In a previous blog I touched on the complexities of the case against the indicted six and Imran Ahmad in absentia. I provided some indicative figures on Green’s litigation and I confirmed my assertion that Green is covered by RIFC for a period of seven years from his date of resignation. Any attempt at defending his petition to the Court of Session is throwing good money after bad. However, as our criminal chairman has demonstrated over a period of thirteen years, he is prepared to fritter away more than half of his ill-gotten gains in court. He and his shyster board have already been taken to court by Sports Direct. His exercise in corporate malfeasance cost the club £400,000. He is now intent on wasting another £50,000 in defending Green’s iron clad severance provisions.
I chose not to comment on the perverting the course of justice charges as I take the view that any deleting of an incriminating e-mail or any shredding of an evidential hard copy document, are the least of the defendants concerns.
Unravelling Green & Whyte’s Sevco manoeuvres will be an expensive enterprise.
Sevco 5088, an off-the-shelf company formed by Field Fisher Waterhouse (via 7Side Secretarial Ltd) was created for the express purpose of acquiring Rangers.
Green stated: “The company that was originally formed wasn’t required and was handed back to Craig Whyte. That company was never used for anything and it became a dormant company and was subsequently struck-off.”
In The Rangers AIM prospectus for the December 2012 IPO, Green states that he was the sole Sevco 5088 shareholder. Green failed to state that he was a director in the company nor that it was a subsidiary of RIFC Plc.
On the official Rangers website of 5 April 2013 Green stated: “I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.”
One week later on 12 April 2013 the official website stated: “Mr Green was the sole director of Sevco 5088 until he resigned and became the founder director of Sevco Scotland.”
However Green didn’t advise Companies House of his resignation from Sevco 5088 at any time even though he wrote a resignation letter and signed a stock transfer form transferring stock from Sevco 5088 to Sevco Scotland.
At this point we arrive at one of the Green indictments, apropos, whether he was authorized to effect this transaction and whether it was legitimate.
According to Companies House there is only a £1 share in Sevco 5088 which is not held by Green. So was the stock transferred the millions of share options held by a consortium who had invested the money to secure and purchase the Rangers assets from Duff & Phelps through Sevco 5088? .
On 27 December 2012, Green signed a request for the voluntary striking-off of Sevco 5088 which was sent to Companies House by Field Fisher Waterhouse( FFW). This document arrived on 7 January 2013 with the requisite notice posted in the London Gazette one week later.
Green stated on the form that he was the sole director which clearly contradicted what he had stated on the official Rangers website which confirmed that he had ceased to be a director of Sevco 5088 at least 6 months earlier.
On 12 April 2013, Companies House received notification that Craig Whyte and Aidan Earley had been appointed directors of Sevco 5088 on 9 May 2012 and their appointment forms had been countersigned by Green.
It was evident that Green was a co-director with Whyte in a company that had the exclusive rights to purchase Rangers.The minutes of the TRFCL Board meeting on 31 October 2012 unequivocally state that Sevco 5088 paid a £200k exclusivity fee to D&P to be the sole acquiring party for the assets and business of Rangers.
Green resigned as CEO of RIFC within one week of the Companies House revelations. On 22 April 2013, RIFC announced via a Regulatory News Statement (RNS) on LSE AIM that Sevco 5088 was a subsidiary of RIFC on 7 December 2012 when the company’s AIM admission document was presented. It was also announced that their departed CEO had failed to disclose his directorship of Sevco 5088 to LSE AIM.
Whyte and Earley contested their removal from office and following an investigation were reinstated as directors of Sevco 5088 and the director termination forms, signed by Green, were ordered to be removed from the Public Register of Companies House. So as far as Companies House is concerned Whyte & Earley are directors of Sevco 5088 and have been since 9 May 2012.
Sevco 5088 received substantial investment funds. Share placing letters were issued predicated on Sevco 5088 being the acquiring company of Rangers. The written permission of co-directors Whyte & Earley was required to transfer these to Sevco Scotland.
There is a growing consensus of opinion that the £2m required to purchase the trading assets of Rangers was effected by Sevco 5088 prior to the asset transfer to Sevco Scotland.
It would appear that this transfer was effected to deceive the Rangers fans and the SFA into believing that Craig Whyte played no part in the trading assets acquisition. In my considered opinion, the Sevco shuffle was a conspiracy between Green & Whyte. It’s important to note that Aidan Earley has not been indicted.