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It Never Rains But It Pours Over Ibrox.
Published : 27 Feb 2012 15:27:12
Now the PLUS Stock Exchange want a piece of the troubled club
Rangers have a new debt to consider after being fined £50,000 by the PLUS Stock Exchange for failing to disclose under-fire owner Craig Whyte's previous disqualification as a director. Rangers failed to highlight Whyte's director history in full 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 30 November. This was 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 also revealed Rangers had sought to challenge their disciplinary ruling on 14 February, the day they went into administration, but administrators Duff and Phelps withdrew the referral to the disciplinary committee last week. The exchange said attempts to obtain information relating to their "fit and proper person" requirement - regarding owner Whyte - were restricted by the club solicitors' failure to share information.