The article that I have chosen to showcase was first published on 22nd September 2015 which was a mere three days after the inception of our site. It is particularly prescient apropos Craig Whyte’s pursuit of a considerable quantum from the joint liquidators at BDO. It is also apposite in regard to nailing the mendacious Continuation Myth which is expounded by Neil Doncaster in his naked attempt to hawk four ‘Old Firm’ games to broadcasters. As all clubs benefit from these four games the chairmen have kept their mouths firmly shut as any iteration of “The Punch & Judy Show” is good for business.
In my preceding three articles I have provided some background on Dave King, whom, in my considered opinion, is a white-collar career criminal. I also have misgivings about Paul Murray, whose naked ambition to rejoin the board led to him liaising with this criminal. I don’t see the point of John Gilligan, other than to make up the numbers in the unlikely event that Sports Direct Retail plc choose to make good on their appointment of two directors as per the loan agreement. According to a recent statement all directors are working pro bono, which I do not accept. King flies BA First from Johannesburg to London, and in business class from London to Glasgow, which is circa £10,500. This is paid for by the club. Murray & Gilligan have generous expense accounts that will lead to ‘benefit in kind’ taxes. These individuals are not running Rangers as a hobby. There will be bonuses for promotion, which is a shoe-in this year. Some might speculate as to why one has any need of an absent chairman who resides in South Africa, and who then flies in to make contradictory statements to the media. Everything King does is self-serving. Those who think he he is a man of wealth who will make an appreciable difference to Rangers, should acquaint themselves with my well-researched articles. Those who believe he is a rain-maker who will garner investment from elsewhere, should realize that he is still a pariah in business circles in South Africa for perpetrating numerous frauds.
King’s defence of these frauds is ingenious, as one would expect from any long-term confidence trickster. King does everything as part of a trust and then claims that he does not have executive power in this trust. Of course, to make it even more difficult to secure a conviction he uses what is known as The Russian Doll Model, where each trust is a subsidiary of another company in another locus. He then engages in The Revolving Door Model where the parent of these trusts changes by moving capital between them so as to not only evade tax and launder money with impunity, but to confer temporary nominal control. So if you wanted to challenge King on his fraudulent sale of software (to choose one from many examples), you would have to hire forensic accountants to discern which trust benefited from the fraud, and then attempt to link King to this trust, and then prove that he had executive control. One would then have to go to court in The British Virgin Islands/Guernsey/The Sunshine Islands and South Africa.
However King’s latest statement on Oldco, Rangers (1L), has led to some concern among informed Rangers fans. King stated that the current club is not the Traditional Rangers and that he and his board are looking at transferring the assets of RIFC to Rangers (1L) and then removing the latter from liquidation. He then disingenuously claimed, in an obvious pitch to the supporters, that his motivation was to silence detractors who claim that Rangers Lite are a new club with no claim on any history.
King is lying here on so many levels. The first lie in his statement is that he and his shyster board owns and controls the assets. King has recently been subjected to the corporate equivalent of a warrant sale. It would be against his long-held traditions of parsimony to offer even 1p in the pound to creditors, which is about as much as he could afford. Then there is the complex legal argument of arranging to sist Oldco from liquidation. This is rarely possible, but would have little chance of success unless the creditors were paid in full. At this point HMRC are owed £14m and change, but if the BDO appeal to The Supreme Court in London is unsuccessful then another £70m would be outstanding.
Mr Whyte and his associates have been inordinately busy of late. Law Financial Plc has recently appointed Liberty Corporate Ltd, a British company whose only director is Whyte’s father, to its corporate board. Craig Whyte has stepped down as a director from the board of Law Financial Plc as he has been disqualified as a director for 15 years by Justice Tyre. This is highly significant.
There has also been activity in regard to The Rangers FC Group Ltd, which was formerly known as Wavetower, where four years of backdated accounts have now been posted which suggests that this formerly dormant company is now active.
A Companies House document, MG01 re Liberty Corporate, discloses that the Rangers FC Group Ltd granted a security in the form of a debenture over all of its assets, present and future. The main assets of Rangers FC Group Ltd were an 85% shareholding in Rangers Football Club Plc and rights under a floating charge over said club’s assets in security for whatever debt is owed to the RFC Group Ltd.
In summary, Law Financial Ltd own the debenture floating charge. This is being challenged in The Court of Session by BDO.
Whyte’s security on the assets is believed to be water-tight. The financial instrument was specifically designed to survive any liquidation event.
Whyte’s objective was to sideline the debt and subsequently float Rangers on the stock-market, thus profiting significantly.
If this was not enough for Rangers supporters to endure, they are now in the hands of someone much more dangerous than Whyte. Whyte has been indicted and charged in regard to an alleged premeditated crime. Mr King was also charged with racketeering in South Africa. It was alleged that Mr King had liaised with an underworld figure, via a go-between. The fact that only five witnesses were prepared to testify against King and Morris was dismissed by King as a coincidence. Mr Whyte has much to learn in regard to how real criminals play the game.
I have kept the last part of this imbroglio to the end as it is a complex affair. Liberty Corporate Ltd was a wholly owned subsidiary of Liberty Capital Ltd, which was a Craig Whyte’s British Virgin Islands (BVI) holding company.
Ticketus, who successfully won a court order against Whyte in London to the value of £17.1m, then proceeded to pursue the liquidation of Liberty Capital Ltd by order of The Eastern Caribbean Court. However the value of Liberty Corporate Ltd, which is now assigned to Law Financial, is currently unaffected by these liquidation proceedings.
Have the Rangers supporters not had enough of asset-strippers on the make and people like King impersonating Real Rangers Men? Apparently not. They are hard-wired to accept any Sugar Daddy on Edmiston Drive. All their team’s success was predicated on loans, tax-evasion and dual contract cheating. Criminals with a quantum burning a hole in their pocket are most welcome in the Blue Room.