Former Rangers directors could still face charges - reports
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It was thought that the former owner would be the last person in connection with the 2011 buying of Rangers to face criminal action.
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Hide AdWhyte, 46, was cleared of fraud at the High Court in Glasgow earlier this week.
However, sources told the Herald that “investigations are continuing” into both Green and Ahmad.
Allegations against the pair were dropped last year and time limit for charging them for the same offences had expired.