This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-scotland-glasgow-west-40156934
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Rangers fraud trial: Craig Whyte found not guilty | Rangers fraud trial: Craig Whyte found not guilty |
| (35 minutes later) | |
| Former Rangers owner Craig Whyte has been cleared of taking over the Glasgow football club by fraud in May 2011. | |
| He was acquitted by a jury following a seven-week trial at the High Court in Glasgow. | |
| The 46-year-old was also found not guilty of a second charge under the Companies Act. | |
| The jury of eight men and seven women took just two hours of deliberations to return not guilty verdicts on both charges. | |
| Whyte took over Sir David Murray's majority shareholding for £1 in May 2011, while agreeing to take on obligations, which included paying an £18m bank debt and £5m for players. | |
| He was charged with using the club's own money for the deal while claiming the funds were his. | |
| After the verdict, judge Lady Stacey told Whyte: "You have been acquitted and are free to leave the dock." | |
| He thanked the judge and jury before leaving the courtroom. | |
| Ticketus loan | Ticketus loan |
| During the trial, jurors at the High Court of Glasgow were told how Mr Whyte struck a £1 deal to purchase Sir David Murray's controlling stake at Ibrox. | |
| As well as the £18m bank debt and money for players, Whyte had agreed to provide £2.8m to settle a "small tax case" bill, £1.7m for stadium repairs, and £5m in working capital. | |
| Prosecutors had alleged that Whyte pretended to Sir David, and others, that funds were available to make all required payments. | Prosecutors had alleged that Whyte pretended to Sir David, and others, that funds were available to make all required payments. |
| The jury were told Mr Whyte had only £4m available from two sources at the time, but took out a £24m loan from Ticketus against three years of future Rangers season ticket sales, before he owned the club. | The jury were told Mr Whyte had only £4m available from two sources at the time, but took out a £24m loan from Ticketus against three years of future Rangers season ticket sales, before he owned the club. |
| The second charge under the Companies Act centred on the £18m payment between Mr Whyte's Wavetower company and Rangers to clear a bank debt. | The second charge under the Companies Act centred on the £18m payment between Mr Whyte's Wavetower company and Rangers to clear a bank debt. |
| Mr Whyte had denied both the charges against him. | Mr Whyte had denied both the charges against him. |
| His defence QC, Donald Findlay, had earlier told the jury that Mr Whyte had been made to look like a "pantomime villain". | His defence QC, Donald Findlay, had earlier told the jury that Mr Whyte had been made to look like a "pantomime villain". |
| He had said the Murray team had been "more focused" on securing a sale than on checking out the source of the money. | He had said the Murray team had been "more focused" on securing a sale than on checking out the source of the money. |
| Mr Findlay said his client had met the conditions of the sale by paying the debt and investing in the club. | |
| He blamed Sir David's advisers, saying they "let him down very badly" in the deal and did not ask where the takeover money was coming from. | |
| Summing up the defence case, Mr Findlay said: "They were not interested in where the money came from and we know this absolutely categorically." | |
| The defence QC had also pointed out that there had been "no loss" to Sir David Murray in the buyout. | The defence QC had also pointed out that there had been "no loss" to Sir David Murray in the buyout. |