I was p **** d off when he used our firm’s £1m to buy Rangers
Business partner’s cash anger
A FORMER colleague of Craig Whyte was “annoyed” to discover £1million had left the company to apparently help fund his Rangers takeover, a court heard yesterday.
David Gillespie recalled being “p **** d off” when he found investment firm Merchant Turnaround had “less funds than expected” in 2011.
Mr Gillespie, who had been a director of the business, told how he had not given “authority” for money to be used in any Rangers buy-out.
The 68-year-old had instead earlier warned Whyte that he had not wanted any involvement in a football club.
The evidence was heard at Whyte’s trial at the High Court in Glasgow.
The 46-year-old denies a charge of fraud and a second allegation under the Companies Act in connection with his takeover.
Mr Gillespie, a retired stockbroker, told how he had been a director of Merchant Turnaround. Whyte was said to be company secretary.
The jury has heard how Whyte struck a £1 deal to purchase Sir David Murray’s controlling stake at Ibrox in May 2011.
An analysis of investments was called for around that time. Mr Gillespie said: “We discovered that there were less funds than expected.” It was found £1million was sent to law firm Collyer Bristow, who were involved in Whyte’s takeover.
Mr Gillespie said he had been unaware of the money transfer until that point.
Asked his reaction by prosecutor Alex Prentice QC, the witness said: “Annoyed, p **** d off, if you like. I referred to Mr Whyte what was going down.
“He said that he had put it across as a prelude to being involved in the Rangers acquisition that he was trying to pursue or had concluded.”
Mr Gillespie told how he had met Whyte in Glasgow months earlier as speculation mounted about his Rangers bid.
He recalled: “I made it clear that I did not want to get involved with a football club. I would not want to stretch to something as high profile as that.”
Mr Gillespie added he had not consented to the transfer although he “could not speak” for another director, Philip Betts. Mr Prentice asked the witness if he had given “authority” for money to be used in any potential acquisition.
Mr Gillespie replied: “No. As I said previously, I had discussed it with Mr Whyte and he knew my view.”
The trial, before Lady Stacey, continues.