Rangers share price drops after Green probe news

• Rangers shares fall by a third of their value as stock market learns of probe into Charles Green and Imran Ahmad

• Investigation will scrutinise allegations of links between Green, Ahmad and former owner Craig Whyte

• Court papers reveal Craig Whyte lied to Ticketus over directorship ban and misfeasance questions

As shares traded for 61p yesterday - a third of their 93p peak - the value of Green’s company fell to £40 million, losing £5 million in value.

The drop came as news of the investigation into Green and former Rangers director Imran Ahmad reached the AIM.

The inquiry will scrutinise Green and Ahmad’s alleged links to former owner Craig Whyte, who Green admitted to “shafting” in the process of the takeover.

Green and Ahmad “strenuously deny” claims about their business dealings with Whyte as the former owner claims he still has rights over the club.

Meanwhile, court documents have revealed Whyte lied to Ticketus over his directorship ban in a questionnaire issued by the financing vehicle before his ill-fated deal to sell future season ticket sales to the company.

In an email sent to the company in February 2011, three months before he took over at Ibrox, Whyte also denied he had been accused of “misfeasance, breach of trust or any other misconduct.”

Whyte was accused of knowing “his answers were false” in papers delivered to the Chancery Division of the High Court in London.  Master Matthew Marsh said: “The inescapable conclusion on the evidence is that Mr Whyte knew his answers were false.

“Even if I am wrong abut that, he was reckless on whether the answers were accurate, and provided them not caring whether they were true.

“Alternatively he was negligent in failing to check the accuracy of the questionnaire before passing it on.”

Whyte had been reported for misfeasance, breach of duty and negligence by the liquidator of Vital UK Ltd. Two years later, he was banned from being a director for seven years.