Financial crimes of new Ibrox money man are quickly uncovered online
At 2pm this afternoon the troubled Ibrox club announced a new £6.5m loan facility which has apparently been used to repay Sports Direct and provide the working capital to see the club through to the end of the season.
Among the investors were two new names on the Ibrox scene- Barry Scott and Andy Ross. Both men were announced as Hong Kong based supporters with internet bampots keen to uncover details of their off the radar wealth.
In 2014 Scott and Ross were described as Hong Kong based supporters of English non-league side Workington Reds.
Within two hours it was discovered that a Mr Scott did a runner to New Zealand after using money raised by Aberdeen based Barum House Securities for his personal use. It has now been made clear that the Mr Scott involved is not the lender involved with Mr King.
In 2003 The Telegraph reported: “A spokesman for the FSA said: “We have taken this action because the two individuals have not met the standards of honesty and integrity we require.
“The FSA is serious about taking action against those who abuse the trust placed in them.”
Grampian Police said the case will not be brought to court. It is understood this is because Mr Scott has absconded to New Zealand, and Mrs Gaur’s whereabouts are currently not known.
An hour and a half later Mr Ross came under scrutiny with details emerging of a three year ban imposed by the US Securities and Exchange Commission.
According to the report: “An SEC investigation found that Baker Tilly Hong Kong Limited, its director Andrew Ross, and its former director Helena Kwok ignored red flags surrounding approximately $59 million in related-party transactions reflected in internal accounting records of China North East Petroleum Holdings Limited but not adequately disclosed in year-end 2009 financial statements.
“Baker Tilly and the two accountants failed to plan and implement an appropriate audit response to the related-party transactions, which primarily involved the company, its then-CEO, and his mother. Baker Tilly consequently issued an audit report containing an unqualified opinion on China North East Petroleum’s financial statements.
“Baker Tilly, Ross, and Kwok agreed to settle the SEC’s charges. Baker Tilly must disgorge its audit fees of $75,000 plus prejudgment interest of $9,101, and cannot accept any new U.S. issuer audit clients until an independent consultant has reviewed and certified that the firm’s audit policies and procedures are compliant with SEC regulations and PCAOB standards.
“Ross and Kwok must pay penalties of $20,000 and $10,000 respectively and are barred from practicing as an accountant on behalf of any SEC-regulated entity for at least three years.”
Despite the fanfares that greeted the emergence of Craig Whyte and Dave King their criminality was quickly uncovered using that pesky Google search function.
With toxic Mr King involved and no market prepared to trade shares in the company, UK based investors, with the exception of ageing transport tycoon Dougie Park, have steered clear of being associated with the marble staircase of unsurpassed dignity.
Current directors Paul Murray and John Gilligan have declined to back the latest soft loans venture.
UPDATE: It appears that the Mr Scott that has loaned money to RIFC is not the Mr Scott involved with Barum House Securities. With no AIM listing there is no obligation on RIFC to disclose any information on who has loaned the money. Mr King of course has over 40 tax convictions in South Africa for tax crimes.
CLICK HERE for more details on the three year ban handed to Mr Ross.