A FORMER Rangers finance chief who is pursuing a damages claim which could rise to £75m against the Lord Advocate lost his career and suffered "irreparable reputational harm" over a "malicious" prosecution in the failed club fraud case, it is claimed.
Former Ibrox executive Imran Ahmad's legal representatives have said that his arrest after being linked to club fraud and conspiracy had meant he lost his standing as a venture capital entrepreneur with his reputation scorched.
Mr Ahmad, who is understood to have been a key player in the £5.5m takeover of Rangers by the Charles Green-fronted Sevco consortium has already received an apology from Scotland's most senior law officer the Lord Advocate over wrongful prosecutions.
Attempts to mediate in the multi-million pound action over wrongful prosecution brought by Mr Ahmad have failed to reach a mediation with his legal team accusing the Lord Advocate of "egregious" behaviour.
Mr Ahmad was charged in 2014 along with six other men during an investigation into how Scots businessman Craig Whyte bought the club company from Sir David Murray for £1 in May, 2011.
They were subjected to detention and criminal proceedings in relation to fraud allegations in the wake of Mr Whyte's disastrous purchase of Rangers and its subsequent sale before a judge dismissed all charges.
Among the beneficiaries of malicious prosecutions in the Rangers case were finance experts David Whitehouse and Paul Clark of multi-national consultants Duff and Phelps who were among seven arrested in 2014 after they were appointed administrators of Rangers when it fell into insolvency in 2012.
They settled out of court with the Crown Office in December to the tune of around £26.6m including costs, with the Lord Advocate admitting a malicious prosecution.
It came amid recriminations over Mr Whyte’s takeover supported with the mortgaging of future season-ticket sales and the club’s 2012 Sevco buyout from administration led by Mr Green.
The amount of damages in the claim has now soared to £75m as Mr Ahmad seeks to salvage his reputation.
As the case proceeds to a full examination estimated to take place next year, Ewen Campbell QC for Mr Ahmad told the Court of Session: "The pursuer's case... is set out in a few sentences... which is as a result of the wrongful prosecution against him he suffered irreparable reputational damage in the worldwide business community, and as a result he's lost the opportunity to participate in numerous remunerative business opportunities and to pursue his career. His career has been lost due to the malicious prosecution."
Mr Campbell also said he wanted clarification over whether the Lord Advocate believes Mr Ahmad did not suffer major losses from the charges laid against him.
It comes seven years after Mr Ahmad's home was raided by police the day before he found he was charged with conspiracy to commit fraud, and furthering the commission of serious organised crime.
The Lord Advocate had initially denied liability for a malicious prosecution and later attempted a settlement with a public apology confirming that Mr Ahmad should not have been prosecuted in connection with the football club takeover.
Mr Ahmad, 52, has a background in finance, investment banking and share dealing, and is arguing that his career as an entrepreneur had been going forward. The "malicious prosecution" mean he had been unable to work.
His claim relates to the loss of his reputation, career and earnings.
But Gerry Moynihan QC, for the Lord Advocate, said that he was "attacking" the basis upon which the claim is advanced.
He has previously said that one of the issues in the related to the amount of damage that was done to both Mr Ahmad and Mr Green who had been a key involvement with a company called Proton International.
He said: "The case I meet is that Mr Ahmad lost a career as a venture capital entrepreneur. The launch pad into that career... is success in Rangers and success in Proton."
Mr Green, who fronted the purchases of Rangers business in liquidation ten years ago, has already won over £6m plus costs from the Lord Advocate in a settlement last year over his £20m claim for being wrongfully prosecuted in the club fraud case.
Mr Moynihan said: "So what I have put in issue was whether Rangers was a career high..."
Lord Harrower has said he expected the Lord Advocate's representatives to give further information about their position in fighting the case.
The full case is expected to be heard in March.
Mr Ahmad received a renewed apology from the Lord Advocate ahead of his departure from the role last year..
James Wolffe QC admitted Mr Ahmad and former Rangers chief executive Charles Green "should never have been prosecuted" in connection with the football club takeover.
A statement from the Lord Advocate said: "Between 2015 and 2016, Mr Imran Ahmad and Mr Charles Green were prosecuted in the High Court concerning matters associated with Rangers Football Club.
"They should not have been prosecuted and, as Lord Advocate and head of the system for the prosecution of crime in Scotland, I have apologised unreservedly that they were.
"I made a statement to the Scottish Parliament following the settlement of two related cases, and I said at that time that there had been profound departures from normal practice.
"Lessons have been learned from what happened and the Crown Office & Procurator Fiscal Service (COPFS) has taken steps to prevent a similar situation arising in the future.
"I have given a commitment that there will be a judge-led inquiry into these matters once all relevant legal cases have concluded.
"The actions by Mr Ahmad and Mr Green continue with a view to settlement of their financial claims."
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