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PLUS Stock Exchange fine Rangers
Published : 27 Feb 2012 12:46:52
Rangers have been fined 50,000 by the PLUS Stock Exchange for failing to disclose Craig Whyte's previous disqualification as a director when the businessman completed his takeover of the club in May last year.
Whyte was disqualified in 2000 for seven years but Rangers did not announce this until November 30, six weeks after the Insolvency Service had confirmed the fact in a BBC documentary.
Rangers have been issued with the fine and a public censure following an investigation by the stock exchange, who suspended trading in the club's shares last month because of their failure to publish audited accounts.
A statement from PLUS read: "The amount of the regulatory fine has been determined taking into account a range of factors including, but not limited to, the seriousness of the rule breach and the circumstances of Rangers FC."
PLUS revealed Rangers had sought to challenge their disciplinary ruling on February 14, the day they went into administration, but administrators Duff and Phelps withdrew the referral to the disciplinary committee last week.