It took until 5th October but Celtic are top of the Scottish Premiership for the first time. The valiant stand by the Highlanders went the way of Culloden but whereas the competition for first place us over for the season, the league has a promising look to it.
The SPL suffered for many years not exclusively because Celtic and Rangers dominated but because those teams who should have been snapping at their heels – the city clubs – were hugely underachieving.
Motherwell have done enormously well finishing ‘best of the rest’ for three years but they are inhibited by being the third best supported team in Motherwell (population 30,311). Their coaching and scouting infrastructure would provide a completely different platform if they were one of the top-flight clubs from Edinburgh, Dundee and Aberdeen.
Below Celtic sit Motherwell, and the other very well run SPFL club, Inverness, but behind them are Aberdeen and Dundee United, who for once sit above the detritus (sorry, Kilmarnock, but you are a terribly run football club) and plucky upstarts (Ross County, from Dingwall, population 5,026). Even Hibs are rallying. They will return to the top half of the table if they beat Partick Thistle tonight.
Of the big city clubs, only Hearts (in Administration) are off the pace, and even their league status is bound to be rescued when Kilmarnock’s name is inevitably written with the accompanying parenthesis.
As we’ve noted here often before, when the Daily Record finally acknowledges the reality Celtic websites have long explained about the Rangers group of clubs, you know it’s too late to do anything about it. Today’s piece in the newspaper confirms what we’ve known for a long time, the white flag has been raised. If they were more circumspect before declaring the unquestionable business acumen of the Ibrox key-holder, at any point over the last 15 years, the spivs would have been unable to fill their boots.
All those fawning pieces simply enabled the misdeeds.
While we are on the topic of enablers, what is the price of loyalty? £825k, apparently.
Congratulations to all who participated in the Great Scottish Run for 1254125. It turned into a great Celtic day with participants ranging from the dedicated athletes to those on the high side of 20st who grabbed the chance to make a different to their own lives, as well as others.
It’s happening again next year, so you have plenty time to get ready. The sooner you start preparing the better.
My sincere thanks to the many people who contributed to the 1254125 MyDonate page I put up on Friday. It now sits at an incredible £935, I’ll leave it up for a few days more to see if we can break into four figures.
Thanks for all your help.
Order Sean Fallon, Celtic’s Iron Man, below.
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Tom,
Dylan was great preseason agin madrid then as far as I recall ( i might well be wrong here) has started one game which we lost and he was poor in. I agree players should force their way in but what’s the point of the big squad if not to use and should he not be on loan if he’s not gonna get a chance. I’m certainly not clamouring for him but at right mid we have Forrest and Matthews before him. If one of those is injured should he not then comeinto contention. If not get him off the books and let him move on. he should be second choice on the right now .We are gonna take the league so the games before and after Europe are there to tinker with the line up if the gaffer wants to. I certainly would like him to, some of the youth look great ,atajic and fisher especially.
Lustig couldn’t make three months every game as right back so he has to be rotated. We need him fresh for Europe so rest him game before no? He’s a wee bit injury prone and with how we like our fullbacks to bomb ahead we really should prioritise if we know were gonna be champs.
Hope your doing well and the health is fine.
Bedtime in Americas finest city.
Hail Hail
Morning,
SFA are a joke, have we not already taken steps with the Kerrydale bar?
Scottish FA president Campbell Ogilvie has revealed the governing body is prepared to give the green light to lift the ban on selling alcohol at Scottish grounds.
Mahe the Madman…
Dylan rejected loan term to try and force way into the team.
King still on the hook for
insider trading?
September 10 2013 at 08:00am
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You are here: IOL / Business / Opinion /
King still on the hook for insider trading?
There are two King codes on corporate
governance. The one, more famous, is
endorsed by the Institute of Directors and
resonates in the Companies Act on good
governance. The other, now infamous, emerges
from the actions of Dave King whose attempts
to diddle the taxman represent a textbook
case on how an erstwhile JSE-listed company
should not be governed.
The supine mea culpa issued by King, in
agreeing to the settlement with the SA
Revenue Service (Sars) at R707 million
(additional to the R350m from the sale of
attached assets), sharply contradicts the
arrogance displayed during his decade-long
battle. But it isn’t only this that makes his
statement remarkable. It’s the implicit
admission that Ben Nevis and King are
effectively one and the same.
