Ahmad Suing Rangers

[thehost 11,061]

Oh, here we go, now the juicy stuff they've been hiding is coming out too.

Ahmeds bonus was always based upon commercial activity.

[the goal machine 7,803]

Just read the relevant part of the prospectus. It says his bonus based on commercial contracts would be approved by the Chairman or CEO and his salary was 350k plus reasonable expenses.

[Zappa 358]

CEO's cant just dole out bonuses in listed companies. That's why they remuneration committees.

All of this, I believe, was listed on the IPO and has been fully documented on this website.

From the prospectus:

Under an employment agreement dated 7 December 2012 (but effective as at 1 June 2012) RFCL shall employ Imran Ahmad as Commercial Director of RFCL with a salary of £350,000 per annum plus all reasonable expenses properly incurred plus a bonus to be approved by the Chairman or Chief Executive based on commercial contracts negotiated by Mr Ahmad.

[thehost 11,061]

From the prospectus:

Ah, I apologise.

There was a thread I was reading yesterday between bawsburt and forlanssister where they the remuneration committee and bonuses were being listed

I didn't realise that ahmed wasn't included

either that or I am losing my marbles and imaging things

[Zappa 358]

Ahmeds bonus was always based upon commercial activity.

Looks that way. So he's claiming £500k bonus PLUS a 5% cut of the commercial deals he negotiated by the sounds of it.

That's one BUMPER fucking bonus right there! Thieving bastards!

[Zappa 358]

Ah, I apologise.

No need plus the goal machine beat me to it as well.

[the goal machine 7,803]

Not sure if it makes a difference but Ahmad being listed as an employee rather than as a director may be why it was Green who signed off on his bonus and not the remuneration committee.

[Weird_Beard 99]

Looks that way. So he's claiming £500k bonus PLUS a 5% cut of the commercial deals he negotiated by the sounds of it.

That's one BUMPER fucking bonus right there! Thieving bastards!

The cash cow udders are in full flow. This mob are the fkn real deal. Craig Whyte's starting to look like Mary fkn Poppins!

[72barca 1,788]

It doesn't say what size his bonus should be. Does 5% sound reasonable?

[jintybear 8,536]

Ahmad is Green's boss and always has been. Green will do as he's told by his boss so only natural he's supporting him. These people don't give a shit what any of us think. They want as much money as they can get, as quickly as possible.

Do you think Ticketus is involved somewhere?

[thehost 11,061]

Not sure if it makes a difference but Ahmad being listed as an employee rather than as a director may be why it was Green who signed off on his bonus and not the remuneration committee.

Yeah it would.

Suppose the only other thing we need to consider is when this bonus was awarded and by whom.

I'm assuming that the rhebel are saying its green.

I remember when ahmed was going Mark Dingwall accused the mods, of this site, of costing RFC 500k in terms of a pay off for ahmed because they wouldn't break the law and provide information as to iamrangers ip addy etc.

So I assume this is the same 500k.

[Weird_Beard 99]

Not sure if it makes a difference but Ahmad being listed as an employee rather than as a director may be why it was Green who signed off on his bonus and not the remuneration committee.

I think he was Commercial director at the time of his employment.

[Big Al 55 9,252]

CEO's cant just dole out bonuses in listed companies. That's why they remuneration committees.

All of this, I believe, was listed on the IPO and has been fully documented on this website.

Forlanssister quoted the IPO where it said the value of IA bonus was at the discretion of he CEO

[the drummer 414]

These so called guardians of rangers are going to bleed the club dry until there is no cash in the pot then there will be nothing left to sell but the assets lets hope Mcoll l gets control before its to late .

[Zappa 358]

The actual article -

DISGRACED former Rangers director Imran Ahmad is set to launch a £3.4million legal action against the club.

Astonishingly, he claims to have the support of former chief executive Charles Green in the fight for bonuses and legal costs he says he is owed.

