Previous owner of the Rangers football club, Craig Whyte, and ex-chief executive, Charles Green, are also on bail after appearing at Glasgow Sheriff Court.
Reports revealed they were arrested this week over the alleged fraudulent acquisition of the Scottish football club back in 2012.
The club was put into administration in 2012 by Duff and Phelps administrators, David Whitehouse and Paul Clark (who was also arrested).
The investigation is looking into how Green purchased the business and assets of the club after it went into administration and then liquidation. The Daily Record reported Green bought the club for just £5.5 million yet later raked in £22 million from the issue of shares.
A Duff & Phelps spokesperson said,
“Duff & Phelps has performed an internal investigation and commissioned an independent investigation of the related matters.As a result, we believe that our work for Rangers was conscientious, thorough, and properly performed in every respect.
In addition, we have provided thorough reports on our role in the administration of Rangers Football Club to the Court of Session and the Insolvency Practitioners’ Association.
Notably, the liquidator’s amended pleadings in English High Court proceedings commenced on April 8, 2011 validate the conclusions of our internal investigation and the independent investigation we commissioned.”