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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. Tim Malone Will Tell on

    HRVATSKI JIM

     

     

    The ole pension conundrum.

     

     

    Private pensions are an economic disaster – at least the way they have been implemented in the UK. I am an employee trustee of a defined benefit scheme and am pretty appalled at the number of people who have their hand in the till and the implications of setting investment performance targets above any reasonable economic growth.

     

    If global economies are growing at 1%-2% (if growing at all) and pension funds are setting targets of 5%-6% annual growth then it doesn’t take an economic genius to realize that for the pension fund to make its target, some other poor sod has to become even poorer.

     

     

    I have a couple of young adult children and I feel really sorry for them – its a ridiculous state of affairs. The state should control pension schemes – even “private” schemes.

  2. !!Bada Bing!! on

    Ziggy- no ‘fued’ as we all know, he is another criminal who refuses to comply with the law of the land, others would maybe be behind bars,or charged HH

  3. Fan-A-Tic

     

     

    Given the economics of the out of reach EPL, I think a use of the loan system makes sense. It’s just making that system work for us and if we get a contribution from a player that helps us win matches and trophies what’s not to like.

     

     

    Big Wavy

  4. mike in toronto on

    Seriously guys …

     

     

    all I am saying is that, if we are going to criticize the zombies for something, we cannot be doing the same thing ourselves…

     

     

    Why is it lazy journalism/PR for the a paper or site to run an unsourced story saying KT is leaving, but it isn’t lazy journalism/PR for CQN to run an unsourced story saying he is not?

     

     

    When is the last time the DR scrutinized the actions of the Rangers Board? When is the last time CQN ever scrutizinized the actions of the Celtic Board?

     

     

    Am I saying that one is as bad as the other? ABsolutely not. However, I am saying that I believe that our Board had not be upfront with Celtic fans, and I believe that, in part, is why Celtic have not pursed the events of the last seven years with any relish.

     

     

    Scrutinizing one side of a story isn’t journalism …. that is PR.

     

     

    People on here just want to throw stones at the zombies…. but that isn’t how things are going to change. If we want real change in scottish football, we have to recognize that, as part of that, there may be things we need to change in how we do things.

  5. The NHS flag fly’s high on thee oul Jungle roof √

     

    If it wasn’t for the NHS, loads of soul sucking posts from loads of, different types of, soul sucking posters, would be unavailable to Paul 67’s sacred pages.

     

    Thank you, and Happy birthday to the NHS, and for saving my life, and to Mr Paul 67 for your understanding of my off the wall outlook on Celtic issue’s, especially my suspicions of the “inner workings” of, Celtic FC.

     

    Grateful √

     

    …….Oot.

     

    Zzzzzzzzzz

  6. Hrvatski Jim on

    CAMBHOY AT 2.05

     

    NHS is just great for these situations. A full recovery to your son.

  7. The NHS has been broken & broke for years & until that is acknowledged & addressed it is just stumbling towards oblivion.

     

     

    My parents generation survived WW2 & elected a Labour Government on the promise of a better tomorrow for the poorest amongst us. The mantra that it was free became very double edged. It was a stick for anti NHSers to stir the nanny state pot & a soporofic for those who thought it actually was free.

     

     

    It wasn’t free then & it it still isn’t. It was only free at the point of delivery.

     

    Someone had to pay & that someone was the tax payer – directly or indirectly.

     

    Repeated failures to drag that issue of “free but not free” out into the open meant that the NHS became a polarising issue on the political battlefield – usually with higher taxes to fund it from one side competing with reduced services to fund it from the other. The NHS itself just lumbered on it’s ineffecient way – slowly fading into a parody of what was originally intended.

     

     

    Most of us are all products of the NHS, bad teeth included – but it doesn’t fill me with joy that it’s in such poor condition on its birthday. Under funded, poorly managed, taken for granted, treated as an entitlement rather than cherished as a gem & (I worked in it for years) often overstaffed in some areas to protect jobs & understaffed in others with a lower Trade Union profile. We have finite not infinite resources & our champagne lifestyle on our beer money has gotten us to where we are now.

