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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. The NHS is the greatest social achievement for any civilized society.

     

    To privatize it condemns millions to death over time in order to facilitate corporate greed.

     

    Dont let it be privatized. I live in America. Trust me.

  2. ” To privatize it condemns millions to death”

     

     

    Inasmuch as we will all die, I think you missed out the words `an early` before `death`.

     

    That, of course, leads to another and very serious question: Just how much should be spent on prolonging life for as as possible?

     

     

    JJ

  3. fairhill bhoy on

    HJ-god bless the NHS ,my sister would say the same.Her son my nephew,Sean had a season ticket for Yorkhill,he has learning disabilities and his treatment in there was outstanding.God Bess your wee friend Jean

  4. Hot Smoked on 5th July 2018 5:20 pm

     

    As an OAP inclined blog I see where you’re coming from but no I didnt miss “an early” or anything else. I’m talking about not selling you’re house and all assets to stay alive irrespective of age.

  5. The NHS, a wonderful institution, but it has it’s faults, Mrs TET was a casualty nurse for fourteen years and loved nearly every minute of it, the bits she didn’t like were having to choose who should live and who should die, they had guidelines to follow and they had to adhere to them, or else, it’s the reason she told them to stick it, one night a bloke in his 50s presented after a heart attack, a young fella in his early 20s came in with a drug overdose, not enough staff to look after both so the older bloke was left to die, which he did, it was her last night working for the NHS.

     

    We both know they do a superb job in the main, but not all the time, as with virtually everything now money is the god and life can take a flying feck to itself.

  6. JimmyQuinnsBits on

    So tonight am going to see Augusto Pacheco, Portuguese guitarist (oooh hark at me) in the stunning wee church of St Ildefonso. The accoustics should be great – if he’s not up to it I might borrow his axe for a wee rendition of Four Green Fields.

     

     

    Afterwards, who knows – certainly no me, as I only get more confused with life as the years roll on.

  7. JimmyQuinnsBits on

    I should really stop referring to the wee boss here as the sons girlfriend. Her name is Freya, she’s from “the eyelant” – i.e Lewis – but thankfully not of the wee frees, an I love her to bits.

     

     

    Shes likes to remind me her name is after the Norse god of love, but she forgets me and her scouse Da got wrapped around a bottle of firewater one night and he told me it was after the first trawler he worked on. Its no quite the same being named after a fish bucket.

     

     

    Anyways, time for the disco pants. Ciao

  8. GreeninbingleyinOslo on

    CELTARELLA on 5TH JULY 2018 5:08 PM

     

    The NHS is the greatest social achievement for any civilized society.

     

     

    —————-

     

     

    And that is it, in a nutshell.

     

     

    I have lived in the US, Greece, Kenya, Spain and now Norway.

     

     

    Wherever you go, the NHS is referred to in pretty much those exact words.

  9. Hrvatski Jim on

    Friesdorfer @ 2.56 – thanks and respect to your mum for her service to the hospital.

     

     

    Jamesgang @ 3.09 – thanks and, of course, you do more for the development of heart health than just about anybody else.

     

     

    Soukous @ 3.30 – in later years i stumbled on Mearnskirk by chance when out in the car. It was a memory jerker. The site is certainly on the outskirts and must have been terrible to get to and from on a winter’s night.

     

     

    I found this site which explains a bit about the history of the hospital. It does confirm that visiting was only at weekends but i don’t remember that being applied to me.

     

    http://www.mearnshistory.org.uk/Mearnskirk.html

     

     

    Anyway, glad that you were able to come through your illness .

     

     

    Fairhill Bhoy – glad that Sean has got good care.

     

     

    Yorkhill – confession time:

     

    Whilst i was at university, under the guise of being a volunteer play leader for the children on Saturday mornings when the weekday staff were not there, I found it a very agreeable experience as I met a couple of very lovely young ladies who are still friends to this day. Top girls – my local pals were extremely impressed when they both turned up at a fancy dress party at my house. One is now the clinical head of an English Healthcare Trust and the other is a Depute Procurator.

     

     

    To be fair to me, I did play a bit with the children. It also worked well as I could jump on a bus directly to my pal’s house where his mother would have a fry-up ready for us and we would then get an 89 bus to Parkhead for the afternoon match at Celtic Park.

  10. Darryl Broadfoot back on SSB

     

     

    WTF

     

     

    You couldn’t mark these bams with a blow torch .

  11. Dallas Dallas where the heck is Dallas on

    West Belfast football club , Sport and Leisure Swifts plan to change their name to Belfast Celtic .

     

     

    Pat Mc Allister Sport and Leisure Swifts’ manager, aims to run the new Belfast Celtic with the same ethos of the original Belfast Celtic. They plan to work closely with the Belfast Celtic Historical Society.

     

     

    I hope if they are succesful and do not face the same issues , to be diplomatic, the much missed Belfast Celtic endured.