There could be implications, and there should
be. Ben Nevis, a company registered in the
British Virgin Islands and purportedly owned
by a Guernsey-registered trust, was integral to
King’s tax avoidance structure. It enabled him
to contend that Ben Nevis and not he was the
controlling shareholder of Specialised
Outsourcing Limited (SOL). Exposure of the
hoax opens a Pandora’s box of insider
trading.
Shares in SOL, founded by King, were placed
at 50c. Based on what the National
Prosecuting Authority (NPA) described in
2010 as “alleged deliberate manipulation of
financial statements, financial reports and
recorded earnings… with a view to enhance the
growth profile and share price of the
company”, the share price peaked at R70 and
subsequently fell out of bed.
SOL, of which King was chief executive, was
not in the 1990s obliged by JSE rules to
disclose directors’ dealings. So the extent of
his offloading, in the guise of Ben Nevis, was
not publicly known. The controlling
shareholder had sold its 70 percent stake at a
R1.2 billion profit, rapidly dispatched to
King’s offshore accounts.
The NPA’s intended prosecution was instituted
after a series of complaints by institutional
investors in SOL. These included Old Mutual,
Sanlam, Coronation and Southern Life. That
the prosecution did not proceed reflects more
on the NPA’s competence than on King’s
innocence.
Of the charges that were to have been
brought, none was for insider trading. Of the
R12m in fines he must pay as part of the Sars
settlement, none is for insider trading.
Yet in 2004, the directorate of market abuse at
the Financial Services Board (FSB) had
investigated SOL for insider trading and
handed its files to the criminal investigation
authorities. It said at the time: “The
directorate could not consider the possibility
of a civil action against any party with regard
to SOL as the transactions which were
investigated occurred before the Insider
Trading Act came into operation.”
Insider trading was illegal under the 1973
Companies Act. Criminality aside, new
legislation provides for civil proceedings where
fines of up to four times the gains made from
a trade may be levied. The FSB is empowered
to pursue transgressors and to compensate
those who might have been prejudiced by the
offending transactions; in this case, the
institutions invested in SOL on behalf of
clients.
What counts in King’s favour is the argument
that civil claims against him have been
prescribed by the time limit during which they
should have been brought. But from when
does prescription run? From the time the
insider trading took place, or from the time
the regulator and the prejudiced institutions
could identify the transgressor? If the latter,
then the evidence is in King’s admission that
he was Ben Nevis.
It’s easier to show insider trading in civil
actions, on a balance of probabilities, than in
criminal actions, where it must be proven
beyond reasonable doubt. At least the balance
of probabilities suggests that King committed
insider trading on a grand scale, by selling
securities on the basis of non-public
information, severely to the detriment of
investors not privy to it.
King’s newly found morality compensates
Sars. It does not extend to others at the
receiving end of financial damages in the
collapse of SOL’s share price. Although the
1998 Insider Trading Act is not retrospective,
it does allow the FSB directorate to
investigate and prosecute alleged insider
trading offences under the old Companies Act.
Where actions are criminal, there’s no time
constraint on prosecution.
Perhaps it would be a good idea for King not
to put aside his cheque book just yet.
ASonOfDan
07:41 on
8 October, 2013
Scottish FA president Campbell Ogilvie has revealed the governing body is prepared to give the green light to lift the ban on selling alcohol at Scottish grounds.
…………………………………………………………………………………………………
this, imo, is bad and a step backward.. although another way of clubs generating income, but opens the door for the smuggled in kerryoot!!
Tony Abbott has been Australia’s Prime Minister for what . . . a month? . . . and already he is up to his neck in the stench of corruption.
It seems our Tony attended two weddings and in both cases, he decided that the Australian taxpayer should foot the bill for travelling expenses and hotel bills for both events.
Abbott has been forced to refund the monies claimed for attending the weddings of personal friends.
He is also embroiled in controversy because he claimed expenses for attending and taking part in an “Ironman” event.
How do you like them apples?
desertbhoy –
It’s not about carry-outs.
It’s about allowing clubs to open bars inside the stadium.
Tom
Who bought the wedding gifts?
desertbhoy
For what it’s worth, I agree.
HH
Tom Mc:
Are you in the least surprised?
