12th Sep 2014 07:25
LONDON (Alliance News) - Rangers International Football Club PLC Friday said it has reached as settlement with former commercial director Imran Ahmad in the case he brought against the club over bonus payments he claims to be owed.
Rangers said Ahmad will be paid a sum "significantly less" than the total amount he had been given permission to seek.
As part of the terms of the agreement, Ahmad has agreed to refrain from attempting to freeze funds from in Rangers' bank account or others pending the formal removal of the case from court, Rangers said.
Last week, Ahmad had won his bid to have GBP620,000 of club assets frozen. Ahmad was seeking GBP500,000 he claimed to be owed in bonus payments from his time as the club's commercial director. On Monday, Rangers was given consent to appeal the asset freeze.
Rangers shares were trading 2.90% higher at 23.41 pence per share shortly after the market open Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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