New Duff & Phelps allegations emerge

Sunday 27 May 2012

FRESH claims were made yesterday over the administrators of Rangers being involved in a suspected conflict of interest.

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by Judith Duffy

David Grier, a senior partner from administrators Duff & Phelps, was among a group of nine people who attended a dinner to celebrate the acquisition of Rangers shortly after Craig Whyte purchased the club in May last year.

Emails show that a number of people were invited to a dinner in June last year to celebrate the purchase of Rangers by Whyte, according to the BBC.As well as Whyte and Grier, the gathering at London restaurant Langans was attended by Whyte's lawyer Gary Withey, Rangers director Phil Betts, and Ticketus executive Ross Bryan. Lawyers, accountants and financial advisers who helped put the deal together were also in attendance.Grier has said he did not know the full extent of the Ticketus deal and that "material information was withheld to us". He has said he was only aware of the money in the context of short-term working-capital funding.However, it is claimed that each of the eight other people attending the event that night are believed to have been fully aware of the details of the financing of the purchase. In a statement Grier said he attended the function in the full knowledge that the club had an "ongoing and existing relationship with Ticketus".He said: "This was a dinner organised by Craig Whyte and I did not know what others in attendance knew or didn't know."It has also been alleged an email by Grier appears to relate to a series of invoices submitted to Ticketus for the £24.4 million.In the email in June last year, Grier agreed to arrange an invoice for Ticketus and backdate it until May 9, it is claimed.Three invoices were raised to Ticketus dated May 9, relating to season ticket sales for the three years up until 2013-14, which totalled £24.4m.Grier said he did not have information on the nature of the Ticketus proposal prior to the takeover and the administrators had acted "correctly and firmly on matters of financial propriety" at all times.He said: "Saffery Champness conducted the financial due diligence – we did not have access to the data room or cash flow models as that was not our role."Grier added that the "false allegations made by the BBC in recent days" were now in the hands of their solicitors.

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New Duff & Phelps allegations emerge

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