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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. Delaneys Dunky on

    Marspapa

     

    Cheetahs never win.

     

    Learnt that Primary 1 Saint Paul’s Whiteinch. Still holds true 48 years later. Love to you and yours Billy fae me and mine.

     

    YNWA

  2. mike in toronto on

    Marspapa

     

     

    It is not complacency by our Board … it was a business decision that we didn’t want them to die. And if they are around, at some point (and a lot sooner than most on here will predict), they will be challenging us for trophies …

     

     

    even if we have a large financial advantage, the players are only human…. eventually, complacency is going to set in …. if there is no perceived competition, people eventually take their foot off the gas … then, it can be hard to turn it back on ….

     

     

    and even if we dont slip up, eventually, they will get lucky and/or produce a few decent players ….and that could be the difference one season …

     

     

    nothing lasts forever ….

  3. mike in toronto on

    Marspapa

     

     

    CQN’s Croation Sensation just sent me the photos again … brilliant! Seamus has a way to go before he fits into one of my jerseys, I’m afraid.

     

    :)

  4. Hrvatski Jim on

    Marspapa

     

     

    The picture was still in my inbox so I have sent it to Mike.

     

     

    Yes……that Mike. The one who won’t give his dearest friend a scrap from his table.

     

     

    BOOOOOOOOOOOOOO

  5. Delaneys Dunky on

    Adi D

     

    I used to love the stories of a lady in Lennox Castle hospital. She entered there as a 16 year old from a devout Irish Catholic family. Annie’s mental illness was that she fell pregnant at 15. Big Celtic fan and taught me lots about life. Institutionalised though. Many like her.

     

    Annie Quinn RIP

  6. DELANEYS DUNKY

     

     

    Cheers pal …..if only that were true , plenty of people profitting from cheating …iz that no why the word Karma or shoddinfraud wiz invented….they hopefully get funoot !!!!

     

     

    Hope wee Molly is keeping well.

  7. The sevvies r miles behind us. But before the 3 2 game last season it wasn’t impossible for them to catch us. The referees bias will b off the scale if they r close enough to overtake. That’s why we should b strengthening consistently and keeping well indeed. 10 in a row ain’t a done deal.

  8. HARVATSKI JIM

     

     

    Timing they say is everything lol.

     

     

    He’s just looking out for your health / figure …whata guy that Mike is ?

     

     

    MIKE IN TORONTO

     

     

    We’ve been told they don’t have a pot to p in , can only bring in loan (run of the mill) players and have an under 18s manager in charge ……

  9. GUISEPPE67

     

    There was a rallying call from Archie Knox today telling the referees that the huns first four games are vital, I fully expect them to win the first three.

     

    HH

  10. DD

     

     

    Typical . Loads of people pigeon holed…t

     

     

    Anyway…lack of understanding of medical issues was obviously an issue which is understandable.

     

     

     

    Probably for my memories was people dying of pneumonia.

     

     

    Was obviously a generic term.

     

     

    Anyhow…..HH

  11. mike in toronto on

    by the way, I have noticed that in true, Trumpian fashion, CQN’s grumpy old men clique (moderator … I didn’t call them grumpy old B’s this time, so I’m assuming that is okay) have stopped using the term mineshafter and now seem to prefer the term bedwetter

     

     

    I must say that I never minded being called a mineshafter … I could even live with apostate … but I do find the bedwetter term a but unpleasant …

     

     

    and given that the average age on here must be about 112 now, I would have to think that I’m not the only one who takes offence at that term….

     

     

    and if mineshafters have now become bedwetters, what is the new term for happyclappers?

  12. mike in toronto on

    JOhn51 …. a good first effort … I propose a contest … best name to replace happyclapper … entries close tomorrow … I’ll donate 20 quid to the charity of the winner’s choosing

     

     

    :)

  13. JOHN51

     

     

    REBEL ..how ironic …..sums up Dave King to a tee.

     

    Every authority he’s had dealings with , he’s given them the vicky !!….and still he’s not in prison ????

  14. MIT

     

     

    Can I make that 2 entries then.

     

     

    Nappychangers

     

    Nappyclappers

     

     

    :o))

  15. mike in toronto on

    John51

     

     

    and to be fair, since I will be selecting the winner, I wont suggest a name… which is probably just as well …, the one I’m thinking of made me laugh, but it would probably (no, certainly, earn me my second deletion!

     

     

    :)

  16. Marspapa

     

     

    There’s a real shortage of brass apparently ..as he needs so much for the space between his back & his head.