     

     

    I saw a tweet today that spoke to the wonky nature of the NHS – from a well known Celtic chap..

     

     

    “Somehow, I doubt this will receive the retweets it deserves today. Shameful.

     

    But people like me who do not need free prescriptions, get them. Populist nonsense, which takes resources from the needy and gives to the affluent.

     

    Paul*****added,

     

    PeterA+++++++

     

     

    @PeterA++++++

     

    Current waiting time for physiotherapy in NHS Scotland is approx 9 months.

     

    •Waiting time for a first appointment to Pain Management in NHS Scotland at least 6 months.

     

    •Waiting time for throat specialist in ENT in Scotland is approximately 7 months.”

     

     

    Free prescriptions, Travel, Childcare, University Education, meals, etc are all only beneficial if we appreciate the true value & the real cost.

     

     

    The other genuinely real cost of the NHS is the commitment from the staff – often to an idea as much as to just doing their job.

     

     

    I pay tribute to them & those who I worked with who always gave more than they might have done.

     

     

    HH

  8. JOHN51 on 5TH JULY 2018 2:32 PM

     

     

    Whilst I agree with the spirit of your post, some of it is inaccurate. I was referred for Physio and pain relief after an MRI and got appointments for both within a week. The MRI (and followup MRI) were both within 6 weeks.

     

     

    KTF

  9. Hrvatski Jim, a fine, fine post. My Mum worked in Mearnskirk Hospital for a good while. To think that you might not have sat next to me at a European match on the auld jungle (North Stand)…! HH ??

  10. If we do sign Harry Wilson, please remember that a week is a long time in politics and it will not affect the pound in your pocket.

  11. MIKE IN TORONTO on 5TH JULY 2018 2:27 PM

     

     

    Seriously guys …

     

     

    all I am saying is that, if we are going to criticize the zombies for something, we cannot be doing the same thing ourselves…

     

     

    Why is it lazy journalism/PR for the a paper or site to run an unsourced story saying KT is leaving, but it isn’t lazy journalism/PR for CQN to run an unsourced story saying he is not?

     

     

    When is the last time the DR scrutinized the actions of the Rangers Board? When is the last time CQN ever scrutizinized the actions of the Celtic Board?

     

     

    Am I saying that one is as bad as the other? ABsolutely not. However, I am saying that I believe that our Board had not be upfront with Celtic fans, and I believe that, in part, is why Celtic have not pursed the events of the last seven years with any relish.

     

     

    Scrutinizing one side of a story isn’t journalism …. that is PR.

     

     

    People on here just want to throw stones at the zombies…. but that isn’t how things are going to change. If we want real change in scottish football, we have to recognize that, as part of that, there may be things we need to change in how we do things.

     

    —————————————————-

     

    Think you’re making a valid point Mike. There’s a egg on faces following the KT rumours/stories. Some of those spreading the rumours are now deflecting and stating that all they do is print their views/opinions. But here’s the thing – many of them are presenting themselves as an antidote to the kind of “fake news” and made-up crap that the papers have been trading off for years. Good luck with that now – credibility of some of them is approaching zero.

  12. HRVATSKI JIM on 5TH JULY 2018 1:05 PM

     

    The NHS at 70

     

     

    Good bless you Jim

     

    And God bless the NHS

  13. !!Bada Bing!! on

    PETETHEBEAT on 5TH JULY 2018 3:02 PM

     

    If we do sign Harry Wilson, please remember that a week is a long time in politics and it will not affect the pound in your pocket.

     

     

    VG ?

  14. VFR

     

     

    Really glad to hear that some of it is still very effective.

