Rangers face debt claim from Singapore-based finance company

Rangers Ibrox Park gate quality image June 25 2012
Rangers: Club says it is facing a debt claim from Orlit Enterprises.© HEMEDIA / SWNS Group

Rangers have confirmed they are facing a debt claim from a Singapore-based finance company over an unspecified sum.

The club insists the amount involved is "insignificant" and poses no threat to the club's future, adding that a settlement has already been agreed in outline.

On Wednesday, Channel 4 News reported that Rangers were facing the prospect of a winding up order over an unpaid debt of £400,000 to Orlit Enterprises.

Orlit is believed to have been involved in securing finances for the buyout of Rangers assets led by Charles Green.

However, Rangers later said the sum involved was "insignificant", although the club would not disclose what the figure was.

Orlit has been unavailable for comment despite repeated attempts by STV News. The company is linked to businessman Chan Fook Meng, who is a well-established associate of Mr Green.

The chief executive has consistently stated that Rangers are "debt-free" and operating without a banking facility.

The club statement said: "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."

Download: The STV News app is Scotland's favourite and is available for iPhone from the Apple store and for Android from Google Play. Download it today and continue to enjoy STV News wherever you are.

More About Focus on Rangers

Related articles