A former chief executive of Rangers FC will receive more than £6.3 million in compensation over wrongful prosecution.

At a Court of Session hearing, Charles Green’s legal team confirmed he had accepted a settlement of £6,393,046 compensation plus legal costs from the Crown Office and Procurator Fiscal Service.

Mr Green was unveiled as the new man behind the Glasgow side in June 2012. He stepped down the following year.

But in 2015, he and five others, including former director Imran Ahmad, were charged with serious organised crime offences in relation to the acquisition of the club.

Earlier this year, the then Lord Advocate James Wolffe QC apologised to Mr Green and Mr Ahmad,  admitting the pair “should never have been prosecuted” in connection with the football club takeover.

Following the hearing on Tuesday, Greg Whyte of Mr Green’s solicitors Jones Whyte, said in a statement: “Following a highly distressing and turbulent ordeal for Mr Green, which has lasted for six years, he is satisfied that we have been able to reach this settlement today, which goes someway to rectify the significant losses suffered by Mr Green as a result of the Crown Office’s malicious prosecution against him.

“He is relieved to now be able to move on with his life and put the episode behind him.”

A spokesman for the Crown Office and Procurator Fiscal Service said: “The previous Lord Advocate James Wolffe QC made a statement in the Scottish Parliament and committed the Crown to further public accountability and a process of inquiry once all litigation has concluded.

“There are long-standing and robust processes in place to minimise the possibility that wrongful prosecutions are brought.

“We have strengthened these through the introduction of case management panels which provide an additional layer of scrutiny and direction from senior prosecutors.”

Mr Wolffe was replaced by Dorothy Bain QC in June, having stood down from his post.

Ms Bain has since recused herself from involvement in any matters related to litigation following the prosecution of individuals in respect of the acquisition and administration of Rangers Football Club.

This is due to the issue of a perceived conflict of interest as she has previously acted for a firm of solicitors who represented the corporate entity, Duff and Phelps.

The Solicitor General for Scotland Ruth Charteris QC, is now responsible for issuing instructions to the independent legal team and senior counsel advising on these cases.

David Whitehouse and Paul Clark, who were appointed joint administrators of Rangers in February 2012, were also among those to have charges against them dropped and were awarded more than £20 million.

Mr Wolffe told the Scottish Parliament in February that a judge-led inquiry would be held, and that it had the backing of Police Scotland Chief Constable, Iain Livingstone.

Scottish Labour’s justice spokeswoman Pauline McNeill said the inquiry must be held “urgently”, adding: “The price the public purse is paying for this mess just keeps rising.

“This latest settlement raises fresh questions about this scandal which must be answered in order to maintain public trust in our justice system.”

Scottish Conservative community safety spokesman Russell Findlay said: “It is sickening to see many more millions of pounds being lost from precious public funds.”

He said the “scandal will be a permanent stain on our justice system” and called for a judge from outside Scotland to lead the inquiry.