Simon Jordan has challenged Sir David Murray over his use of EBTs at Rangers.
The former Ibrox chairman utilised employee benefit trusts after being presented with the scheme when he was at the helm at Rangers.
Rangers would face HMRC action over the use of EBTs leading to the financial troubles at the club and eventual administration.
Jordan, who previously owned Crystal Palace, revealed he was also presented with EBT use after the club returned to the Premier League, but opted against their use.
Speaking on the Graeme Souness Tackles podcast, Jordan quizzed Murray over why he decided to utilise EBTs at Rangers.
He said: "Can I ask you about these EBTs? Because I turned it down.
"When Palace got promoted to the Premier League, I had a look at it and I thought to myself, I'm not sure about this offshoring, image right structure, non-recourse loans.
"I could save £2m or £3m per year, but I am going to get HMRC at some point, because they don't like football.
"There is an unsecured creditor policy, and they don't like it because they have been removed as a preferred creditor. What was your thinking to take that?"
Murray stated that the EBT use was presented to him as a "valid scheme" and one which he trusted, as he claimed auditors "signed it off".
He explained: "It was brought forward to me as a valid scheme and I rubber-stamped it for two reasons.
"Our auditors signed it off; the Rangers auditors signed it off in the accounts. It's a wee bit like coming back to BDO because that is where the idea came into my mind.
"But on top of that, Ernst and Young were our company auditors. So it was being audited at Rangers and audited at my head office at my company. So one would believe it is a valid scheme if you have gone through six different lots of audits."
