Rangers Fined by Plus Stock Exchange
By Community | February 27, 2012
Rangers recent woes have continued after the PLUS Stock Exchange fined them £50,000 for failing to disclose Craig Whyte’s previous disqualification as a director when the businessman completed his takeover of the club in May last year.
Whyte was disqualified in 2000 for seven years but Rangers did not announce this until November 30, six weeks after the Insolvency Service had confirmed the fact in a BBC documentary.
Rangers have been issued with the fine and a public censure following an investigation by the stock exchange, who suspended trading in the club’s shares last month because of their failure to publish audited accounts.
A statement from PLUS read: “The amount of the regulatory fine has been determined taking into account a range of factors including, but not limited to, the seriousness of the rule breach and the circumstances of Rangers FC.”
PLUS revealed Rangers had sought to challenge their disciplinary ruling on February 14, the day they went into administration, but administrators Duff and Phelps withdrew the referral to the disciplinary committee last week.
Failure to pay a fine within 21 business days would usually mean the possibility of PLUS suspending use of their facilities, while failure to pay for a further seven business days could result in permanent exclusion.
Rangers saw their shares suspended from trading on the stock exchange on January 9 after submitting unaudited accounts. They released their annual financial figures on November 30, but did not get them signed off by an independent auditor as required by exchange rules.
The club have also failed to hold an AGM within the usual timescale and confirmed in a statement to PLUS that they were considering withdrawing their listing on the exchange in the long term.
Three days after Rangers went into administration, the SFA confirmed they would conduct a full independent inquiry into the activities of the club and investigate whether there have been any potential breaches of their Articles of Association.
They said attempts to obtain information relating to their “fit and proper person” requirement – regarding owner Whyte – were restricted by the club solicitors’ failure to share information.
by Ismail Uddin