What is also hidden beneath is the fact that several other Liberal ministers attended a wedding, fully paid for by Gina Rinehart.
Now can anyone explain how that doesn’t represent a serious conflict of interest?
Interesting that with all these events they only ever ‘declare’ their involvement after it has become public knowledge. Such fine up-standing members of the community. Fine role models for us all to aspire to.
Alcohol at football matches? Obviously, supporters of this thuggish game should not be allowed anywhere near alcohol. Just think of all the trouble there was at games before our enlightened Government introduced the Offensive Behavoour Bill. All their good work will now be undone by alcohol fueled idiots at football stadia throughout the land.
JJ
If you go to an EPL game you can buy a pint of beer in a plastic container in a bar in the concourse under the stands. You cannot take the drinks back to your seats.
If Celtic were to open bars under the stands, how would that make it easier for people to smuggle carry-outs into the ground? I just don’t get that.
Just heard the strong rumour Sevco have only £4M left. Accounts did not reflect signing on fees or mutual agreements with players who left. lol!
Tom McLaughlin
07:59 on
8 October, 2013
desertbhoy –
It’s not about carry-outs.
It’s about allowing clubs to open bars inside the stadium
………………………………………………………………………………………….
..it may well be but as the previous poster pointed out the KDS is already open.
Not going to get embroiled in an argument here but if the booze is confined to the bar, possible; if not it opens up per my previous post….
,, and anyway watching football in the ground does not require alcohol for local Joe supporter.
Corporate hospitality is different.
Morning all. Overcast down here. The ole lowering skies.
BBC Scotland claiming that Dave King is rearing his head above the parapet again down in South Africa to help out his heroes from Govan. Has he been let off the hook by the South African tax people??
asonofdan
They better hope Ally doesn’t go to Gregg’s at lunchtime then , could be skint by this afternoon :-)
Mea Culpa
08:10 on
8 October, 2013
Tom Mc:
What is also hidden beneath is the fact that several other Liberal ministers attended a wedding, fully paid for by Gina Rinehart…..
did her children approve of this… after all “it’s their inheritance”
Top of the morning to you all from a blustery, autumnal, Fife where the rain is only stayed by the strength of the wind.
My petition, PE01491, had a period of three months to collect signatures, and if the rate that it collected signatures in a ten hour period between 2.30 pm yesterday and 12.30 am today had been maintained over the signature collection life the number of supporters at 29 October when signing ends would have been about 108,000!
That ain’t gonna happen, but it is heartening to see the number at 1947 this morning.
It is important that there is support in numbers for this petition because I learned from my last, similar, one that despite the merits or otherwise of a petition (against which it should be judged), sharp politicians can use a lone voice in isolation as evidence of a lack of concern for the subject matter.
If we don’t complain they might think we are happy with things the way they are.
Call for change here:
http://www.scottish.parliament.uk/GettingInvolved/Petitions/judgesmasonregister
H.H.
Re the Mathews tackle, perhaps a CQN’er who is on good terms with John Hartson could suggest he obtains the opinion or view of Chris Coleman, the Wales National Football Manager of this assault.
four million – before tax ? last box of monster munches for swally. Ho Ho Ho Merry Christmas coming up or at worst another happy new year. If sevco go zombie two and Craig Whyte still has his name on the title of ipox does that mean it won’t be part of liquidation double whipped icecream and green jelly. Glad the Daily Rangers are now onto it searching high and as low as they can get for a new billionaire. Too good. ma poor aching sides.
Tom McLaughlin
08:15 on
8 October, 2013
If Celtic were to open bars under the stands, how would that make it easier for people to smuggle carry-outs into the ground? I just don’t get that…..
………………………………
Tom.. yer havin a laff here…
Does every single person get searched (60k)??
If you allow alcohol in the ground, even at an approved area/bar.. who is to prove that the blootered guy, having bought one pint/nip, brought his own….
Alcohol. outside hospitality suites, is BAD and not to be encouraged.. whatever the income for the club!!!
Suspect Campbell noknow has been instructed to get it down so that Deidco can open up a new line of revenue
Dave King is squeaky clean.
What’s that you say? Fit and proper test?
Nothing to see here, Timmy, move along there!
It’s dark when you go to work and dark when you get home – and sometimes pretty sinister in between.
