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Cash ‘n grab Whyte’s ‘plot’


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Is it not the case LBG still have in their possession the millions Whyte & Co fraudulently obtained to acquire Rangers ?

Will they be forced to hand it back to whoever?

Is it not the proceeds of a crime?

Did they do any diligence to see where this money came from?

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Is it not the case LBG still have in their possession the millions Whyte & Co fraudulently obtained to acquire Rangers ?

Will they be forced to hand it back to whoever?

Is it not the proceeds of a crime?

Did they do any diligence to see where this money came from?

 

 

it's a nice thought rab though i think it's unlikely.

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Is it not the case LBG still have in their possession the millions Whyte & Co fraudulently obtained to acquire Rangers ?

Will they be forced to hand it back to whoever?

Is it not the proceeds of a crime?

Did they do any diligence to see where this money came from?

 

I'm not sure what you mean by LBG still having it. It would just be absorbed into bank funds.

 

I don't see how they could be forced to repay it, particularly given it was just the repayment of a loan. If the cash has been used to pay wages, would staff and players be forced to repay their salaries?

 

Interesting point on the due diligence. They could have checked that the cash came from Whyte's solicitors, but do they have an obligation to go further back in the chain? Even if they did and found it had come from Ticketus, would that have prevented them from accepting it? I doubt it.

 

If it's taken this long to legally establish that a crime has been committed then I doubt any due diligence by LBG would have reasonably thrown up anything.

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Given all the money laundering nonsense the banks and FCA force upon us nowadays, then I think their actions should be investigated.

 

The police investigation should be going back as least far as 2009 when Muir and McGill were appointed.

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Is it not the case LBG still have in their possession the millions Whyte & Co fraudulently obtained to acquire Rangers ?

Will they be forced to hand it back to whoever?

Is it not the proceeds of a crime?

Did they do any diligence to see where this money came from?

 

Who knows Rab ,

 

http://desmondcheyne.wordpress.com/2014/08/25/benefits-of-the-proceeds-of-crime-act-2002/

Benefits of the Proceeds of Crime Act 2002

... The Act permits enforcement authorities to seek out and obtain profits earned via crime by those who have committed such crimes. Those assets are retained right at the beginning of confiscation proceedings, in order to deter criminal activities while the action is pending.

Sometimes, a criminal conviction simply is not possible, which would then prevent the ability to obtain an order for confiscation. In those instances, instead of proceeding under the Proceeds of Crime Act 2002, a civil action can be initiated in an attempt to show that the assets were most likely obtained due to conduct that was unlawful, with the standard being the balance of probabilities. When cash is in question, a constable or HMRC officer might be able to utilise cash seizure powers when there is a reason to believe the cash was obtained or used in furtherance of conduct which is unlawful.

 

However unlikely it seems, that reads to me that if Whyte is found guilty, the money he paid to LBG could be seized since the money paid to them was money that was obtained by conduct that was unlawful.

Should the money Whyte paid to LBG be seized, LBG would then need to sue Whyte for their money just as Ticketus has done.

 

http://www.articlesbase.com/criminal-articles/proceeds-of-crime-the-law-explained-2164595.html

CONFISCATION PROCEEDINGS under the Proceeds of Crime Act 2002 can be complex and rather draconian.

There are four Assumptions as follows:

1. Any property transferred to the Defendant within the six year period that preceded the start of the proceedings for this offence(s) was obtained by him as a result of his general criminal conduct and at the earliest time he appears to have held it.

...

 

The sting in the tail is that if the sum ordered is not paid, there are fixed periods of imprisonment to be ordered in the case of default. This is often a very painful process.

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I'm not sure what you mean by LBG still having it. It would just be absorbed into bank funds.

 

I don't see how they could be forced to repay it, particularly given it was just the repayment of a loan. If the cash has been used to pay wages, would staff and players be forced to repay their salaries?

 

Interesting point on the due diligence. They could have checked that the cash came from Whyte's solicitors, but do they have an obligation to go further back in the chain? Even if they did and found it had come from Ticketus, would that have prevented them from accepting it? I doubt it.

 

If it's taken this long to legally establish that a crime has been committed then I doubt any due diligence by LBG would have reasonably thrown up anything.

 

if you buy a stolen car you lose it.

 

what if a lloyds placeman on the board is shown to know the money wasn't good.

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if you buy a stolen car you lose it.

 

Not sure if that's the best analogy. Perhaps a better one would be that if some steals money and buys a car with it. They then smash the car so that it is written off. This is all then discovered. Does the person who sold the car have to return the cash? What happens if they have bought another car in the meantime and no longer have the cash?

 

I don't know the law well enough to answer these questions with any definitive knowledge.

 

 

 

what if a lloyds placeman on the board is shown to know the money wasn't good.

It depends on what he knew and what the bank knew. It could be that Muir did commit a crime but this was independent of the bank. That in itself wouldn't necessarily invalidate any transaction.

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