Jump to content

Photo

Murray says ex directors gave Whyte confidential docs


  • Please log in to reply
42 replies to this topic

#1 Bear 72

Bear 72

    David Cooper Templeton

  • Reserve Team
  • PipPipPip
  • 34 posts
  • Gender:Male
  • Location:West Lothian

Posted 09 April 2012 - 05:44 PM

http://www.bbc.co.uk...otland-17656555

#2 CanadianBacon

CanadianBacon

    GOT MY MOJO WORKING

  • Club Legend
  • 10,988 posts
  • Gender:Male
  • Location:God's Country

Posted 09 April 2012 - 05:51 PM

*
POPULAR

You couldn't give that bastard a red neck if you held a blazing hot poker against it.

Never forget, for as much as we may blame Craig Whyte for our present circumstances it was this ego-maniac from Edinburgh, the cross-financing bastard with a degree in smoke and mirrors who took us to this dark place we now find ourselves.

The mainstream media have given and continue to give this lying bastard an easy ride.

I hope his entire corporate structure collapses around his fucking ears.

A fucking dog!! :mad:
  • WVB, AlCapone, BEARGER and 5 others like this

#3 Thermopylae

Thermopylae

    Bill Struth

  • Club Legend
  • 67,653 posts
  • Gender:Male
  • Location:Glasgow

Posted 09 April 2012 - 05:52 PM

The game is afoot

#4 dummiesoot

dummiesoot

    Yvonne Strahovsky Loyal

  • Club Legend
  • 16,245 posts
  • Gender:Male
  • Location:Paisley (heart in the old East enclosure)

Posted 09 April 2012 - 05:54 PM

The game is afoot

My dear watson.










Sorry couldn't resist

#5 mongolikecandy

mongolikecandy

    Gazza

  • First Team
  • 5,144 posts
  • Gender:Male
  • Location:Up my own arse

Posted 09 April 2012 - 05:54 PM

If they can strip Fred Goodwin of his knighthood why not this bastard?

#6 CalvinC

CalvinC

    Sit Doon

  • First Team
  • 14,307 posts
  • Gender:Male
  • Location:Marbella

Posted 09 April 2012 - 05:54 PM

I think it's becoming more and more apparent that Murray knew what was coming when we handed us over to Whyte unfortunately.

#7 CanadianBacon

CanadianBacon

    GOT MY MOJO WORKING

  • Club Legend
  • 10,988 posts
  • Gender:Male
  • Location:God's Country

Posted 09 April 2012 - 05:55 PM

I think it's becoming more and more apparent that Murray knew what was coming when we handed us over to Whyte unfortunately.


Did any Bear on here actually doubt that?
(Ok, well there's a few Murray nodding dogs I know....but even they must have thought...."Hmmmmmm!") :sherlock:

#8 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 05:56 PM

Sir David says Rangers' former directors provided Craig Whyte with confidential information which he used to carry out the transaction to buy the club.


if this is true, then the names MUST be published, if it is false then the former directors should be on their dog and bone to firstly the journalist to provide evidence that SDM actually said this, and if he actually did then their lawyers should be brought in

#9 gunslinger

gunslinger

    Bill Struth

  • Banned
  • 28,062 posts
  • Gender:Male

Posted 09 April 2012 - 05:58 PM

http://www.bbc.co.uk/news/uk-scotland-17656555


muir and McGill surely probably muir given McGill still works for Murray.

#10 Rfc52

Rfc52

    Up the volunteers

  • Club Legend
  • 59,549 posts
  • Gender:Male
  • Location:Up the falls Derrys walls

Posted 09 April 2012 - 05:58 PM

Fancy copying and pasting the article?

#11 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 05:59 PM

I think it's becoming more and more apparent that Murray knew what was coming when we handed us over to Whyte unfortunately.


i still think murray knew administration was inevitable, hence why he sold to whyte

would it be too much to ask that the next time we see SDM on telly its on either watchdog, cowboy traders, or some tin pot gameshow where he is trying to win a couple of grand because he is fucking rooked

#12 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 06:00 PM

Fancy copying and pasting the article?


A 42-hour power cut while I was on a Hebridean holiday last week may have been the reason Sir David Murray couldn't reach me to offer his customary spin on his latest set of company accounts.

Others - either better connected by Scottish Hydro's technicians, or part of the metals-to-property magnate's favoured circle - were honoured with a highly selective release of statistics.

  • Operating profit in the black, with Murray International Holdings (MIH) making £11m last year.
  • A £59m write-off on the sale of Rangers, demonstrating just how much the former owner and chairman had given the football club.
  • A swap of £118m debt for equity with Lloyds Banking Group which didn't even dilute the Murray family's 70% voting power over MIH.
Unsurprisingly, that wasn't quite the full story. Sir David omitted to point out that most measures of profit and loss were drenched in red ink.