The Daily Record has seen a document sent to the Rangers board by Ahmad on July 22 in which he claims close friend Green has agreed to stand up in court and support him in any cash battle with the club.

Rangers fans will react furiously to a move that could force the club even closer to the financial abyss.

Finance director Brian Stockbridge has admitted the £22million raised from a stock market flotation only eight months ago has gone and there is just £10 million in the bank.

The club coffers could now be raided still further by Ahmad, who was booted out of Ibrox in April amid allegations of damaging leaks to a fan website and claims that he stabbed Walter Smith and Ally McCoist in the back.

However, Ahmad has told the Rangers board he might be willing to settle for a compromise sum of £500,000, plus legal fees, to avoid a High Court battle.

That would still hit Rangers hard, with Stockbridge admitting more than £3million of the flotation cash has already gone on legal, accounting and stockbroker’s bills since December.

News of Ahmad’s proposed action also piles pressure on self-proclaimed fan saviour Green, who says he returned to the club as a consultant two weeks ago to save it from “pirates and bandits”.

Ahmad says he has a letter verified by Green to the Rangers board, promising him a £500,000 bonus for his 12-month stint at the club.

He insists Green will support his claims in court and confirm he is due five per cent of various commercial deals he negotiated during his time at Ibrox.

Ahmad told the Rangers board he was aware of talks between them and Green in mid-July aimed at resolving the issue by paying him £500,000 plus costs.

Ahmad rejected a similar offer from Rangers when he quit his post four months ago because he feared the club would ultimately refuse to pay out.

The board had still to move on any offer to Ahmad by July 22, prompting his correspondence. He threatened to instruct his lawyers to begin proceedings for £3.4million if Rangers did not act that very day to settle the dispute.

Rangers refused to bow to pressure. It’s believed discussions are still ongoing and no action has yet been raised, although Ahmad’s threat to pursue the matter through the courts remains.

Rangers fans will be stunned that Ahmad is still into the club for money after being forced to quit his £300,000-a-year post in humiliation.

It’s believed he was also awarded two million shares at a penny each as part of the consortium that bought over the club from administrators Duff and Phelps for £5.5million last summer.

With shares trading at around 40p, that would net him a further £800,000.

Rangers investors have been appalled at the level of bonuses executives such as Green, Stockbridge and now Ahmad have awarded themselves.

Stockbridge was forced to admit at a heated fan meeting at Ibrox last week that he trousered a bonus of 100 per cent of his £200,000 salary after Rangers won the Third Division last season.

Green was also awarded a £360,000 bonus on top of his £360,000 salary for the club winning the title – the lowest rung of senior Scottish football.

The latest controversy comes amid calls for an extraordinary general meeting next month made by Scots tycoon Jim McColl and associates Frank Blin and Paul Murray.

They want to oust the current board and introduce greater levels of corporate governance and transparency amid claims from former director Dave King that the club is heading for administration again by Christmas.

Ahmad fell foul of fans earlier this year when he was accused of posting rants on the Rangers Media website under the pseudonym IamRangers.

Evidence handed to the club suggested the messages were linked to Ahmad’s official Rangers email account.

Ex-boss Smith, who resigned recently as chairman, and manager Ally McCoist were accused of trying to take control of the club without putting money in.

IamRangers claimed the pair were “running Rangers into the ground by not cutting costs at Murray Park from £10million to £5million” and said Green would return to the club as chairman once he’d “destroyed” Craig Whyte.

He also expressed a desire to see Whyte “get hot tar all over his b******s after he’s been destroyed in court”.

Ahmad was previously managing director of Zeus Capital, a Manchester-based corporate finance advisory company.

He and Stockbridge quit the firm to move to Ibrox and Zeus also invested in newco Rangers.

Ahmad joined Zeus Capital in April 2012 as managing director after previously founding Allenby Capital in September 2008.

The investment house grew from nothing to boasting a client list of almost 40 companies before Ahmad sold his stake in 2011.

