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Rangers fans called on the club yesterday to suspend chief executive Graham Wallace as the police probe allegations that he misled shareholders at last December’s annual general meeting.
Ibrox shareholder Phil Maher has lodged a complaint with Police Scotland based on comments from Wallace who claimed that Ibrox had sufficient funds in place to operate the club until May, despite taking out a £1.5 million loan.
Officers confirmed at the weekend that they were investigating allegations that Wallace had contravened the Companies Act.
The Union of Fans statement read: “Given the serious nature of the allegations, we expect David Somers, in his role as chairman, to suspend Mr Wallace until these investigations are complete.
“It is our firm belief that shareholders have been misled.”
The Ibrox club released their 120-day review of the business on Friday morning, revealing the dire financial state of the club, despite Wallace’s assurances that the business side of the club had now been “streamlined” and were looking to launch a second share issue to raise around £30m over the next three years to challenge Glasgow rivals Celtic.
Wallace confirmed to the assembled press on Friday afternoon that there will be a number of redundancies at the club as part of its financial restructuring, but it would not affect the playing staff.
The former Man City chief refused to discuss his or any of the other board members’ wages and bonuses.
Meanwhile, reports in the South African press claim that former Rangers director Dave King, who is currently leading a fan boycott of season tickets, has failed to pay the outstanding payments to tax authorities following a 12-year battle with the South Africa Revenue Service.
If he fails to pay the outstanding amount, which was part of his guilty plea deal over 41 breaches of the South African Income Tax Act, then King faces jail time.