SHARES in a property developer funding Craig Whyte's claim over the assets of Rangers have been temporarily suspended.
The move follows delays in the production of its annual financial report.
Worthington Group plc, which bought 26% of Law Financial Ltd, one of the ex-Rangers owner's firms which claims to have former Rangers newco Sevco 5088 as a subsidiary, asked for the temporary suspension.
Included among Law Financial's assets is the legal action brought by Mr Whyte against former chief executive Charles Green for the claim on the club's assets.
Mr Whyte claims Mr Green, now working as consultant at the club, had acted as a front man for him - through the vehicle of Sevco 5088 - so that he could retain control of Rangers.
The Financial Conduct Authority regulatory body has ordered the suspension of Worthington shares. The move came as over 60% was wiped off Worthington's value on the stock market in the past year. Their financial report for the year to March 2012 was produced on July 31, last year, but the latest report is still to be signed off.
Mr Whyte has submitted a letter before claim action to Mr Green and the club claim he is the true owner of the club's assets over the role of Sevco 5088 Limited in the June 2012 takeover. The action is being funded by Worthington which has links to Mr Whyte.
The club's administrators, Duff & Phelps, appointed in February last year, revealed in the CVA proposal lodged with the Court of Session in Edinburgh three months later that they had signed an exclusive agreement with Sevco 5088, which would see that firm own the club's assets should the CVA fail.
A statement on the Rangers website on April 12 said Green was the sole director of Sevco 5088 and he had resigned to be the founder director of Sevco Scotland Ltd, the company he transferred Rangers' assets to once the CVA had failed.
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