Allenby were listed as advisers and brokers to Singapore-based mining investment firm Nova Resources limited, where Green was chairman until last May before resigning to take over Rangers.

Green hailed the arrival of Ahmad at Rangers and said: “My roles have been stretching me to the limit and certainly the commercial side is something we want to improve upon.

“Imran has been alongside from the start and he knows where we want to take the club.

“He is a very experienced hand and someone I trust completely.”

[jintybear 8,536]

OK, 14 pages later. If this is true CG's position as a consultant is over. If IA has dumped/transferred share we need to know who bought them/gained them. I doubt very much if WS & AM could have come out with the details of this and I'm pretty sure from what I've read WS was threatened with legal action if he did, presumably by some one with a large share holding.

I might be wrong but I think that CG may find that some of the institutional investors will turn on him as this could damage their investments if true. That's probably why an EGM was called for, he may no longer have as big a power base as he once had regarding shareholder backing. One thing is for sure this story is going to gather pace if true.

I noticed in the other posting regarding the share movement that other shares had also changed hands, whether those or the 2m share move constitute any form of insider trading I don't know, but I would expect the relevant authorities to receive demands for an investigation by tea time from the "obsessed".

Sadly I noticed as this thread has gone on certain people are now trying to proportion some blame for our lack of knowledge about this on the shoulders of WS & AM. If true this story will certainly leave some folk on here with a hell of a lot of egg on their faces. However that doesn't give them the right to try and use WS & AM as some sort of diversion from those who may have undeservedly had their support. Likewise Chris has been getting some pretty personal stick on here, I have never met him so as such I can say with all honesty that unlike most on here he has not hidden behind an username, he posts on here as "Fury" sure, but how many on here would be willing to give their real identities on here and face the problems that would bring.

Personally I think things may be a lot clearer by the weekend as there will probably now have to be a statement made by the club on this both in the press and the stock market. One thing I do know for sure Whyte couldn't kill this club neither could HMRC or the cabal so I don't think CG & IA have any chance of doing so either. We have been Rangers for 140 years and we'll be Rangers in another 140 years.

I agree with what you're saying about AM and WS not being able to say anything. I felt when he resigned the Craig Mather statement was worded to say to Walter don't say too much. I never trusted Green but I, for some reason, like Craig Mather and I hope he's not going to turn out to be another conman

[the goal machine 7,803]

I think he was Commercial director at the time of his employment.

He was but he's listed as a key employee rather than a director so it may just be a job title.

[Resting in my account 231]

But hey. He's not the bad guy I'm sure.

Life isn't always goodies and baddies Christopher.

[JMorrison1872 320]

Our club getting fucking ripped to shreds and some folk fucking trying to out-glib each other. Grow the fuck up and realise we're dead unless we all pull in the same direction

100% agree, unless we unite to fight these fucking leeching bastards together.

This support needs to unite now for the good of our club, keep saying it but we really are running out of time to act against this mob.

[Frankie 505]

If this story is true (and the information is certainly outdated so the situation may have changed) then it's just further evidence that the likes of Ahmad are not interested in the well-being of Rangers - only their wallets.

I wonder if yesterday's share deal is relevant to this?

[STEPPS BOY 73,923]

What a pair of fucking parasites.

[dan_ger 1,454]

If this is true it's getting pretty bad now. A real shame it has all come to this.

[the drummer 414]

maybe its a ploy by green he will talk ahmed into dropping his :claim: then he will be mr good guy again .

[Zappa 358]

I wonder if yesterday's share deal is relevant to this?

We were speculating about that on here last night mate. Same ballpark number of shares, so it's entirely possible.

You not heard anything on this rumour that Green might have sold them to Colin Kingsworth as per his agreement with laxey partners?

[BarrhillLoyal 32]

If true this just shows these people came here for one thing and one thing only. Obscene amounts of money, they are trying

To treat us likely idiots and imbeciles.

See you in court, Ahmed, if you dare show your face in Scotland.

Again, if true, this has to be the end for Green.