CRAIG Whyte told a prospective business partner that his firm had £60m of assets, a court heard.

London financier John Newlands said he had seen documents relating to Whyte's Liberty Capital company.

Mr Newlands later went on to write a letter that the future Rangers owner could “comfortably” back a £10m share issue.

The evidence was heard today at Whyte's trial at the High Court in Glasgow.

The 46 year-old denies a charge of fraud and a second allegation under the Companies Act in connection with his takeover at Ibrox.

Mr Newlands, a corporate financier, recalled how he first met Whyte around 2010.

The court had prrviously heard how Whyte struck a deal in May 2011 to buy Sir David Murray's controlling stake at Rangers.

It emerged today that in March 2011, Mr Newlands wrote a letter to the Murray Group stating Whyte could “comfortably underwrite” a possible £10m “rights issue”.

Mr Newlands also recalled how Whyte had once stepped in when the financier could not pay his £2,100 rent for his own business.

He said: “I asked Craig as a prospective business partner if he could kindly provide the wherewithal.”

Mr Newlands told the court he had needed “readily available cleared funds” and that Whyte went on to “transfer” payment.

The trial, before Judge Lady Stacey, continues.