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Takeover Panel reveal detail behind Contempt proceedings

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Dave King racked up another “favourable settlement” yesterday, this time with The Takeover Panel, Hearings Committee, which confirmed an earlier rejection of King’s request for a review of the Panel’s decision to grant additional time for him to make his offer for shares in Newco not already owned by his concert party.

The ruling, presented by Michael Crane QC, Chairman of the Hearings Committee, revealed that UK authorities served Contempt of Court papers on King in South Africa on 8 June, noting, “This seems to have prompted Mr King’s request of 11 June 2018 to have the Committee convened for a review”.

Although it was not stated by Mr Crane, I expect the Contempt proceedings were initiated in England, where the maximum sentence for criminal contempt is 2 years imprisonment.

Where’s the club statement?  You may ask.  The football club which likes a statement more than a European tie in Luxemburg, fell silent on this news.  Not a peep.  Instead, a club insider told the Daily Record, “Dave King is bewildered” and that “because Mr King is a South African resident, there are exchange laws which must be observed.”

That is opposed to the UK’s Companies’ laws, which, perhaps are merely advisory.

How do you get out of this situation?  Well, you don’t get into it in the first place.  King and his concert party paid scant regard to Takeover Panel rules.  Appropriate legal advice was either not sought or disregarded.

There was not viable contingency plan in the event their email trails would reach the Takeover Panel and a subsequent enforcement made on King.

Exchange controls in South Africa are not new, nor is King a new resident to South African.  But exchange controls are not necessarily the problem here, as Michael Crane QC revealed in his report:

“it was not until 23 April 2018, after chasing by the Executive, that he raised the problem of exchange control approval. Even then, he appears not to have instructed Investec to obtain the necessary approval with a view to giving cash confirmation”.

Suggesting King was not denied by exchange controls, he simply did not ask for permission to transfer money out of the country!

There are few people you can call a “glib and shameless liar” without fear of contradiction, but this title has accompanied Dave King since he was called such by a South African judge.

He said whatever was necessary to get control Ibrox three years ago.  He promised redemption, an end to the pain, £50m overinvestment, if that’s what it took.  The SFA looked the other way when his dozens of criminal convictions were not enough to prevent him being regarded as a ‘Fit and Proper” person.

This debacle is a consequence of allowing a fox into the hen house.  He will not irreparably damage Scottish football, indeed, he has made the task at other clubs straightforward, but the damage to his own club is incalculable.  It beggars belief they campaigned to chase one of Europe’s richest man out and bring this character in.

I hope he holds on until the bitter end.

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  1. MADMITCH on 5TH JULY 2018 9:49 AM

     

     

    Not entirely accurate. Britain produces excellent soldiers, sailors and airmen; some would argue the best in the world at their game. Most probably definitely the best of the allies.

     

     

    When in multi-national teams the foreign soldiers all want to work with the British. This comes from someone who has been in the frontline in some of the wars you mention.

     

     

    The issue with the British Armed Forces is that they are the best at what they do but their equipment isn’t as good as it should be. Armed Forces from other nations have the best of equipment but not the skilled personnel to use them.

     

     

    KTF

  2. weebobbycollins on

    VFR… “…their equipment isn’t as good as it should be.”

     

    I blame the huns’ tax cheating…

  3. 50 shades of green on

    Freudian slip at the start Paul or light sarcasm? Either way made me laugh

     

     

    ” save King”

     

     

    H.H

  4. The Celtic star is an interesting read this morning.

     

     

    About in the know Celtic fans.

  5. !!Bada Bing!! on

    I think if you try and take money out of South Africa, the tax is around 55%……

  6. ‘Save King’ is it, Paul.

     

     

    I hope that’s not a Freudian slip.

     

     

    Or maybe it, given your long-held view that the Ol’ Glib & Shameless One is just what we need …

     

     

    ;-)

  7. mike in toronto on

    St Stivs

     

     

    Interesting reading. It mentions certain sites being used by PL to disseminate information, for which access the quid pro quo seems to be signing a Non-disclosure Agreement (NDA). Do you know if CQN or P67 signed a NDA?

  8. Hunderbirds

     

     

    Liked your post on last thread..

     

     

    The one about Etaples & war dead.

     

     

    (Don’t know how to do French accents on a keyboard.)

     

     

    Mais…Zut Alors

  9. cavansam \o/ on

    !!BADA BING!! on 5TH JULY 2018 12:27 PM

     

    I think if you try and take money out of South Africa, the tax is around 55%……

     

     

    Is that what “Going for 55” means now?