On group turnover of £395m, loss before tax was £87m. That compares with a £69m loss last year.

And yes, most of the most recent loss was explained by writing off almost all of a £60m loan to Rangers from MIH's sports subsidiary, along with reduced valuations on property and a £13m hit on the goodwill reckoning of the MIH metals business.

The chairman also seemed to forget to mention that the metals division, the foundation on which his once mighty company was built, is up for sale, in parts or as a whole.

Notoriously complex That much came out after the selective briefing, with the release by Companies House of the private company's accounts for the year to June 2011. And on closer reading to end off said Hebridean holiday, the full picture gets ever more interesting.

It shows the 10 months of the financial year in which Rangers FC was under the control of MIH delivered £8.7m in profit. Some £4m of that came from profit on player sales.

In the previous full financial year, the club delivered MIH some £5m profit. Not such a costly farewell after all.

It turns out not all of MIH's metals business could be fully signed off by auditors as a conventional going concern, triggering an "emphasis of matter paragraph" which highlights unusual levels of uncertainty about the outcome of the current business review.

And Lloyds Banking Group is putting a stop to Sir David's notoriously complex cross-subsidies of MIH's divisions.

The healthier bits - providing metal to the oil and gas sector, and in outsourcing business services - are no longer to cross-guarantee the main metals business or commercial property. Or, indeed, Rangers Football Club.

'For sale' signs Lloyds has kept MIH alive, as a means of recovering as much as possible of the £759m debt it built up through Bank of Scotland's breathtakingly generous corporate division boss, Peter Cummings.

The company is best known to most people as having owned Rangers, but that was a relatively small part of a business that had the misfortune of focusing on metal sales to the construction industry and on commercial property, both of which suffered the worst of the downturn.


“Start Quote

The subsequent unfolding of events has probably tarnished Sir David Murray's reputation more than anything”

But to keep MIH going, it's clear from the past two years of accounts that the bank is dispensing some harsh medicine.

This is not to be interpreted as pressure from the bank, spins Sir David. But it's hard to believe this was the path the chairman would have chosen if the bank were leaving him to his own devices.

MIH's asset management division has been divested. It dropped its mining interests. Rangers had to go too, of which more later.

The commercial property portfolio and development land is being given time for prices to rise before getting flogged off.

The London market has offered better prices than elsewhere, helping MIH to raise £315m in assets so far, including £68m in the most recent financial year.

All this appeared until last year to be a strategy to protect the core metals business. But disappointing prices and trading figures mean that even that now has the 'for sale' sign up.

We're now told, via the old Ibrox-style briefings, that a buyer has been lined up to take on half the metals business. Let's hope it's not Craig Whyte.

Meanwhile, costs have been slashed, with staff numbers down by nearly 850 to 2660, some with those divestments.

Since March, far more jobs are being transferred to a rival outsourcing company since MIH's Response subsidiary lost the Sky TV contract, its biggest.

In the 2010-11 financial year, total staff wages and salaries fell from £85m to £60m. It's hitting the pay packet of the highest paid director.

Let's assume that's Sir David himself, seeing his wage packet thinning somewhat from £1.014m to £793,000.

Duped and staggered On Rangers, the MIH chairman's statement with his annual accounts says nothing about the pressure he may or may not have been under from Lloyds Banking Group to sell to Craig Whyte in May last year.

Before then, he had said he was delaying a sale until he had found a worthy buyer who would act in the interests of the club. There wasn't a long queue.

The subsequent unfolding of events has probably tarnished Sir David Murray's reputation more than anything, which he acknowledges.

He's already said he feels he was "duped" by Craig Whyte. His statement goes further, saying the sale has caused "profound regret that we sold the club to Craig Whyte and Wavetower [the financier's then investment vehicle]".

Sir David says Rangers' former directors provided Craig Whyte with confidential information which he used to carry out the transaction to buy the club.

He doesn't quite spell out that trust was betrayed. But with the new owners having obligations and responsibilities to carry out: "They patently failed to do so".

'Particularly disturbing' Sir David now says he's "gravely disappointed and staggered" at the revelations that have come out since the start of this year, including the news that Ticketus provided the funds with which to buy Rangers in exchange for future season ticket sales.

The failure to account for £9.5m from that funding is "particularly disturbing" when there were "independent confirmations" provided last 3 January that the promises given by Craig Whyte last May would still be adhered to.

"Not unsubstantial documentations" have been handed to the administrators.

What Sir David does not address is the criticism of the potential tax liabilities Rangers still faces as a result of the Employee Benefit Trusts through which he paid players to avoid tax.