So Teflon Ogilvie advocates the return of booze. Is it me or has this anything to do with getting more dough into Hun coffers?.
Ironically the one support who have proved time and again they cant be trusted with drink at football.
“Sevco have only £4M left.”
Very possible.
However, I can’t understand why they postponed their only home match in October: the money-spinning top of the table clash against the mighty Pars.
It was due to be televised too.
Surely that would have given them a bit of much needed cash.
Don’t believe it was postponed for “internationals”.
Embdy any ideas?
sixtaeseven
08:38 on
8 October, 2013
“Sevco have only £4M left.”
Very possible.
However, I can’t understand why they postponed their only home match in October:
+++++++++++++++++++++++++++++++++
Sally was feart.
HH
BGFC
Morning, could the potential lift on alcohol coincide with the forthcoming Commonwealth Games, just to show what a sophisticated civilised little country we are…..!
Ayrshire is Green and White
HH
Copy of a post I put on TSFM in the wee small hours
——————————————————————————————————————
Good Morning.
As you can see by the time the insomnia bug has struck and so here I am far too awake for the hour and willing to try any old fairytale to find myself back in the land of Nod.
Today’s fairytale is worthy of Hans Christian Anderson and I find myself humming a tune inside my head with the voice of Danny Kaye proclaiming…. ” The KING is in the altogether….. the altogether…….. the altogether………… he is as naked as the day that he was born……”
Of course in Hans’ tale the vein King is sold the magic suit of clothes by some swindlers and ends up being duped and made to look rather foolish………. although not perhaps just as foolish as the incredibly daft loyal subjects who refuse to see the obvious idiocy that lies before them out of their sheer need to uphold their devotion to the rather stupid and vein king.
Anyway, my thanks to Eddie Rice for reproducing a previous long ( and littered with typos ) historical post from my good self which raised the issue of King’s past declaration of having received some £15M- £25M from Rangers not long after he “invested” in Rangers PLC.
Now, I have no idea just why the current Directors of any company trading down Ibrox way would want to chat to Mr King ( maybe it is to try and ensure that they remain current Directors ) but his emergence from the shadows is certainly an interesting development not least because it shows and highlights the continued idiocy of the MSM………… who of course somehow got wind of a meeting taking place thousands of miles away…… how curious?
For example, the BBC article referred to above states quite clearly that King has been a fierce critic of both Charles Green and Craig Whyte.
Well, that is an interesting take on matters— partly because there is ample evidence to show that while Mr King has certainly disagreed with the tactics of Mr Whyte and disagrees with the business model of Mr Green, he has been a far fiercer critic of David Murray but for some reason the BBC choose not to mention that.
What is more, King has also made it clear that there needs to be a far greater degree of contrition for sins of the past on the part of Rangers in whatever guise it exists, and that he believes that any Rangers football team cannot be run at a commercial profit for the foreseeable future. In fact, he states plainly that any current owner should be prepared to subsidise the Ibrox outfit to the tune of £30M for the next 2-3 years at least.
I have no idea whether Dave KIng is prepared to throw £30M at Ibrox just to keep the team going but you can be sure that he is not willing to buy a huge chunk of shares from the current owners of the current company AND then blow £30M or so into the club…… or company………. or non legal entity which may form part of an undertaking by an non incorporated association involving fans of a football team!!
King’s problems with Sars may or may not be a thing of the past but his status as a fit and proper person in footballing terms remains an issue as he was a non executive director of a failed club ( by the way he says that ) and he remains the subject of allegations of insider trading.
Of course his tax issues and criminal charges only disappeared after he had settled with the revenue by way of paying very substantial back taxes which he claimed not to be due.
However, we can only wait and see whether or not the press pick up on his claim that he received substantial payments from Rangers circa 2000/2001 and ask for an explanation as to what this was for and indeed how it was paid to him?
As mentioned above, it does not appear to have been mentioned in the Rangers PLC accounts but does seem to have shown up somehow in Mr King’s own tax records ( If I recall the story correctly — no doubt others on here can access the detail )
However, of even greater interest will be whether or not the MSM will pursue King on his statement that Rangers will never make a profit in the short term ( his thoughts on the share prospectus document will be very interesting in that regard as I am sure that is not what the investors were told via Cenkos etc) and his stated intention of suing David Murray— who, he claims, was less than frank and open with his fellow Directors and Shareholders in Rangers PLC.