  12. Nye Bevans' rebel soldier on

    Good to see CQN’s support for Britain’s greatest achievement.

     

     

    AneurinbevanCSC.

  13. Hrvatski Jim

     

     

    Wow, what a post. Glad you have come through your early troubles with flying colours and it did not have a major impact on your later life. RIP little Jean.

  14. Hi Bhoys

     

     

    Re NHS

     

     

    Born July 1960 spent the first 6 months of my life in The Southern General. My mother (God rest her) was told she wouldn’t be taking me home. I’ll be a 6 foot 16 stone 58 year old testament to our most glorious NHS this month. Had a very fortunate life surrounded by love due to these unsung hero’s. Got a son and 2 grandchildren due to the care and effort of these unsung hero’s. God bless the NHS.

     

     

    PARK ROAD 67 give E a big kiss and cuddle and thank her for her service to OUR NHS.

     

     

    KEEP THE FAITH

  15. THE EXILED TIM on 5th July 2018 6:00 pm

     

    Those decisions are deliberately due to a lack of resources/funding not a policy on who lives and who dies

  16. What is the Stars on

    Dallas

     

    Did you watch the BT documentary on the mob and rigged games

  17. Paul67 et al

     

     

    Congratulations to the NHS on reaching the biblical three score and ten years. Not without its’ problems but for £2000 per person pa a bargain by any standards. And many of its’ problems a direct consequence of politicians and the managerial class, not to mention the privateers and the profiteers of the present day. A product of both Socialism and Christianity as Nye stated though his own inspiration was Welsh miners acting in unison to collect money for both medical treatment and sickness. Not quite a mirror to Socrates’ own reflection on the role of the Doctor but an idea and institution worthy of our continued support.

  18. Celticrollercoaster

     

     

    A great post from you also. Stories relating first hand experience are very powerful. I remember CQN being very concerned for you. So very glad you’re feeling good.

     

     

    Hail! Hail! ?

  19. Delaneys Dunky on

    My first proper job was in the NHS. Mearnskirk Hospital as a trainee Administrator. Had 10 great years working in Victoria Kirkcaldy, Western General Embra and Gartnaval Glesca. Great decade in my life. Great invention the NHS by Mr Bevan.

  20. remember my young brother getting rushed into stobhill hospital, with his very first asthma attack, very scary he was only 4 years old, they took great care of him, but to this day and he is 51 now, he still has an inhaler.

  21. sixtaeseven - 70 trophies in my lifetime on

    https://www.bbc.com/sport/football/44731359

     

     

    Who added in the extra “info” to the end of King’s quote?

     

    “They are just bullying me but that is nothing new since my involvement with Rangers (Mike Ashley, Sports Direct, Easdales etc.).

     

     

    This is the BBC in 2018, folks!!!

  22. ALVES cant leave the cheats (Rangers) because the team he was going to have been found to have cheated also. ..so , ….the transfer is off .lol

  23. mike in toronto on

    Off to a birthday dinner for Liam in Toronto’s wife tonight … she turned 61 yesterday.

     

     

    Cant quite get my head around that … I dont think of my parents as being that old, let alone my contemporaties (although she is a bit older than both Liam and I) … although, to be fair, you would never guess her age in a month of sundays.

     

     

    but, 61?! where does the time go?

  24. mike in toronto on

    Marspapa

     

     

    that is a real problem for sevco, as I suspect that they were counting on the Alves money to pay off Morelos (to get him off the wage bill) …

     

     

    :)

  25. Delaneys Dunky on

    Like OneMalloy of this parish,I also worked in Lennox Castle hospital and stayed in the Castle nurses home, adjacent to the Celtic training complex at Lennoxtown today. Hope you and Lady S had a great adventure in your Emerald Isle home pitch.

     

    YNWA

  26. When I was a young student worked in Hartwood Hospital…..psychiatriatic

     

     

    People there (not all…&

     

    including relatives that were there) wrongly diagnosed..

     

     

    Terrible classification of patients….

  27. MIKE IN TORONTO

     

     

    After all their troubles i hope our board don’t become complacent , imo we cant allow them a sniff of a chance a the title …and thats not entitlement …for all the laughs we’ve had at their demise/expense to let them snatch a title would be unforgivable in my eyes .

     

     

    Hows Seamus …don’t know if you saw the photo of our 2 labs , sent them via email to Hrvatski….was a while back mind you .

  28. mike in toronto on

    Hrvatski

     

     

    No chance. Liam is a brilliant chef … keeping it all for myself!

     

     

    Actually, Seamus doesn’t get people food, except for a bit of peanut butter in her kong in the morning. So, unlike Derry, he never begs for food. Only downside is I’m having to eat everything… so I’m getting fat, instead of the dog!

     

     

    Really looking forward to your boys Modric and Rakatic running rings around England (if they get by Sweden)

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