Ex-Rangers administrators David Whitehouse and Paul Clark in £21m settlement

[Uilleam 5,408]

"Charles Green says the £6m he has won from from the Lord Advocate in a settlement over his claim for being maliciously prosecuted in the collapsed club fraud case will not adequately compensate for the damage done."

 

In that case, one is tempted to ask, why accept it? 

 

Charles Green: £6m 'won't compensate' for damage done to over malicious Rangers fraud case

Exclusive by Martin Williams  @MWilliamsHTSenior News Reporter

EXCLUSIVE

Charles Green: £6m 'won't compensate' for damage done over malicious Rangers fraud prosecution

     

https://www.heraldscotland.com/news/homenews/19504469.charles-green-6m-wont-compensate-damage-done-malicious-rangers-fraud-case/?ref=ebln

 

FORMER Rangers chief executive Charles Green says the £6m he has won from from the Lord Advocate in a settlement over his claim for being maliciously prosecuted in the collapsed club fraud case will not adequately compensate for the damage done.

Details of the 11th hour settlement from Lord Advocate James Wolffe came yesterday as an eight day hearing into Mr Green's claim for £20m was about to take place The Lord Advocate made a public apology to Mr Green in June as the damages case was being progressed.

It emerged during an earlier hearing that Police Scotland were no longer being sued as part of the action brought by Mr Green. No reasons were given as to why this was the case.

The 67-year-old businessman was arrested with several other men following a police probe into alleged fraud in relation to the sale of the current Scottish champions to businessman Craig Whyte.

Mr Green, whose Sevco consortium, bought the assets of the club business in liquidation nine years ago for £5.5m was due to receive compensation after Crown lawyers accepted he was subjected to a malicious fraud prosecution.

Mr Green, now based in Dubai, was told three years ago he would face no further proceedings in connection with the case as prosecutors said there is "now no evidence of a crime".

 

After the out of court settlement, his solicitor Greg Whyte of Jones Whyte said it that while it was an "acceptable offer" in a "landmark settlement" but that money was never going to be enough having hit by reputational damage by the Rangers affair.

Mr Whyte said: "Nobody would ever have chosen to have been in this situation and ultimately in any damages action, all you are going to get is money.

"Nobody can turn back time, nobody can change what has happened. "It is an extraordinary case all in. An apology that came in June was comprehensive and was a full recognition that this is a prosecution that shouldn't have happened.

"The overwhelming emotion from Mr Green is one of relief that he can now put this behind him, because this has gone on since 2015, and that he can move on with his life. He isn't getting any younger.

 "He just wants to get back to living his life and spend time with his family.

"He suffered a lot of stigma because of this. Lots of friends and business associates distanced themselves from him. He is now regaining that - and people are expressing personal delight that this chapter for him is now concluded."

 

Mr Green has no intention of retiring and is now exploring a few business projects.

"He intends to continue to work. The apology in June will allow him to some extent get back into the business world, he is an experienced businessman and has been for many years," said Mr Whyte.

"It is a massive relief for him and we are delighted to be able to get him what he consider is a great result.

 

"It goes someway to rectify the significant losses suffered by Mr Green as a result of the Crown Office's malicious prosecution against him."

 

(...........................................................................................................................................................................................................................................)

[Franc Ergs 1,349]

[Uilleam 5,408]

And you ain't seen nothin' yet....

 

Duff and Phelps has initiated a damages action against the Crown Office.  

 

I should remind that D&P took over an accountancy/insolvency practice in the UK, and it was the practitioners from that outfit (MDR or somesuch) who were involved with Rangers, and, indeed, seemed to have been involved with Whyte, etc, variously before that. 

D&P took the reputational and business 'hits', of course, as it was its (inherited) guys who were arrested, and prosecuted maliciously.

 

One might guess that an NY based international financial consultancy is unlikely to accept an apology (even one from Madame Ceausescu, hersel') and token damages. 

 

Rangers prosecution: Consultancy Duff & Phelps sues legal chiefs for millions over failed case

Mark Horne

Friday August 13 2021, 12.01am, The Times

 

https://www.thetimes.co.uk/article/rangers-prosecution-consultancy-duff-amp-phelps-sues-legal-chiefs-for-millions-over-failed-case-vhlgcslfq

 

A global financial consultancy firm is seeking up to £120 million from Scotland’s prosecution service for reputational damage sustained during the ill-fated criminal investigation into the takeover of Rangers FC.

The New York-based multinational company Duff & Phelps claims it has suffered significant lost earnings since two employees were wrongfully arrested and faced “malicious prosecution” for their role in Rangers’ financial collapse and subsequent sale.

