Quantcast

Takeover Panel reveal detail behind Contempt proceedings

211

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.

Click Here for Comments >
Share.

About Author

211 Comments
  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6

  1. Celticrollercoaster supporting @WalkWithShay on

    Marspapa

     

     

    Your kindness does not surprise me, despite your own troubles.

     

     

    I hope everything is good with you and maybe catch up soon?

     

     

    HH

     

     

    CRC

  2. EUROCHAMPS67

     

     

    We have spoken briefly at Aberdour ….i’m not everyones cuppa tea btw …usually when i meet up and introduce myself to another cqnr their feeling of dissapointment is palpable ???

     

     

    Anyhoo , great that you , LIONSROAR , WEETS and PADDYBHOY1888 are on the mend .

     

     

    For anyone else in need of a prayer or just a we minding ,you know this is the best place for sympathy and empathy .

     

     

    Goodnight and God bless .

  3. Slabhoy - on the road to 10 on

    HRVATSKI JIM

     

     

    I had the same operation in ’62 as a nearly 5 year old. Was right as rain after despite carrying a murmur until the present day! I wouldn’t be here without the NHS and have had no problem paying my taxes during my working life due to this.

     

     

    Happy 70th NHS…

     

     

    HH

  4. Delaney

     

    I have more. I already assumed you were an aficionado :)

     

    Hard to believe its been over a year since we met outside Stadio Nacional?

     

    Any pilgrimages to Knighstwood lately?

     

    HH

  5. Murdoch, Auld and Hay, very best wishes for your further treatment, hopefully the wonderful NHS will come good. HH

  6. Slabhoy - on the road to 10 on

    PS Mearnskirk was a bugger to get to from Duntocher as neither of my parents were car drivers, so my parents had an awful trek too.

  7. Delaneys Dunky on

    Mags

     

    You and Stephen Patrick were great Lisboa company. Would love another blether wi you both anytime soon.

     

    YNWA

  8. govan x bhoy on

    NHS 70

     

    July 2004, I’m lying on a fold down bed in Glasgow Royal, my wife in the bed next to me, seriously ill, cardiomyopathy, enlargement of the heart muscle brought on in the late stage of pregnancy.

     

    My son was delivered on June 10th by emergency cesarean and was now out and staying at my in laws.

     

    I was told on the 8th July that my wife’s only hope was a heart transplant and she was being placed on the super urgent waiting list,

     

    Saturday 17th July she had her operation, it was successful, cesarean and transplant within 37 days.

     

    Fast forward 14 yrs, she’s reading her book while I’m typing this out,

     

    My 14 yr old son is fit and healthy.

     

    We as a family will be forever in debt to the donor (God rest her), the family who carried out her wishes, the surgeon who performed the op, the amazing staff for their care before and after and a big thanks to the Auxiliaries who gave me tea and toast and fresh sheets for the fold down bed.

     

    Our NHS, absolutely incredible.

  9. I too celebrate the NHS as a I have worked in it over the last 46 years and agree with many of the previous stories which speak both favourably and negatively about it.

     

     

    HH

  10. DELANEYS DUNKY on 5TH JULY 2018 8:34 PM

     

    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

     

    ———————————————————————————————–

     

    Our time in Gods Own Country was wonderful, thanks G.

     

    My time in the NHS continues :)

     

     

    HH

  11. FRIESDORFER on 5TH JULY 2018 11:16 PM

     

    Murdoch, Auld and Hay, very best wishes for your further treatment, hopefully the wonderful NHS will come good. HH

     

     

     

    Thanks FRIESDORFER for your kind words

     

     

    Current situation is that after 6 months scan showed the chemotherapy was not a success as the Dr’s had hoped for which was a blow

     

     

    Have now been put on a 3 month course of immunotherapy which means back to the Beatson every 2 weeks to receive the new treatment. First cycle was on Tuesday so still in the game yet with everything to play for

  12. What is the Stars on

    Dallas

     

    Re Henry Hill and the rigged basket ball games.

