IA appointed Cenkos as a nomad but failed to advise them of the source of funding through Sevco 5088
• CG & IA thereby raised £21,000,000 in the IPO by fraud
15. CW failed to provide police with mobile phone and laptop passwords, when requested, in breach of the Regulation of Investigatory Powers Act by police contrary to the Regulation of Investigatory Powers Act
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[Moulin Yarns]

Thanks for the summary Oz. What is the long version? 😉

[Bostonhibby]

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Here is a summary of the charges that was posted on SFM
----------

I’m unable to discuss any matters discussed in court today but here is a summary of the updated indictment, which is a public document.
CW – Whyte, GW – Withey, DG – Grier, DW – Whitehouse, PC – Paul Clark, CG – Green, IA Ahmad
Substance of the charges:
1. CW, GW, DG, DW, PC conspired to obtain funds by fraud from Jerome, Merchant and Ticketus to fund the fraudulent purchase of the club (offence was aggravated)
• CW & GW obtained £2,825,000 by fraud from the trustees of the Jerome Pension Fund
• CW & GW obtained £1,000,00 by fraud from Merchant Turnaround PLC
• CW, GW & DG made false representations to Rangers Independent committee about the funding of the purchase
• CW & GW obtained £24,337,094 by fraud from Ticketus
• CW & GW made false representations to the Takeover panel re the funding
• CW failed to disclose a disqualification as a director
• CW & GW made false representation to the PLUS stock exchange re CW’s disqualification
• CW, GW & DG made false representations to Murray Holdings Ltd re funding of the purchase and the future funding of the club including the wee tax case (£2,800,000) and an H&S liability (£1,700,000)
2. CW & GW contravened the proceeds of crime act using the £28,262,094 obtained by fraud when purchasing the club
3. DG, DW & PC failed to report suspicions of Money Laundering by CW & GW using “Financial Assistance” to purchase the club, contrary to the proceeds of crime act
4. CW, GW, DG, DW, PC did conspire together to act as in Charge 1
5. CW & GW breached the Companies Act by using the clubs own money to fund the acquisition (Financial Assistance”
6. CW & GW committed fraud by failing to disclose CW’s disqualification to the SFA
7. CW & DG committed fraud by falsely submitting invoices for £253,800 to Rangers which should have been submitted to Liberty Capital.
8. CW & DG committed fraud by falsely submitting invoices for £409,320 to Rangers which should have been submitted to Liberty Capital.
9. CW & DG committed fraud by falsely submitting invoices for £66,120 to Rangers which should have been submitted to Liberty Capital.
10. CW, GW, DG, DW & PC conspired to defraud creditors, including non-payment of taxes and while they ran the club in order to facilitate CW in buying back the club debt free, which was in breach of the Companies Act
11. DW & PC perverted the course of justice when stating to Lord Hodge that they were unaware of the Ticketus arrangements
12. CW, GW, DW, PC, CG & IA conspired to defraud creditors by purchasing the club’s business and assets significantly below market value.
• CW, DW & PC sought to put the club in administration• Caused the court to appoint DW & PC as administrators
• DW & PC falsely pretended to act in the interests of all creditors
• CG falsely presented himself as an independent purchaser
• DW & PC pretended that the purpose of administration was to get the best return for creditors
• CW acquired Sevco 5088 of which CG was appointed director• CG received £25,000 from CW to pay legal fees related to Sevco 5088
• CG paid the legal fees with the £25,000
• IA paid the administrators DW & PC £200,000 as an exclusivity fee
• DW & PC granted Sevco 5088 exclusivity to the exclusion of other prospective purchasers
• CW paid £137,000 into IA’s mother’s account as part payment of the exclusivity fee
• DW & PC completed a sale and purchase agreement with CG on behalf of both Sevco 5088 and Sevco Scotland for a price of £5,500,000, significantly below market value.
• DW & PC falsely advised creditors that SPL prize money was reflected in the consideration paid for the assets, but the sale and purchase agreement reflected a “nil” consideration
• Permitted the transfer of £291,823.10 from Rangers Youth Development to help fund the purchase of assets
13. CW, GW, DW, PC, CG & IA participated in a conspiracy to purchase the business and assets of the club depriving creditors of the rightful sums due to them and the material benefit going to themselves
14. CW and IA defrauded investors in Sevco 5088 and RIFC, acquiring money and shares by fraud and to increase the value of their shares in RIFC
• CW pretended he had no interest in Sevco 5088• Induced investors to put £5,500,000 into Sevco 5088
• CG caused the change of exclusivity from Sevco 5088 to Sevco Scotland without proper approval
• CG did appropriate the £5,500,000 invested in Sevco 5088 by fraud without the investors knowledge or agreement
• CG & IA allotted themselves 2,000,000 shares
• CG & IA changed the name of Sevco Scotland to The Rangers Football Club
• CG & IA appointed Cenkos as a nomad but failed to advise them of the source of funding through Sevco 5088
• CG & IA thereby raised £21,000,000 in the IPO by fraud
15. CW failed to provide police with mobile phone and laptop passwords, when requested, in breach of the Regulation of Investigatory Powers Act by police contrary to the Regulation of Investigatory Powers Act
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Jeez, so that's why Walter Smith left. He obviously saw all this coming.

This is what Bomber Brown was trying to tell everyone but we mocked him.

[Ozyhibby]

Having a look at the list of charges, there are some where the new club would appear the victim and some where they are they beneficiary of the crime.
If 13 is a guilty verdict, do BDO take back the assets?


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[CropleyWasGod]

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Having a look at the list of charges, there are some where the new club would appear the victim and some where they are they beneficiary of the crime.
If 13 is a guilty verdict, do BDO take back the assets?


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Not necessarily . They could sue the perps, and D&P's insurance could pay out.