 

David Whitehouse and Paul Clark, who had the task of managing the Ibrox club’s finances in February 2012 as debts grew that led to its parent company going out of business, have already secured £21 million in damages from the Crown Office and an apology from James Wolffe, who was the lord advocate, for a “very serious failure in the system of prosecution”. In total, £30 million has already been paid out to settle claims made by several businessmen arrested without probable cause.

 

However, Duff & Phelps, the consultancy firm they worked for which employs 5,000 people in 30 countries, has launched its own legal action against the Crown Office and Procurator Fiscal Service for the most significant sum yet.

A formal request for tens of millions of pounds has been tabled, but legal sources believe the figure may inflate significantly as the case nears. An individual close to the case said: “I believed Duff & Phelps were suing for £60 million but the figure has gone up and up and is now closer to £120 million. Seemingly, the Crown Office want to negotiate and don’t want it to go to a hearing.”

 

Roddy Dunlop QC, who is acting for Duff & Phelps, confirmed that the firm was seeking a “substantial sum”. He said: “The case is ongoing. It has been raised.”

The Times understands a procedural hearing has been scheduled.

 

Another legal source confirmed the firm was seeking tens of millions of pounds. “The [reputational] impact on the company has been a very significant one. It was a successful business with a significant turnover and, as a result, the impact could be measured in big numbers,” they said,

Whitehouse and Clark were appointed when Rangers went into administration in 2012. The club’s assets were sold to a consortium led by the businessman Charles Green, who went on to become Rangers’ chief executive and this week accepted an out of court settlement of £6.4 million for also being wrongly prosecuted.

The two administrators were arrested in 2014, after Duff & Phelps’s offices were raided by police, but the charges were later dropped.

A Crown Office spokesman said: “This case is active and accordingly we are unable to comment at this time.”

Edited August 13, 2021 by Uilleam

[compo 6,100]

I hope they get every penny they claim for .

[Uilleam 5,408]

6 minutes ago, compo said:

I hope they get every penny they claim for .

BDO, the liquidators,  if I remember correctly, is suing D&P for something in the region of £60M, for alleged mishandling of Rangers' administration. 

 

If it (BDO) wins its case,  the settlement it achieves would come, ultimately, from the Scottish taxpayer via D&P's action against the Crown Office, if it, in turn, and as seems likely, is successful. 

 

If BDO is successful, does that impact negatively on the reputation of D&P, and thus reduce any damages awarded/agreed in its pursuit of the Crown Office? 

 

[the gunslinger 3,366]

34 minutes ago, Uilleam said:

BDO, the liquidators,  if I remember correctly, is suing D&P for something in the region of £60M, for alleged mishandling of Rangers' administration. 

 

If it (BDO) wins its case,  the settlement it achieves would come, ultimately, from the Scottish taxpayer via D&P's action against the Crown Office, if it, in turn, and as seems likely, is successful. 

 

If BDO is successful, does that impact negatively on the reputation of D&P, and thus reduce any damages awarded/agreed in its pursuit of the Crown Office? 

 

will come from D&P insurers I would imagine. 

[Uilleam 5,408]

5 minutes ago, the gunslinger said:

will come from D&P insurers I would imagine. 

If there is a £60M settlement from professional Indemnity cover, then where does that leave D&P's professional reputation and regard? Slightly tattered, one might imagine.

Would this impact on any settlement from the Crown Office?  I'd like to think so. 

[Bill 13,717]

27 minutes ago, Uilleam said:

If there is a £60M settlement from professional Indemnity cover, then where does that leave D&P's professional reputation and regard? Slightly tattered, one might imagine.

Would this impact on any settlement from the Crown Office?  I'd like to think so. 

I'm not so sure BDO has any guarantee of success against D&P but in any case I think this is one dispute that could be expected to settle in private, without troubling the courts. In the incestuous world of corporate law, what are the chances this case is the only time D&P and BDO will meet in a professional context? It's in neither's interest to sully its hands with a court battle.

[Uilleam 5,408]

14 minutes ago, Bill said:

I'm not so sure BDO has any guarantee of success against D&P but in any case I think this is one dispute that could be expected to settle in private, without troubling the courts. In the incestuous world of corporate law, what are the chances this case is the only time D&P and BDO will meet in a professional context? It's in neither's interest to sully its hands with a court battle.

But there is a court action, BDO v D&P.

There has been the odd report on it, although I have seen nothing recently. 

I do not know whether it has been settled, is under negotiation, or has been taken to avizandum...

 

 

[the gunslinger 3,366]

1 hour ago, Uilleam said:

If there is a £60M settlement from professional Indemnity cover, then where does that leave D&P's professional reputation and regard? Slightly tattered, one might imagine.

Would this impact on any settlement from the Crown Office?  I'd like to think so. 

if they are found to have screwed up an administration I do hope their reputation is tarnished accordingly. I doubt it mind you.