  10. Well I have listened to the Daily Record Podcast on KT’s “incredible deal” with Everton. You will be surprised to know that there is absolutely no definite info or sources available within the podcast itself.

     

     

    It’s conjecture from “sources close to the club” but admits there has been no fee agreed or discussions between the clubs. It is “believed” that his new agents are hawking him around the EPL.

     

     

    It’s the equivalent of 3 guys down the boozer chewing the fat and discussing what could possibly happen.

     

     

    Nothing of substance or truth just smoke and mirrors.

     

     

     

    KTF

  11. Still sweltering and still resisting a fill blown flounce..

     

     

    It’s hard…….

     

     

    It was only 5 minutes ago we were king of our own home with another treble and now we seem to be advocating major surgery….how did that happen ?

     

     

    If we were buying Tom Rogic, standout player for Oz in the WC and spending £9m on a French prodigy from PSG we’d be ecstatic. Keeping our best players (and I’m looking at you KT) but it’s all doom and blinkin gloom…

     

     

    Keep the faith and say NO to flouncin’

  12. !!Bada Bing!! on

    Cavansam- VG, my mother in law sold her house in Joburg a couple of years ago to come home, the tax was ridiculous

  13. Oh, I should add that the podcast states that they are now marketing KT because the failed in marketing Moussa in January and already this summer. KT was next in the list!

     

     

    Total and utter bollocks IMHO!

     

     

     

    KTF

  14. Hrvatski Jim on

    The NHS at 70

     

     

    On Christmas morning 1963 I was 4½ years old. When I opened my living room door, the scene resembled the combined toy departments of Goldbergs and Frasers. The floor and all chairs were covered with presents, most notably a large Scalextric set (which I have to this day), a huge Lego set which was enough to build a toy town and a Raleigh bike as well as much more with labels from more remote family and many neighbours.

     

     

    The reason for the extravagance, which I did not understand at the time, was that I was about to undergo a very complex (in those days) operation to repair 2 holes in my heart. This type of surgery had only pioneered a decade previously and the survival rates were increasing but the risk of death was still significant.

     

     

    After months of attending Yorkhill Hospital for tests when it was still a brick building prior to the completion of a modern building just after I was a patient, I went to Mearnskirk Hospital for the operation early in 1964.

     

     

    I remember small wards and the early darkness of winter which made the couple of nights before the operation seem even longer. No parents were allowed to stay and my dad had to get a train from Singers in Clydebank to Glasgow and meet my mum and then travel by bus to Mearnskirk.

     

     

    I met a wee girl called Jean and we played together. She was in for the same operation. I remember us delivering plastic milk bottles from a barrow to each of the other wards.

     

     

    I remember screaming the place down when my mum and dad had to leave. Now, I think back to them having to leave me alone and get buses back to Glasgow centre and then to Lambhill knowing that I would be going for the operation the next day. We did not even have a phone in our house so calls to the hospital had to be made form a nearly red phone box. Just imagine.

     

     

    My nurse was Nurse Meek and the doctor was Mr. Simpson.

     

     

    The next day Jean and I went to theatre. Jean did not come back.

     

     

    Thankfully for me, my operation was successful and I remember getting a sixpence from Nurse Meek for being brave when the large black stitches were taken out.

     

     

    Thereafter, I had to attend Yorkhill for check-ups which all went well.

     

     

    When I went to school, just a few months later, I met a friend who was my best man and who remains my closest friend to this day. His mother, who did not know our family at the time, told me not so long ago that she remembered going into a local shop and there was rejoicing in the community that a boy from Lambhill had survived such an operation.

     

     

    Post recovery, I became as active as any boy my age playing football and other sports. The only advice I have been given is not to give blood and not to run a marathon but, thinking back to summer holidays playing football for 10 hours a day in the grounds of St. Augustine’s school, it is likely that I did cover a marathon or close to one.

     

     

    All this due to the NHS.

  15. !!Bada Bing!! on

    The delusional fuds at the DR and The Hun, think they are relevant, they get 90% of their articles from sites like this.

  16. It’s been a while since anyone turned on Paul67 on the blog, I hope we’ll put our jealousy and personal opinions and vendettas to one side and show him a bit of respect. I think we owe him it.

  17. mike in toronto on

    VFR

     

     

    Who was P67’s source for his article saying there was no truth to the rumour? I don’t recall there being one.

     

     

    What is the difference?

  18. MIKE IN TORONTO on 5TH JULY 2018 12:35 PM

     

    St Stivs

     

     

     

    Interesting reading. It mentions certain sites being used by PL to disseminate information, for which access the quid pro quo seems to be signing a Non-disclosure Agreement (NDA). Do you know if CQN or P67 signed a NDA?