     

     

    It’s all in the Panel’s last statement…

     

     

    They required him to let them know asap but no later than a month later & he did nothing until they chased him up & then on the last day asked for an extension.

     

     

    Translated – he was going to ignore them & stare them out (sorry about that visual)

     

     

    He has failed to demonstrate any good faith in his dealings from the outset.

     

     

    This is Her Majesty’s Governments’ agents that he’s now tilting at…

     

     

    I exhort him to extend himself further in this regard or if you like..

     

     

    Gaun yersel Squinty

  17. Marspapa

     

     

    I nearly soiled my diaper there..

     

     

    Oh too late..

     

     

    :o))))

  18. Marspapa,

     

    As you are on, may I ask you a question?

     

    My wife has told me today, that when I was in hospital last December, someone from CQN arrived at my door with a gift, a get well present.

     

    Was that you?

     

    Whoever it was, I wish to thank and apologise to as I only became aware of this act of kindness today.

     

     

    Eurochamps67

  19. Dave king is the only person to have crossed the “Squinty Bridge”in Glasgow,and think its straight.

  20. EUROCHAMPS67

     

     

    I thought i had overstepped the mark turning up at your door unannouced …yes it was me .

     

     

    The card was no reflection or resemblance of your good self ??

     

     

    Glad your on the mend as i was looking out for you at Aberdour to buy you a large one .

     

     

    Your more than welcome bigyin .??

  21. Turkeybhoy

     

     

    And he ended up back where he started…

     

     

    Bit like Sevco I suppose…

  22. Delaneys Dunky on

    Marspapa

     

    Dave King is a Castle Mulk gangster. Sipsini’cat is the hardest dude up the mulk.

     

    Caesar would scratch King’s eyes straight.

  23. DELANEYS DUNKY

     

     

    The last time i saw Caesar he looked like a badger …..a big white stripe (paint) on its back lol.

     

    That cat keeps Sipsini on his toes .

  24. Delaneys Dunky on

    Marspapa

     

    Someone needs to keep Joe on his toes. He was my great wingman in Munich last October in Munich. Magic wingman.

  25. DELANEYS DUNKY

     

     

    Sipsini another gem i’ve met through Cqn ….he’s raised those 2 kids to become grounded polite adults …

  26. Marspapa,

     

    Thank you so very much. Your kindness is exceptional.

     

    I intend to be at all our home games.

     

    That means I’ll be at the Gazebo, top left on Celtic Way, from one hour before ko.

     

    Please introduce yourself. Did we talk at Aberdour before?

     

    Again sorry, but only after my good news yesterday, my wife and I were discussing how magnificent the support I have had over the past 9 months, that she recalled your visit. I had no idea.

     

    I hope to meet you soon and thank you personally.

     

     

    Eurochamps67

  27. Oh the bad huns! I hope they dont die we need sumbdy to hate.

     

    Aye the racism and quality in life in Scotland is really dire these days coz of thems.

     

    Their vanguard strolls unabated in their cheating arrogant entitlement mentality.

     

    Celtic PLC love it. Eat it up bhoys. They’re gonna be around long after you die.

     

    Their grandchildren will support Celtic errrr naw they’ll no.

  28. Is it surprising if broadcasters look down on the SPFL when we disparage our own game?

     

    The standard of football is much better than most of us give credit for, acknowledging that there are unsavoury aspects of “hammer-throwing” condoned by referees. Celtic has better quality players, that is why we are on top. But, we do not have a given right to win, application and determination are vital factors. HH

  29. Delaneys Dunky on

    Mags

     

    Bang on Jim Morrisson. People areStrange on my playlist now. Magic sounds

  30. Celticrollercoaster supporting @WalkWithShay on

    Good late evening CQN

     

     

    Been negligent of late, due to work and Dublin travels. 6 weeks in new role. Hard work after a year out :-)

     

     

    Hope you are all well?

     

     

    Off to Playa Blanca on Sat for 2 weeks. Woohoo!

     

     

    Prayers for Murdoch, Auld & Hay that the new treatment works to fight the cancer

     

     

    I love life, but we all take it for granted.

     

     

    HH

     

     

    CRC

     

     

    ps luv Celtic more ( but not the board just in case your asking :-) )

  31. Dallas Dallas where the heck is Dallas on

    What is the stars from earlier. Sorry ., I have not replied sooner.

     

     

    I watched playing for the mob last night. A fascinating watch plus my dislike of Henry Hill, increased.

     

     

    The point sharing scam was really just a sub plot in law enforcement’s view , they got their main target after they found out about the scheme.

     

     

    In case some posters have recorded but not watched it , I’ll not post about it, if you dont mind.

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