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[truehibernian]

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Not necessarily . They could sue the perps, and D&P's insurance could pay out.

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I still think Ashley is licking the brandy butter off his fingers and just waiting for his moment CWG

[Devonhibs]

The problem with these type of cases is that most juries get confused and often can't see the wood for the trees once their five barristers start defending them and mudding the water.

Its hard to get convictions in complicated fraud matters that why the Serious Fraud Office in london dealing with the City has a poor conviction rate.

[Moulin Yarns]

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JJ posited that the other day. I queried it, and he (perhaps wilfully) got the wrong end of the stick.

First off, I'm not sure DK could do that without greater shareholder support than he already has.

More importantly, the issue I have is that the assets would be sold for £1. HMRC would not like that, given that that would be less than market value, to a connected company. They would aggressively pursue the old company for the tax that should have been due. That would result in a liquidator being appointed, and a similar scenario to that currently being experienced by the old version of rangers.

There's also the small matter of whether the SFA licence could be transferred.

And many others on JJ's site have picked other holes in the scenario.

Thanks CWG. I didn't think it made sense. Ignoring the SFA licence, we all know how that would go I wasn't sure who would benefit from a liquidation.

[jacomo]

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The problem with these type of cases is that most juries get confused and often can't see the wood for the trees once their five barristers start defending them and mudding the water.

Its hard to get convictions in complicated fraud matters that why the Serious Fraud Office in london dealing with the City has a poor conviction rate.

True, although this case involves a high profile football club, so I expect in depth analysis from the MSM to help us lay people make sense of it all.

Can't wait.

[CropleyWasGod]

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Thanks CWG. I didn't think it made sense. Ignoring the SFA licence, we all know how that would go I wasn't sure who would benefit from a liquidation.

Hibs?

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[ballengeich]

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True, although this case involves a high profile football club, so I expect in depth analysis from the MSM to help us lay people make sense of it all.

Can't wait.

I've no doubt that diversion of staff to this in depth analysis explains why the Scotsman hasn't reported that the case was in court yesterday.

[Ozyhibby]

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I've no doubt that diversion of staff to this in depth analysis explains why the Scotsman hasn't reported that the case was in court yesterday.

I've stopped buying them. Makes you wonder what else gets hidden from view.


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[MrSmith]

Haven't bought a newspaper in years as our MSM is atrocious to say the least!

There is more open, honest, impartial and factual information available on the internet as we all know :)

[ancient hibee]

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The problem with these type of cases is that most juries get confused and often can't see the wood for the trees once their five barristers start defending them and mudding the water.

Its hard to get convictions in complicated fraud matters that why the Serious Fraud Office in london dealing with the City has a poor conviction rate.

Both sides of the "great divide " will be on the jury and will find them guilty for different reasons.

[Seveno]

Does this confirm that Green stole the club from Whyte by the change from Sevco 5088 to Sevco Scotland ?

[Ozyhibby]

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Does this confirm that Green stole the club from Whyte by the change from Sevco 5088 to Sevco Scotland ?

Doesn't confirm it but Police Scotland think so.


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[Seveno]

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Doesn't confirm it but Police Scotland think so.


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Does the Proceeds of Crime Act apply if you steal the Proceeds of Crime from a criminal?

[JeMeSouviens]

Whichever way the court case goes, this is going to postpone any new Hun share issue for years.

[Jim44]

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Whichever way the court case goes, this is going to postpone any new Hun share issue for years.

So only soft loans for the foreseeable future then? Three cheers for these kind Hunanthropists. Booooooooooo......

[CropleyWasGod]

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Does this confirm that Green stole the club from Whyte by the change from Sevco 5088 to Sevco Scotland ?

Long way to go before we can say that.

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[Greenworld]

When does it all kick off for real

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[Deansy]

All theses pages, all these charges/accusations/offences etc and I'm still waiting on SDM to get a mention ??

[CropleyWasGod]

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All theses pages, all these charges/accusations/offences etc and I'm still waiting on SDM to get a mention ??

If you mean Hibs.net, you haven't been reading properly :)

I, and many others, have referred to him often. I said just the other day that his evidence about the Ticketus fraud will be "interesting ".



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[Smartie]

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All theses pages, all these charges/accusations/offences etc and I'm still waiting on SDM to get a mention ??

It always amazes me how lightly he gets off in the eyes of "the hordes".

He was the architect of their demise. He designed every aspect of it, set it up to go pop then got a patsy in (Whyte) for them all to blame when it happened. I read an article a while back that made a good case for Whyte actually being the good guy in the eyes of the Rangers fans - if he hadn't used the tax as working capital then they might have been liquidated mid-season which would have been far harder for them to re-emerge from. Doing this he kept a busted flush going until the summer and managed to keep a club alive (or undead might be more accurate).

I don't think they can/will move on as a club until the fans realise that SDM was the figure to blame more than anyone. Yes they've had a succession of crooks and misfits since then but that's what you get when you carry on the way they did for so long that the club is untouchable by anyone with any integrity/ common sense/ intelligence/ clean money.

Only when they distance themselves from the idiotic grandeur of his era will they be able to progress as a club again.

Which is nice because I don't see it happening any time soon.

[ACLeith]

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If you mean Hibs.net, you haven't been reading properly :)

I, and many others, have referred to him often. I said just the other day that his evidence about the Ticketus fraud will be "interesting ".



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I often think that "Interesting" is an interesting word to use . He claimed he had been "duped" by CW, I don't believe a word of that. He was desperate to dump the club and would probably have sold to anyone, maybe regardless of any advice as to the financial/moral strength of said "anyone"?

I can't see those in the dock protecting SDM's skin if it would benefit them, SDM might well be panicking as to any "smoking guns" that will come out?