Rangers: Singapore winding-up petition is no threat

Published on 07/02/2013 07:56

Rangers last night insisted there was no threat to the club over a debt owed to a Singapore-based financial services firm, 
following reports they could face a winding-up petition.

Channel 4 News reported that Orlit Enterprises was seeking a winding-up order over an alleged debt of £400,000 for helping source the initial investment which helped Charles Green’s company acquire the assets and business of oldco Rangers in June last year.

The company, which was 
unavailable for comment last night, is linked to businessman Chan Fook Meng, who is 
believed to be a well-established associate of Green.

However, Rangers played down the debt – Green has consistently stated that Rangers are “debt-free” and operating without a banking facility – and claimed a repayment plan had been agreed.

The club issued a “court petition statement” on their website, which read: “With regard to stories circulating about Rangers and Orlit, the sums sought are insignificant and agreement has been reached subject to the necessary paperwork.

“Rangers Football Club is capable of meeting any debts presented legitimately and we would like to stress to our 
supporters there is no threat 
to the club whatsoever. The 
matter is unworthy of further comment.”

Channel 4 claimed a source had clarified to it that Orlit Enterprises was contracted to source and introduce the investors who provided seed capital in order to acquire the club from the administrator and to secure the June 2012 payroll.

The TV channel’s report claimed Orlit did not participate in either the pre-IPO (initial public offering) equity fundraising or the IPO itself.

On the pitch, meanwhile, Third Division leaders Rangers are set to go into Saturday’s clash against Queens Park without Ross Perry. The defender has a hamstring injury and is doubtful for the weekend clash.