     

     

    Agreed Hill was a snake.

     

    The Goodfellas movie flattered him. But of course he was the one telling the story as all his mates were in jail (Thanks to him ) or dead.

     

    Of course he never hurt anybody…..

  13. MURDOCHAULDANDHAY on 6TH JULY 2018 12:15 AMCurrent situation is that after 6 months scan showed the chemotherapy was not a success as the Dr’s had hoped for which was a blow

     

     

    Have now been put on a 3 month course of immunotherapy which means back to the Beatson every 2 weeks to receive the new treatment. First cycle was on Tuesday so still in the game yet with everything to play for

     

    ————————————————————————

     

    Sorry to hear about the setback in your treatment S, I shall continue to keep you in my prayers as you undergo this new phase of treatment.

     

     

    HH

  14. Mahe the Madman on

    Murdoch,Auld and Hay,,

     

    Best wishes from central California and will light a candel this weekend.

     

    You’ll never walk alone.Ever need anything just say so.

     

    Hail Hail

  15. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    I read yesterday that there are two MEA CULPA posters on here.

     

     

    Make that three.

     

     

    MEACULPABMCUWP.

     

     

    Aye,i was the choob who accused JOBOBALDIE of moderating me to hell and back.

     

     

    I’ve apologised to JOBO He has accepted my apology with a grace and magnanimity sadly lacking in my good self lately.

     

     

    I’ve also apologised to PAUL67,and it is only fair that I apologise to the blog in general.

     

     

    As I said to each of the above,I could offer an explanation for my behaviour,but an explanation is neither a reason,nor an excuse.

     

     

    I would like to add that JOBO’s flounce was the finest boot in the haw-maws I’m every likely to witness,much less experience. A work of art.

     

     

    A major loss to The Diplomatic Corps,the man who can come out with that.

     

     

    All I can offer in response is…

     

     

    Sorry,folks.

  16. Bobby at 7:07

     

    Very big of you to share and even bigger for Jobo to accept your apology.

     

    All friends again, I trust.

     

    How’s the weather in ole EK?

  17. BMCUWP

     

     

    “YA CHOOOB ” ?

     

    Glad to see someone who is held in such high esteem on the blog can make an erse of it just like the rest of us minions , nice apology btw .??

     

     

    Now Jobo …..how is EK looking this mornig ?

  18. MURDOCH AULD AND HAY

     

     

    Best wishes on going forward with your struggles .

     

    I’ve never said so many wee prayers in my life as i have in these last few years .

     

     

    God bless your family too .

  19. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    SCANIEL,MARSPAPA

     

     

    My membership was in limbo for a bit,tbh,and only returned thanks to the “understanding” of PAUL67 and JOBOBALDIE.

     

     

    But it was there for me yesterday. New password. Time to apologise,then.

     

     

    Eh,naw. Wait a day. Yesterday was way more important.

     

     

    And,btw lads…

     

     

    Thanks a bunch!!!

     

     

    HH

  20. blantyretim is praying for the Knox family on

    Celtic park looking fantastic on this bright sunny morning..

     

     

    Been away for a wee while so glad to be back

     

    Prayers to all who need them for whatever reason…

     

    KTF

  21. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    BLANTYRETIM

     

     

    Right back at you ,old bean. Give your Mum a wee hug,give yer Dad one anaw. He’d hit me if I tried!

     

     

    Hope yer smashing. And it’s full steam ahead for you all.

  22. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    GUISEPPE67

     

     

    Naw. You’re thinking of Flipper.

  23. blantyretim is praying for the Knox family on

    Happy clappers

     

     

    Moe , Larry and curly

     

     

    We already have curly ?

  24. BMCUWP, it takes a big mhan to admit that publicly, well done.

     

     

    Jobo, it takes an even bigger mhan to accept an apology. Hope to see you back here very soon.

     

     

    BT, good to hear from you after a wee while. Best wishes to you and yours.

     

     

    Sun just up on the Dundee Riviera.

     

     

    HH

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6