Police Probe Wallace - Daily Record

[D'Artagnan 173]

http://www.dailyrecord.co.uk/sport/football/football-news/police-probe-launched-after-rangers-3464370

 

 

A police probe has been launched after Rangers chief executive Graham Wallace was accused of *misleading shareholders over the club’s finances.

 

Banker Phil Maher, an Ibrox shareholder, complained about comments made by Wallace at the club’s annual general *meeting in December.

 

He claims Wallace insisted the club had enough funds in place to operate until May – but the board took out a £1.5million emergency loan two months later.

 

Police Scotland are now looking into whether the Companies Act has been breached. Rangers yesterday said his

complaint “has no grounds”.

 

Yesterday, Glaswegian Maher, who is managing director of the investments arm of a multinational bank, said: “I can confirm I have made a complaint that is being investigated by police.

 

“As a shareholder and lifelong Rangers fan, I’m appalled at the financial *mismanagement we continue to witness and extremely disappointed that I have felt the need to take this course of action.”

 

Many of the club’s officials were booed and jeered at the AGM, which was held in the open air at Ibrox on December 19 and attended by almost 2000 shareholders.

 

Finance director Brian Stockbridge bore the brunt of fan fury for presiding over losses of £14.3million while taking a salary and bonus package of about £400,000.

 

Stockbridge, who left the club the next month, was booed every time he spoke

 

Forgive me, but I think things have just taken a particularly unedifying turn for the worse.

[chilledbear 16]

I fear it will just get worse.

[pete 2,494]

I fear it will just get worse.

 

It will be worth it if the truth comes out.

I have been employed as a safety officer for the last few months and realise trying to improve things even for better of people meets a lot of resistance if it involves changing the way things have been done in the past.

When wanting change for the better, Friendship often has to be pushed aside.

[der Berliner 3,219]

And it took him some 5 month to make that decision?

 

“As a shareholder and lifelong Rangers fan, I’m appalled at the financial *mismanagement we continue to witness and extremely disappointed that I have felt the need to take this course of action.”

 

You'd have to ask him what he would have done differently since Wallace took over or if he was Wallace and what he would do differently now.

[The Real PapaBear 0]

http://www.dailyrecord.co.uk/sport/football/football-news/police-probe-launched-after-rangers-3464370

 

 

 

 

Forgive me' date=' but I think things have just taken a particularly unedifying turn for the worse.[/quote']

 

I would say things have taken a turn for the better. We should have started doing this sort of thing months ago in order to let these chancers know that any time they stepped out of line there would be consequences. For example, we still haven't gotten to the bottom of how Easedale managed to access a fan's private and personal data and whether this represented a breach of the Data Protection Act.

[The Real PapaBear 0]

And it took him some 5 month to make that decision?

 

 

 

You'd have to ask him what he would have done differently since Wallace took over or if he was Wallace and what he would do differently now.

 

Why would you have to ask him that? That would simply be a pointless diversion from the central issue, which is that the Chief Executive of the company is being accused of deliberately misleading shareholders.

 

The thoughts or hypothetical actions of the person making the complaint are utterly irrelevant. That's like saying that I should only report a hit-and-run accident if I could explain how I would have driven differently.

[gisabeer 409]

things wont get any better until the full extent of the mismanagement of our club is reported in full for all to see . The current board are the only ones in a position to do so, but for some reason they choose not to.

[D'Artagnan 173]

I'd much rather we were investigating the signing of contracts without club legal reps being present - than the man who exposed it

[der Berliner 3,219]

Why would you have to ask him that? That would simply be a pointless diversion from the central issue, which is that the Chief Executive of the company is being accused of deliberately misleading shareholders.

 

The thoughts or hypothetical actions of the person making the complaint are utterly irrelevant. That's like saying that I should only report a hit-and-run accident if I could explain how I would have driven differently.

 

My point is that people find it rather easy to accuse - in this case - the CEO of "continued mismanagement", but hardly ever back that up with any ideas or plans of their own. They don't need to, as you say, but that makes their argument far less credible.

 

As for Maher's claims about the loan required. We've already spoken about this before and you can obviously follow Maher's line of thought about misleading statements. But likewise, it should be rather clear to Maher too that in the business world, things can change dramatically within days, not to mention weeks or (these) two months. Wallace pointed out that he was not exactly aware of the actual state of the club at the AGM, and it is up to you (and Maher) to believe him or not. I'm sure not believing all that is said and done, but neither do I mark anything the board says and does as a straight lie or having something heinous attached to it, which seems to have become a norm these days.

[The Real PapaBear 0]

My point is that people find it rather easy to accuse - in this case - the CEO of "continued mismanagement", but hardly ever back that up with any ideas or plans of their own. They don't need to, as you say, but that makes their argument far less credible.

 

As for Maher's claims about the loan required. We've already spoken about this before and you can obviously follow Maher's line of thought about misleading statements. But likewise, it should be rather clear to Maher too that in the business world, things can change dramatically within days, not to mention weeks or (these) two months. Wallace pointed out that he was not exactly aware of the actual state of the club at the AGM, and it is up to you (and Maher) to believe him or not. I'm sure not believing all that is said and done, but neither do I mark anything the board says and does as a straight lie or having something heinous attached to it, which seems to have become a norm these days.

 

No, your point was that we should ask Mr Maher what he would do or have done differently. This is, as you must be aware, nonsensical, since Mr Maher is no more privy to the workings (??) of the club than you or I. How then can you expect him to provide a business plan going forward without knowing how and where things have been going wrong?

 

You will also have to explain how making a complaint about a possible offense reduces Mr Maher's credibility.

 

As to your point about Wallace not being aware of the actual state of the club, if he was not aware of the financial situation then he should not have made public statements reassuring shareholders about it. This is, at best, negligent.

 

I'm also uncomfortable with your increasingly defensive stance about this board. I would suggest that you try to take a step back and look at what you've just posted: you are now more concerend about the motivations of the man reporting an offense than with the fact that the offence may have been committed. That's not a healthy way to think.