That pre-dates any involvement of Craig Whyte, and still awaits the ruling of a tax tribunal.

Whatever has happened since May 2011, when Mr Whyte got 85% of Rangers shares for only £1, that tax bill alone has the weight to sink Rangers.

And it seems from the MIH accounts that the ruling may also come back to bite the parent company as well. It "continues to defend [the] tax query".

But while it's still being contested, and with professional advice, the directors of Murray International Holdings don't feel it necessary to spell out in their accounts the size of the bill they'll face if the ruling goes against them.



  • Rfc52 likes this

#13 Rfc52

Rfc52

    Up the volunteers

  • Club Legend
  • 59,549 posts
  • Gender:Male
  • Location:Up the falls Derrys walls

Posted 09 April 2012 - 06:06 PM

But while it's still being contested, and with professional advice, the directors of Murray International Holdings don't feel it necessary to spell out in their accounts the size of the bill they'll face if the ruling goes against them.


Are they footing the bill and not RFC? Or am i viewing this too simplistically?




#14 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 06:10 PM

Are they footing the bill and not RFC? Or am i viewing this too simplistically?




think they meant the bill that MIH will face, a lot of their directors had EBT's im sure

#15 Rfc52

Rfc52

    Up the volunteers

  • Club Legend
  • 59,549 posts
  • Gender:Male
  • Location:Up the falls Derrys walls

Posted 09 April 2012 - 06:11 PM

think they meant the bill that MIH will face, a lot of their directors had EBT's im sure


Aww i see Jim. Oh well then :disappointment:

#16 broxieman

broxieman

    Jorg Albertz

  • Reserve Team
  • PipPipPipPipPip
  • 189 posts
  • Gender:Male
  • Location:Way West of Scotland

Posted 09 April 2012 - 06:12 PM

Just received by Black & Red scarf from a mate who was at the Legends game.;-))
So now feel I can speak on a level playing field ... well it's a good line anyway.

This piece would pretty much confirm that the downfall in the metals business has had the knock-on effect, with Murray being forced by Lloyds to start the payback. The fact that he couldn't offload it when he started to say he would (a few years back), suggests that the pressure from the bank became too much for him, so rather than being "duped" as he contends, he grabbed the first chancer that came along. This whole thing stinks....RFC was nothing more than petty cash!!

#17 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 06:14 PM

Just received by Black & Red scarf from a mate who was at the Legends game.;-))
So now feel I can speak on a level playing field ... well it's a good line anyway.

This piece would pretty much confirm that the downfall in the metals business has had the knock-on effect, with Murray being forced by Lloyds to start the payback. The fact that he couldn't offload it when he started to say he would (a few years back), suggests that the pressure from the bank became too much for him, so rather than being "duped" as he contends, he grabbed the first chancer that came along. This whole thing stinks....RFC was nothing more than petty cash!!


doesnt fit though as he could very well have flogged us to andrew ellis 6 months before we even heard of whyte

#18 bs1982

bs1982

    Stuart McCall

  • Reserve Team
  • PipPipPipPipPipPipPip
  • 207 posts
  • Gender:Male
  • Location:Glasgow

Posted 09 April 2012 - 06:15 PM

Sir David says Rangers' former directors provided Craig Whyte with confidential information which he used to carry out the transaction to buy the club.


There can't be many people he could be refering to there. Given the statement from the independant takeover committee (AJ, McClelland, Bain, Mcintyre, Greig) as soon as Whyte tok over I think it is safe to assume that none of them could be accused of giving him confidential information. Likewise with Paul Murray and King so who does that leave...........

Donald Muir? The man allegedly there on the orders of LLoyds!

#19 jimbeamjunior

jimbeamjunior

    banned

  • Club Legend
  • 33,965 posts
  • Gender:Male
  • Location:glasgow

Posted 09 April 2012 - 06:18 PM

another thing that is confusing about SDM's statement, if Whyte was allowed due dilligence, basically access to everything required for a takeover, just what confidential documents could he be referring to then?

surely there isnt much that isnt available to a potential new owner

#20 broxieman

broxieman

    Jorg Albertz

  • Reserve Team
  • PipPipPipPipPip
  • 189 posts
  • Gender:Male
  • Location:Way West of Scotland

Posted 09 April 2012 - 06:19 PM

doesnt fit though as he could very well have flogged us to andrew ellis 6 months before we even heard of whyte

To some extent you're right, but the word was that Murray (and Lloyds) had done due diligence on him and didn't like what they saw.....but when CW showed up either they couldn't be bothered to do any more investigation ... or CW was a real smooth operator.





MOBILE SITE