FORMER Rangers chief executive Charles Green has won over £6m from the Lord Advocate in a settlement over his £20m claim for being wrongfully prosecuted in the club fraud case.

Details of the settlement came as an eight day hearing to judge the amount of damages was about to take place.

Garry Borland QC for Mr Green said the settlement from Lord Advocate James Wolffe came overnight and that the former Rangers executive was "content to accept it".

He said settlement came in the form of a judicial tender in the amount of £6,393,046  plus Mr Green's legal costs.

It emerged during an earlier hearing that Police Scotland were no longer being sued as part of the action brought by Mr Green. No reasons were given as to why this was the case.

READ MORE: Ex-Rangers execs Charles Green and Imran Ahmad get public apology over wrongful prosecution

The 67-year-old businessman was arrested with several other men following a police probe into alleged fraud in relation to the sale of the current Scottish champions to businessman Craig Whyte.

Mr Green, whose Sevco consortium, bought the assets of the club business in liquidation nine years ago for £5.5m was due to receive compensation after Crown lawyers accepted he was subjected to a malicious fraud prosecution.

Mr Green was told three years ago he would face no further proceedings in connection with the case as prosecutors said there is "now no evidence of a crime".

The decision by the Crown Office had marked the end of the two-and-a-half-year long proceedings which saw only Craig Whyte face trial and led to no convictions.

Part of Mr Green's claim related to losses made from two businesses after he was prosecuted.

The Lord Advocate has previously made a public apology to Mr Green as the damages case was due to be progressed.

Mr Green's solictor Greg Whyte of Jones Whyte LLP said: "Mr Green is today relieved to settle his claim for malicious prosecution.  He looks forward to putting the last six years behind him and moving on with his life."

HeraldScotland:

A full hearing in his £20m damages claim over wrongful arrest to decide how much should be awarded was due on Monday.

But Mr Borland said: "Mr Green was the victim of an egregious wrong at the hands of prosecuting authorities and the proof this morning was fixed to deal with the quantification of his claims against the Lord Advocate.

"Last night the Lord Advocate, made an offer to settle this case, in the form of a judicial tender in the amount of £6,393,046 plus payment of Mr Green's legal costs to date.

"That offer of settlement by the Lord Advocate was made overnight.

"I took instructions this morning and Mr Green is content to accept that settlement offer.

"And I therefore move the court this morning to grant decree in favour of Mr Green.

He added: "In conclusion, my lord at this stage, it will be for the public enquiry, to examine how this malicious prosecution of Mr Green could possibly have been allowed to happen. But at this stage, I would simply thank this court for its handling of these civil proceedings."

Lord Tyre said: "Obviously, from my part, I'm happy that the case was settled. I could grumble about the fact that it took until the morning of the proof and therefore, it would have saved me obviously some work if this had happened last week, but in the circumstances I shall refrain from doing so."

Gerry Moyniham QC, for the Lord Advocate James Wolffe said: "There is no opposition to what my learned friend has made by way of motions, and it's not appropriate for me to add anything, or comment.

Mr Moynihan said at an earlier hearing that more information was needed about the financial losses relating to Mr Green.

He said one of the issues in the cases related to the amount of damage that was done to a company Mr Green had been involved with called Proton International. There was further information needed on damage done to a firm Mr Green had been involved with, Florida-based firm called Croton.

Mr Moynihan said Mr Green’s legal team had submitted a report written by staff members of international financial services company KPMG about the financial losses.

Mr Whyte, who ended up being the last man standing in the long-running case, was cleared in the summer of 2017 of all charges in connection with his 2011 club purchase from Sir David Murray.

The cases brought by Mr Green come in the light of admissions made by the Crown in another case brought by businessmen David Whitehouse and Paul Clark. 

Prosecutors admitted Mr Whitehouse and Mr Clark were wrongfully arrested and prosecuted and the two men sought a total of £20.8 million from the Crown Office and Police Scotland.

 But they later settled their action with each of them receiving £10.3 million each - their legal bills, thought to be worth £3 million each, were also paid for.