plgsarmy 111 Posted November 27, 2013 Share Posted November 27, 2013 No, it's not someone widely known though their name has being doing the rounds for some time. I'd rather their name wasn't posted on here as I don't fancy another lawyer's letter. I agree. Ooh la la. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted November 27, 2013 Share Posted November 27, 2013 A group of shareholders opposing the Rangers board have made allegations of a potential serious fraud in Ibrox relating to the company's share issue and called for the immediate resignation of certain board members. The group, which includes former Rangers chairman Malcolm Murray, and former director Paul Murray, have been calling for change in the Ibrox boardroom for several months. On Wednesday, the group issued a statement saying it had been provided with a written statement from a former employee of Rangers which raises serious questions about various payments that were allegedly made to certain shareholders at Ibrox around the time of the share issue that was launched almost a year ago. The group also claim the former employee has reported the matter to the Serious Fraud Office (SFO). The statement said: "In July we embarked upon a campaign to remove certain directors from the Board of Rangers Football Club and to prevent Charles Green from returning to the Club, which he was attempting to do at that time. "We were supported by other like-minded individuals, including major institutional shareholders and the fans who were all concerned about the apparent lack of corporate governance and financial transparency. "In particular we were all concerned about the significant outflows of cash since the IPO and the obvious dysfunctionality of the Board. Since the IPO, 11 months ago, the club has had three chairman, three chief executives and three nomads. This is highly unusual for a public company and may even be unprecedented. "We have been relentless in our pursuit of change as have the fans with whom we are totally aligned. Together we have already achieved a lot. "In the last four months we have seen Green banished from the Club followed by three of his fellow directors. Of the six directors who were on the Board when we started, only two remain. "In the past three weeks there have been three new appointments to the Board. On paper these look like credible individuals who appear to be independent of the Green or Whyte regimes. They will have the opportunity over the coming weeks to prove this and to gain the trust of the fans which they will have to earn." STV News contacted the Serious Fraud Office for a response, but it said it was unable to comment on the matter "for operational reasons." The group's statement went on: "On October 14 we won our case at the Court of Session to have four individuals - Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson - nominated for election to the Board at the AGM. "As well as being supporters of the Club, all four men have had highly successful business careers. To help the Club all four men are prepared to waive any director fees until the Club is back in the SPL if they are elected at the AGM. "All existing directors will be up for re-election on December 19 at the AGM and the shareholders will therefore have a one-off opportunity to select the best Board to take the Club forward. "We will continue our campaign to the AGM and we would encourage all fans and shareholders to support the changes we have been fighting for over the past four months. "After December 19 we must move forward with stability, integrity and transparency as we rebuild the Club back to the highest levels of Scottish and European football." Rangers released an official statement on Wednesday evening saying the club was "unaware of any investigation" by the SFO. The statement went on: "There has been no lack of financial transparency, quite the opposite. We have been through a full blown IPO with financial due diligence. Interim and full year accounts have been produced earlier than AIM deadlines and in accordance with the rules and we have an unqualified audit report. "Corporate governance under a previous chairman was nowhere near the high quality of corporate governance that is now in place. The club now has a new, professional board who will deliver the highest standards of corporate governance. "The outflows of cash include a large amount of exceptional running and salary costs that were inherited from the previous board, costs that were initiated by Malcolm Murray when he was Chairman. "Despite this, the Financial Director Brian Stockbridge has addressed planned expenditure from facilities, made substantial savings on security by bringing it in-house and making it a revenue generating centre and saved substantial amounts from the catering contract this season. "We can only assume that confidential information that an ex-employee leaked to the requisitioners was in relation to the payments to certain shareholders that was looked at by two sets of lawyers and the nomad at the time and then subject to an additional specific review. "It will have escaped nobody’s attention that Mr McColl and his colleagues are appearing at a fans forum in Glasgow tomorrow evening and today’s statement appears to be a rather crude attempt to garner support for their cause." This latest twist in the ongoing feud between the Ibrox board and the rebel group comes just weeks ahead of what will be a crucial Annual General Meeting on December 19. http://t.co/O1jP6DfpjM 0 Quote Link to post Share on other sites More sharing options...
crucible 0 Posted November 27, 2013 Share Posted November 27, 2013 Cases are referred to the SFO by the Police or other government departments, individuals are not entertained by the SFO, so no one reported anything to the SFO it quite simply doesn't work that way Board Statement Written by Rangers Football Club THE board notes the comments made by a group of businessmen and minor investors led by Mr Jim McColl. We would make the following points:- Rangers have not been contacted by the SFO and are completely unaware of any investigation. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 27, 2013 Share Posted November 27, 2013 we all know that millions were paid back to initial investors from the ipo money. if it was illegal that's disastrous but in truth it was morally abhorrent either way. shareholders and fans were lied to. while we were being told of war chests and investment in the future plans were being made to enrich spivs. the club can say they haven't been contacted by the sfo. it's probably even true after a fashion. but we all they paid the cash out. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 27, 2013 Share Posted November 27, 2013 Cases are referred to the SFO by the Police or other government departments, individuals are not entertained by the SFO, so no one reported anything to the SFO it quite simply doesn't work that way Board Statement Written by Rangers Football Club THE board notes the comments made by a group of businessmen and minor investors led by Mr Jim McColl. We would make the following points:- Rangers have not been contacted by the SFO and are completely unaware of any investigation. Ah yes, a statement from a board who were repeatedly having to release further statements to amend/correct mistakes and misinformation in their previous statements. Trustworthy? I think not. 0 Quote Link to post Share on other sites More sharing options...
crucible 0 Posted November 27, 2013 Share Posted November 27, 2013 It doesn't alter the fact that the SFO do not accept complaints/cases from individuals. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted November 27, 2013 Share Posted November 27, 2013 Good factual statement from McColl & co. Here's hoping they keep up the pressure and triumph to an acceptable extent at the AGM. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted November 27, 2013 Share Posted November 27, 2013 It doesn't alter the fact that the SFO do not accept complaints/cases from individuals. The statement only said it was reported, whether it was accepted or not, was there wrong doing? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 27, 2013 Share Posted November 27, 2013 It doesn't alter the fact that the SFO do not accept complaints/cases from individuals. makes no difference to the fact we were conned as fans and shareholders. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 27, 2013 Share Posted November 27, 2013 The statement only said it was reported, whether it was accepted or not, was there wrong doing? millions returned to existing investors. lets see them deny that. 0 Quote Link to post Share on other sites More sharing options...
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