A criminal investigation has been ordered into Craig Whyte's purchase of Rangers.
The Crown Office today revealed it had instructed Strathclyde Police to launch an inquiry into the acquisition of the club from Sir David Murray in May last year and its subsequent financial management.
The police investigation into alleged criminality follows a preliminary examination of information passed to officers in February this year by club administrators Duff & Phelps..
The Procurator Fiscal for the West of Scotland will now work with Strathclyde Police to investigate Whyte's acquisition and financial management of Rangers and any related reports of alleged criminality during that process.
Whyte bought an 85% shareholding in Rangers for £1 from the Murray Group and made several pledges in terms of future investment and paying off the club's bank debt. The club was forced into administration following court action from Her Majesty's Revenue and Customs. Immediately after being appointed, administrators Duff & Phelps announced the club had failed to pay about £9million in PAYE and VAT since the takeover. They soon revealed that the club had paid off Lloyds Banking Group from a £24.4million capital injection from investment firm Ticketus, which was secured on the back of future season ticket sales. The debt to HMRC was most recently listed at more than £21million in the failed Company Voluntary Arrangement proposal to creditors.
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