Whyte ‘took £1m from firm to fund Rangers deal’

A former colleague of Craig Whyte was “annoyed” after discovering that £1 million had gone from a company to apparently help fund the Rangers takeover.

David Gillespie recalled being “p ***** off” when he found investment firm Merchant Turnaround had “less funds than expected” in 2011.

Mr Gillespie, 68, who had been a director of the business, told how he had never given authority for money to be used by Whyte in any Rangers buy-out. Mr Gillespie had earlier said he warned Whyte he did not want to be involved in a football club.

The evidence was yesterday heard at Whyte’s trial at the High Court in Glasgow. Whyte, 46, denies a charge of fraud and a second allegation under the Companies Act in connection with his takeover.

Mr Gillespie, a retired stockbroker, was a director of Merchant Turnaround PLC. 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. Around that time, another director asked for an analysis of investments. It was then found £1m had been sent to law firm Collyer Bristow, which was involved in Whyte’s takeover.

The trial continues.