Indeed given his previous statements, some in the press might also want to ask him for his opinion on the action or inaction of guys like Paul Murray when a director, and explore the entire handling of both the big tax case and the wee tax case at boardroom level? Equally, he has previously stated that Charles Green is the only game in town and stressed the fact that he had at least done the deal to buy what was left of Rangers PLC while other sat on their hands!
If there is any doubt among you as to his stated attitude on matters then here is a reminder:
http://www.youtube.com/watch?v=B_lRD_oSQRA
However, the question about him receiving that money really will not go away and my thoughts drift to the recent twitter comments by Mr Goldstein about the EBT’s being not all that they perhaps appeared to be at face value?
Perhaps I am just an old cynic.
Meanwhile, for those over Hampden way, they can take comfort that Dave King also sought assurances from Charles Green that Craig Whyte was not involved with the club….. and got them. Although the exact choice of words used in the clip above may well disclose a slight of hand…….. a big hand at that.
Would the people at Hampden consider King to be a breath of fresh air after Green and Whyte?
Maybe they would as I am told that they are terrified at the thought of the maverick Whyte somehow returning…….. or is it that they are terrified that it somehow comes to light that they have been complicit in a series of moves designed to allow Whyte to return and control events at the club?
Who knows? After all……… things down Hampden way are best reflected here:
http://www.youtube.com/watch?v=C8HHk9yxOcA
ASonOfDan
08:17 on
8 October, 2013
I suspected as much when I queried the termination fees of Bocanegra and Goian yesterday.
The announcement was reported from 29 June -1st July. With them not being mentioned directly in the accounts, I feel it’s likely the payments to them came out of the £11M. I think Goian’s was £433k, so probably around £1M for both.
Lasley has always played like a thug when facing Celtic. Celtic have had no one to ‘sort out’ opponents for many years. A real miss when playing in Scotland.
Good fairy tale analogy and if King gets involved in events down Govan way again then he might just find himself in the alltogether on a much too much chilly a morn.
Big Georges Fan Club
I can believe that (even though the Pars were thumped 4-0 by Forfar on Saturday).
On another note of the potential alcohol lift. Will I be able to take a small metal container into the ground, a small flask of tomato soup or tea…
HH
Desertbhoy
Sorry but you’re info about Dylan is incorrect.
A Championship club approached Celtic about a possible transfer/loan deal. Neil Lennon said no.
Seen the BBC article on the return of the King…
“The Glasgow-born businessman has been a fierce critic of both Charles Green, who led a purchase of the business and assets of The Rangers Football Club Plc, and Craig Whyte, whose ownership ended with that company going into administration and then liquidation.
Interesting yet again the BBC forgot about the prominent Scottish Businessman Whyte bought the big-in-a-poke from.
Mr King said…
“I seem to be one of the few people who actually one of the few people who actually invested cash into the club. I have made a claim of GBP 20 million on the basis of non-disclosure by the then Chairman, David Murray, of Rangers true financial position as far back as 2000. Other shareholders may feel deceived like I do and wish to take similar action.
Did they forget???
Sir David’s reply was interesting…
“We note with some interest, and much incredulity, Dave King’s press statement.”It is difficult to understand his motives, given he has been a director of Rangers Football Club since the year 2000.”Throughout the period of his directorship, Dave King has attended and participated in regular board meetings, including those approving the annual audited accounts, received board papers quarterly, had full access to the executive management of the club, and been privy to the same detailed financial and commercial information as every other board member.”
Fit&Proper
Mmmmmmmmmmmm
Dave King … fit and proper person? Depends who’s applying the test really. And if it’s Ogilvie then we all know what the result will be.
What an irony: Ogilvie deciding whether someone is fit and proper.
Hamiltontim is praying for Oscar
08:59 on
8 October, 2013
Desertbhoy
Sorry but you’re info about Dylan is incorrect.
A Championship club approached Celtic about a possible transfer/loan deal. Neil Lennon said no…
……………………………………………………
then i stand corrected as i was told it was the opposite… but defer to your greater knowledge.
HH
HT…..
….memo to self… don’t believe everything you’re told!!