PROCURATOR FISCAL LAUNCHES FRAUD PROBE INTO RANGERS RANGERS are being investigated by the Procurator Fiscal after allegations of fraud. The bombshell news follows information and evidence of alleged wrongdoing which I can reveal was handed to the Serious Fraud Office in London this week. They have no jurisdiction in Scotland, but senior figures in the Serious Fraud Office were sufficiently impressed by the nature of the evidence and details in the complaint that they immediately contacted the Procurator Fiscal’s office in Glasgow. Now the Fiscal has called for a full police probe into these extremely serious and wide ranging allegations and senior officers will now interview the Rangers executive directors who were responsible for the share issue last December, plus certain transactions which took place earlier this year in the aftermath of the Imran Ahmad, Charles Green and Brian Stockbridge launched IPO which saw Rangers quoted on the Stock Exchange. The IPO raised £22.5M which financial director Stockbridge, the only one of that trio who is still on the board, has admitted is now all gone. I understand that the Procurator Fiscal-ordered-investigation will focus on certain transactions which came in the wake of that £22.5M being raised, transactions which helped drain that huge cash injection and reduce it to zero in a matter of months. The news that the Rangers books could be seized by the police with financial director Stockbridge, former chief executive Charles Green and ex commercial director Imran Ahmad facing a grilling, possibly under caution, will undermine the current board’s bid to stay in place. For the police probe into these serious allegations will almost certainly still be under way when the current crop of directors, including financial director Stockbridge, are forced to offer themselves to the shareholders for election at the Annual General Meeting which must now take place no later than October 31st.
Posted on: Fri, 20 Sep 2013 18:03:09 +0000
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