     

     

    Postcode Lottery CSC

  15. JOHN51 the service I have been getting is fantastic. I have no complaints whatsoever.

     

     

     

    KTF

  16. HRVATSKI JIM

     

    I read your post with special interest as I too spent a lot of my early childhood in and out of Mearnskirk Hospital.At that time I remember it being way out in the country and getting the bus from Waterloo Street station,visiting was allowed only at the weekends but I remember nothing but kindness from nurses and staff.

  17. John51 et al

     

     

    The NHS and wider welfare system was (unintentionally) set up for failure and stress from day 1. It was predicated on near-full consistent employment which as we know, has far from been the case.

     

     

    Added to that is mankind’s ability to break our bodies more effectively than ever before through sugar, salt, bevvy, tobacco and sitting on our erchies on fitba blogs.

     

     

    Combine that with medical science’s ability to keep us alive – though dented – for so much longer despite 21 century life and the whammies on resource pressure just accelerate.

     

     

    It’s a miracle the system survives at all. It’s a miracle built on a worthy principle and 7 decades of selfless commitment by normal folk, for normal folk. And it’s a miracle that has saved and transformed countless lives.

     

     

    Pressures, challenges and limitations exist. Undoubtedly.

     

     

    But today I’m celebrating the miracle and it’s miracle-makers.

     

     

    God bless the NHS

     

     

    HH

  18. TMWT @ 2.13

     

     

    Couple of points:

     

     

    Growth in mature economies is 2% plus.

     

    Growth in developing economies is a lot higher.

     

    They move from local consumption to global consumption.

     

    Meaning that brands in mature countries grow faster than the countries that spawned them.

     

     

    Think of Scotch whisky as an example.

     

    We drink less but sell more across the board globally.

     

    Developing countries move from local ”gut-rot” to Johnny Walker et al.

     

    Doesn’t tell the whole story but tells some of it.

  19. God bless the NHS, especially those who work in it.

     

    Last September I was diagnosed as having Pancreatic cancer.

     

    The level of care I have received since then through, a nine hour, life threatening, Whipple, operation and subsequent 6 months of chemotherapy, has been exceptional;

     

    so much so that just yesterday, my Beatson oncology consultant, whilst not giving me an all clear,(I don’t think they’re allowed to), did near as damn it, did give me an all clear.

     

    All on the NHS. I am still here due to the magnificent people of the NHS.

     

    God Bless the NHS.

     

     

    Eurochamps67

  20. J51 et al — NHS.

     

     

    Interesting stuff but a lot left out.

     

     

    Two base point seem to be getting missed.

     

    The NHS is very efficient — compared to what we put in we get a lot out.

     

    The NHS is not very flexible — change and a patient focus does not come to easy.

     

     

    UK — historically the highest paid doctors in the EU but never enough of them.

     

    UK health in 1947 was set up to provide for the middle class and keep the workers healthy.

     

    Everybody else was charity, pain and an early death.

     

     

    Healthcare went universal in the Attlee style and the first thing that was noticed was that there wasn’t not enough doctors — cue recruitment from the sub continent.

     

     

    Then came the rationing aka the waiting lists — Maggie took it to the max.

     

    Doctors loved it as it gave them power to pick and chose who got what and it provided a feedstock to exploit using their private practice work.

     

     

    Consequently the NHS has been built on some shaky foundations.

     

    However the universal concept — same for everybody — and the free at the point of delivery were world beaters at the time and were much more progressive than the arrangements in Soviet Union and the way Red China set up its health service.

     

     

    Health department tactics over the past 30 years has been a continuous search for ways to break the power of the doctors union and the royal colleges. No matter how well intentioned their efforts they can’t get past the issue that until we have too many doctors they will always call the shots.

     

     

    Scotland actually has always had the right idea. We train enough doctors to properly staff the our hospitals but they have a habit of heading south with fewer heading north.

     

     

    For the record I support the NHS and its ideals.

     

    However the levels of service are shockingly variable.