     

     

    That article is clickbait. You should know better than to believe it

  19. Neustadt-Braw on

    HRVATSKI JIM on 5TH JULY 2018 1:05 PM

     

     

    a braw post…..

     

     

    rest in peace wee Jean …

     

     

    Braw

  20. MiT

     

     

    “What is the difference?”

     

     

    Based on past experiences, Paul 67 is more likely to be accurate.

     

    JJ

  21. Tim Malone Will Tell on

    HRVATSKI JIM at 1:05 pm

     

     

    Great post – we are truly lucky to have lived in times when people like Nye Bevan had the right kind of vision.

     

     

    Really sad when you see what people in positions of power are putting us through these days.

  22. ….oh and nobody will lend us their youngsters as we’ve been bad to their children.

     

     

    If that doesn’t get us flouncing nothing will.

  23. HOT SMOKED on 5TH JULY 2018 1:16 PM

     

    MiT

     

     

     

    “What is the difference?”

     

     

     

    Based on past experiences, Paul 67 is more likely to be accurate.

     

     

    JJ

     

     

    And probable motive

  24. patmcgrathtakesapenalty on

    HRVATSKI JIM

     

     

    A fine, touching, personal tribute to a wonderful institution.

  25. The BBC are reporting that there is a fued between the takeover panel and Dave King. Pathetic, although it provided me with a nostalgic moment thinking about the Beezer and the long-running feud between the hillys and the billys. The good old days.

  26. Hrvatski Jim on

    TIM MALONE WILL TELL

     

     

    This os us who grew up in those days did indeed benefit from so many social reforms – Schooling, NHS, university grants etc.

     

     

    I do have one more reform to suggest. Workers of today should have an 80% tax imposed on them to fund our luxury pensions.

  27. On the Harry Wilson speculation i will be happier if he does not come as would rather Morgan and Johnston are given as much game time as possible.

     

    To many people get caught up in the EPL hype.

     

    If you asked Bournemouth fans who is the better player between Jordan Ibe and Ryan Fraser it would be no contest.

     

    The under one million Scottish player from Aberdeen has vastly outshone the much hyped 15 million ex Liverpool player.

     

    No doubt the EPL is a better league than SPL but the reality is one is overhyped and the other is undersold.

  28. What is the Stars on

    The Butler was just telling me about this 70th anniversary of the National Health Service on the mainland.

     

    Dont really know what all the fuss is about.

     

    Terrible waste of taxpayers money,scare away the entrepeneurs and risk takers those high taxes,

     

    Lets not forget if the bloody working classes stopped smoking drinking and eating fish and chips and living in dark and damp overcrowded slums all these illnesess like TB,Rickets and Cholera etc wouldnt be a problem.

     

    Anyhow if they worked hard and saved they could afford 2 weeks in a Spa resort in Switzerland..That would solve the problem.

     

    Bloody ungrateful lot of malingering spongers.Bring back national service.

     

     

    Now wheres my G & T,the crickets about to start

  29. Hrvatski Jim – that is one of the best non Celtic related posts i have read on CQN and is so relevant to a situation I found myself in this past few days. I live in England but was over in Ireland at the weekend watching my son in the Feile (Gaelic football tournament for under 14’s). He broke his collar bone on Sunday in the final, the break and damage was so bad that he had to undergo and operation on Tuesday in Belfast. The level of care he has received is second to none and top class, thanks to the NHS. We are lucky to have it and should be thankful. His exit from the final had the touch of KT about it!!!!! His team won the final and lifted the cup whilst he was in A&E, unlike KT he never made it back. The captain said he won it for him in hia victory speach!!! But a massive thanks to the NHS and the doctors and staff in the Ulster Hospital.

  30. MIKE IN TORONTO on 5TH JULY 2018 1:08 PM

     

     

    As you should well know, the burden of proof is with those making the assertion ?. Prove it’s true. Name your sources.

     

     

    I could easily say I have been speaking to a source close to the Club (which I have) who thinks it’s extremely unlikely. It is well known that Paul67 is close to senior people at the Club; it’s therefore unlikely that he would put forward such an opinion as this without reasonable surety.

     

     

    As for the assertion that the Club or KT should come out and deny it, recently the Club has refused to respond to speculation. That would give the KT (and Jozo, and Derrick, and Moussa) speculation credence.

     

     

    We will know who’s signed and who has left after it happens. That’s the way to do business.

     

     

     

    KTF

     

     

     

    KTF

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