Bears 0 Posted May 24, 2011 Share Posted May 24, 2011 http://www.dailyrecord.co.uk/news/scottish-news/2011/05/24/rangers-suspend-chief-executive-martin-bain-and-executive-director-donald-mcintyre-over-irregularities-86908-23153310/ RANGERS chief executive Martin Bain and Donald McIntyre, who holds the positions of finance director, secretary and executive director, were suspended yesterday after what was described as "irregularities" were discovered at the club. An Ibrox insider confirmed some of the alleged irregularities were financial, but said this was not the main or sole thrust of an inquiry that is now under way at the Glasgow club. On Bain - understood currently to be in the United States - and McIntyre, he added: "They remain on the board for now as they are only suspended." The club, he explained, had to act immediately to satisfy stock market rules: "As soon as the irregularities were uncovered, they were duty bound to make the suspensions." Alastair Johnston and Paul Murray were removed as directors of Rangers late yesterday with the news being announced to the Stock Exchange this morning. An Ibrox insider said: "Johnston was in America and spoken to by conference call from a board meeting in Ibrox. He was offered the chance to resign but refused, so he has been removed." It was not clear what lies ahead for other high-profile directors. Dave King was not in the meeting and was not contacted during the conference call. The Ibrox source said: "Like John Greig, he remains on the board as well as John McClelland." Former player and manager Greig is a non-exective director, while McClelland is the board's executive vice-chairman. I think it's safe to say Martian Bains time is over 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,409 Posted May 24, 2011 Share Posted May 24, 2011 Beat me to it mate,I was just about to post that 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,409 Posted May 24, 2011 Share Posted May 24, 2011 RANGERS chief executive Martin Bain and Donald McIntyre, who holds the positions of finance director, secretary and executive director, were suspended yesterday after what was described as "irregularities" were discovered at the club. An Ibrox insider confirmed some of the alleged irregularities were financial, but said this was not the main or sole thrust of an inquiry that is now under way at the Glasgow club. On Bain - understood currently to be in the United States - and McIntyre, he added: "They remain on the board for now as they are only suspended." The club, he explained, had to act immediately to satisfy stock market rules: "As soon as the irregularities were uncovered, they were duty bound to make the suspensions." Alastair Johnston and Paul Murray were removed as directors of Rangers late yesterday with the news being announced to the Stock Exchange this morning. An Ibrox insider said: "Johnston was in America and spoken to by conference call from a board meeting in Ibrox. He was offered the chance to resign but refused, so he has been removed." It was not clear what lies ahead for other high-profile directors. Dave King was not in the meeting and was not contacted during the conference call. The Ibrox source said: "Like John Greig, he remains on the board as well as John McClelland." Former player and manager Greig is a non-exective director, while McClelland is the board's executive vice-chairman. This morning's statement to the Stock Exchange read: "The board announces that on 23 May 2011 Alastair Johnston and Paul Murray were removed as directors of The Rangers Football Club P.L.C. The Directors of The Rangers Football Club P.L.C. accept responsibility for this announcement." Johnston joined the Ibrox board in 2004 and assumed the role of chairman in 2009. Murray was leading a rival bid for Sir David Murray's majority shareholding and, together with Johnston and the independent board committee, had expressed doubts with Whyte's ability to invest significantly in the football-side of affairs at Ibrox. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted May 24, 2011 Author Share Posted May 24, 2011 Beat me to it mate,I was just about to post that No worries. It makes for uncomfortable reading for me. Obviously it's a given it comes from the DR, but still, it's not totally surprising. But on a positive note at least CW is being crystal clear on such issues which means we don't read the "real" reason Bain was removed in 18 months time. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted May 24, 2011 Share Posted May 24, 2011 An attempt to avoid massive pay-offs? 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted May 24, 2011 Author Share Posted May 24, 2011 An attempt to avoid massive pay-offs? Possibly yeah. I'm not a money man in any way or form, but that does make sense, sort of, with me. 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted May 24, 2011 Share Posted May 24, 2011 An attempt to avoid massive pay-offs? Irregularities over payments to 2 bogus companies 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted May 24, 2011 Author Share Posted May 24, 2011 We shouldn't look at Bain being suspended for irregularities as a good thing. If our CEO has been mishandling our finances it could lead to long drawn out court cases involving The Rangers. Ultimately it could lead to MB going to jail which does reflect badly on RFC as a club 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted May 24, 2011 Share Posted May 24, 2011 Irregularities over payments to 2 bogus companies Where are you getting that from, mate? 0 Quote Link to post Share on other sites More sharing options...
Stefanovitch 0 Posted May 24, 2011 Share Posted May 24, 2011 Where are you getting that from, mate? Widely reported on Radio 0 Quote Link to post Share on other sites More sharing options...
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