     

     

    Recent family experience has been clouded by the surgical mesh debacle where 10 years of pain was ignored, patronised, talked away and then confused with other symptoms.

     

     

    That is 10 years of paying a number of middle class twits to talk lots but do nothing.

     

    As systems analysts they were useless or they had an agenda.

     

     

    My understanding is that the surgical mesh issue is a global phenomenon.

     

    Just wish it could have been fixed locally.

  21. Paul

     

     

    ‘Although it was not stated by Mr Crane, I expect the Contempt proceedings were initiated in England…’

     

     

    The court he is in contempt of is the Court of Session (inner house). TOP has been back to this body several times. I think it’s much more likely that proceedings were through the CoS as the contempted court, No?

     

     

    HH

  22. I remember when Henrik went to manure, he told the brit media more than once that the scottish league was far superior to what they thot, we were beating Blackburn and Lpool handy enough yet we were in pub league, their hunish arrogance is hunnish, I hope they get pumped every time they play and at whatever they partake in, ignorant tossers.

  23. JimmyQuinnsBits on

    MIT,

     

     

    Completely agree with your points – provenance should be a given before we’re asked to believe anything.

     

     

    On the NHS, some fantastic posts on the greatest institution created in this country. Heroism is an overused word, but it unarguably applies to those NHS workers – I, and most of you I suspect, will have family members amongst them. I’m ashamed to say I couldn’t di what they do.

  24. ” Why is it lazy journalism/PR for the a paper or site to run an unsourced story saying KT is leaving, but it isn’t lazy journalism/PR for CQN to run an unsourced story saying he is not?”

     

     

    If both stories were equally unsourced, then your question is valid.

     

    If the reality is that one side is not as bad as the other (!), then your comparison is flawed.

     

    As we , the reader, don`t know which is accurate,we can use our own judgement based on experience. On that score ( and I am aware of confirmation bias),I trust Paul67 more than I trust the MSSM.

     

    JJ

  25. JimmyQuinnsBits on

    Porto continues to be the buxom big-assed gypsy wench that seduced me on the first night.

     

     

    Boat trip and port tasting today – I know, I know, the uber tourist – but it was good; the south bank of the Douro is a lovely walk, bathed in sunshine, with Port houses jostlin for position. Had a cocktail on the Porto Cruz rooftop, and the view itself was worth the 7 euros – sons girlfriend rolling her lovely eyes when I told her that was two pints of heavy back home

  26. Jamesgang & MadMitch

     

     

    Thanks for those comments.

     

     

    My view of it all is skewed because I am not a 1st hand user any more.

     

     

    I support the NHS & defend it to people over here who fault-find for a living – except when it comes to providing healthcare for millions of poor Americans. Then they shrug & walk away.

     

     

    It’s a health business here with millions of jobs created to fill the middle-man gap of insurers, agencies, management companies & assessors – that’s before we even get to primary care & Emergency Room cover.

     

    Both & all “medical” facilities are based on market competion – so integration only occurs within each separate Health Corporation.

     

     

    It’s astonishing sometimes to think that the NHS was introduced in 1948 – yet we had food rationing in the UK until 1954. Labour had been replaced by Tories in 1950 who remained for the next 14 years.

     

     

    For me, biggest NHS issue outside funding – is transparency & accountability & abuse of the system.

     

     

    In Gosport recently 357 elderly people were systematically killed by a staff operating within corrupting system that had no checks & balances.

     

     

    In another area, a nurse has been charged over the deliberate killing of 8 babies.

     

     

    I still shudder when I hear the name Shipman –

     

     

    The sheer bureacracy & mystique around managing health care beggars belief – so anything that simplifies & clarifies it is to be welcomed.

     

     

    As to other countries’ healthcare – Japan, Canada & France (I think) get an honorable mention – but the UK is seen as a standard bearer for universal coverage globally.

     

     

    My years working at Paisley & District Hospitals was one of the happiest times – and we had football team in the Paisley Amateur league too. Non-denom to the fore – Tims & non Tims alike – great times, even if we were mince.

     

     

    HH

  27. I hope we’re not advocating a Celtic statement every time SMSM media tell porkies, if we did it would be the silliest board we’ve ever had.

     

     

    Brendan nailed it, on the day they broke their story and there is no bid.

     

     

    What kind of statement do the bed wetters want? – I for one don’t need Celtic statements to discount SMSM.

     

     

    Get a life CSC

  28. Dallas Dallas where the heck is Dallas on

    The Exiled Tim , Barton is the prime example of someone coming up from England thinking our game is no good and easy least then failing miserably.

     

     

    Sky’s lack of respect and condescending attitude shows how little outside our games v sevco they care for Scottish football.

     

     

    I have seen on the ticket thing on a number of occasions them mistaking Dundee for Dundee United then mistaking Nir Bitton for Dedryck.

     

     

    They also mispronounce the names McLean and Mackay by pronouncing them the way Americans do.

  29. JimmyQuinnsBits on

    A walk back over the bridge, guys diving of it for money but I’ve noticed earlier shoals of fish at the sewage outlets – they may survive the fall thinks I, but I won’t be shakin their hand.

     

     

    Then a climb up what seems to be endless steps, with a water fountain thoughtfully placed halfway up. At least I think its a water fountain; time will tell.

     

     

    And on to a little gem. Gazela Cachorrinhos is a tiny bar that sells what they sheepishly call hotdogs. Don’t let that full you, theyre much more than that – fillings are thin steak, gooey cheese, and a spicey sauce; this is a Porto institution, and Antony Bourdain featured it. I even forgave wee Luis who works there for being a Porto supporter

  30. The much vaunted private health care here in the USA is outwit a lot of peoples budget.

     

    Drug costs are exorbitant and vary depending on the plan you have.

     

    Life expectancy is declining in parts of the country as environmental and lifestyle stresses grow while affordability goes beyond many.

     

    After i had been in the country about 12 years paying for an expensive health plan that amounted to about $65,000 dollars around 15 years ago i finally needed to use as i cycled over a cliff in Colorado and broke my collar bone in 3 places and separated my shoulder.There are a lot of good orthopedic surgeons there due to many skiing and snowboarding actions and one was on call at the hospital.

     

    He looked at the X-rays and showed me the break but suggested that i would be better without op as they were seeing lots of rejection and complication with titanium plates and screws.

     

    He said let it heel as broken parts were under neath and if your mobility is affected in that shoulder we will operate and fix.

     

    He strapped me up and sent me on my way with a painkiller prescription.

     

    The total bill was around $1,100 dollars.I paid $50 deductible .

     

    A few weeks later i get a letter from my healthcare provider asking me for details of where accident happened and who rented me the bike as they planned to sue to recover their substantial costs.

     

    I wrote back a brief response telling them to F- off.

     

    They then threatened to sue me for not giving information but i told them i had fallen off a mountain and had no recollection.

     

    This is a prime example how a private Health care vehicle only has profit not health in mind as they had made around $64,000 in 12 years yet still wanted more.

     

    I of course changed healthcare companies and under this administration twice companies i have had have decided not to continue.

     

    It really is a mess here.

     

    I know of many people denied treatment by greedy companies who have a battery of lawyers who know they are wrong but will get away with it most of the time.

  31. J51 @ 4.43

     

     

    Gang mentality — very hierarchical, speak when spoken too.

     

    Royal College exams — main event seems to be a desire to put people off and keep the wrong sort out.

     

     

    Innovation — not wanted unless it is a hobby horse of the heid puddock.

     

     

    A lot of the issues seem to come down to giving narrow minded box tickers — one club control freaks — all the authority they need to meet KPIs and nothing else.

     

     

    I don’t want to idolise the people who work in the NHS.

     

    I just want them to do their job to the best of their ability and aim to get better day by day.

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