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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. Cosy Corner Bhoy on

    THINGS YOU THOUGHT YOU’D NEVER SAY:

     

    BMCUWP – BLOODY HEID BANGER?

  2. Taurangabhoy on

    Stop moaning mags and leave the sevies alone. The Lying King, the gullabillies and their new probie coach Sevie G give me my Friday funnies every week, without fail. 6 years of weekly bellyaches and they can still bring a hilarious tear to my eye with another, yet to happen, thousand cut. Looking forward to Celtic terrorising the sevies this season. I can’t help enjoying it, until the bitter end. Hail Hail.

  3. Dallas Dallas where the heck is Dallas on

    What is the stars, Hill was a wee runt.

     

     

    I saw an interview with one of his sisters years ago, she said it was no surprise whhat he done when he turned supergrass. She explained since he was wee, he always did what was best for himself.

     

     

    The history channel had a documentary about the Mob. Hill was in it , totally out his face. They went to some waste ground in Brooklyn or Queens where he told the presenter two bodies were buried. As the presenter was talking to the camera , Hill was pointing to a spot in the distance while showing two fingers as the number of bodies buried.

  4. Hunderbirds are Gone on

    TAURANGABHOY

     

    My name is HunderbirdsAreGone and I am addicted to orange flavoured Schadenfreude… ?

     

    ?⚽️

  5. Hrvatski Jim on

    SLABHOY – ON THE ROAD TO 10 on 5TH JULY 2018 11:14 PM

     

    Same with me. many people have a murmur and it has no effect.

     

     

    Murdoch, Auld and Hay – best wishes for the next stage of your treatment

  6. Word of The Day

     

     

    Imprimis (im-prahy-mis, im-pree-mis)

     

     

     

    adverb

     

    1. archaic in the first place

     

     

    Word Origin

     

    C15: from Latin phrase in prīmīs, literally: among the first things

     

     

     

     

    KTF

  7. Thanks guys for your best wishes it’s much appreciated

     

     

    Yes it’s that time of year again when 1000’s of people march the streets along with there fellow pavement dwellers with there anti catholic bile there tunes of songs of hate making Scotland look like an uneducated sectarian backwater. But the question that crops up is ?

     

     

    http://www.eveningtimes.co.uk/news/16332712.row-over-plans-to-celebrate-100th-anniversary-of-catholic-schools-in-glasgow/

  8. Dallas Dallas where the heck is Dallas on

    Murdoch, Auld and Hay, I hope your new treatment is succesful.

     

     

    Furher to your link from the Times.

     

     

    All these people who strongly object to Catholic schools as they are religious apartheid and breed sectarianism , really are incredibly stupid. Their own bias and bigotry is so deep set , they cant see it.

     

     

    I’m friendly with a primary school teacher. They told me the vast majority of Catholic primary schools in the West of Scotland have at least 10% non-Catholics in the school roll. A fact that is barely brought up when this matter arises .

     

     

    Only two alleged Christian countries have a problem with Cathoilic schools.

  9. Gerryfaethebrig on

    MAH & Dallas

     

     

    The “protesters” about state funded faith schools are usually the ones that have the problem with the faith of these schools… as a kid my best mate went to a different school from me, we didn’t care a jot we both disliked school equally and didn’t stop us hanging about… a few others at his school, their parents, didn’t like the kids at our school (especially me :-) hatred is taught in the home not the schools

     

     

    MAH all the very best with the continuing treatment

  10. In an ideal world there should be separation between education and religion.

     

     

    However this is Scotland. It is institutionally racist and there is a need to ensure catholic children get educated so they are absolutely necessary because without them who knows what Scotland would do.

     

     

    Hence my girls went and still go to catholic schools.

  11. Go tell the Spartim on

    Does being a member of the Scottish Secular Society (remember bigots have a thing a bout using the same letter) class you as a bigot by definition?

  12. Murdoch, Auld and Hay,

     

    Best of luck with your new treatment.

     

    It’s a long, old fight but one well worth winning.

     

    Let people who care about you, support you.

     

     

    Eurochamps67

  13. !!Bada Bing!! on

    I blame the Kafflik schools…….for not letting the thick huns attend them…

  14. Cosy Corner Bhoy on

    POGMATHONYAHUN etc.

     

    Did you manage to do my wee message I asked you about last Saturday?

     

    Mrs CCB calling back to the garden!

  15. I had a short but blunt social media discussion with a proponent of abolishing catholic schools in Scotland. He ran away.

     

     

    First, he was completely unaware of the issues that led to the introduction of separate schools for Catholics in Scotland. The bigotry, discrimination & sectarian oppression of the Catholic community was news to him.

     

     

    Then when we got to the nub of it, he was ONLY for abolishing Catholics schools and NOT for full & comprehensive integration of all schools. For him, the abolition of Catholic schools was an extension of his antipathy to Catholics and had nothing to do with seeking fairness & social cohesion.

     

     

    In other words, keep the other schools & culture & attitudes exactly as they are BUT abolish Catholic schools only, and things will be fine.

     

     

    That is precisely the sentiment reflected in the Evening Times headline.

     

     

    If the headline was reworded to “Should schools in Scotland be integrated so that all religions & none at all are respected” then a reasonable debate might begin.

     

     

    As it happens, prior to the 1918 Education Act, the sentiment among many non Catholics in Scotland was NOT to have Catholics in their State schools at the time. They didnt want their kids being taught next to Catholics. This was the same era where eugenics was a heavy influence on racial policies in the USA & “separate but equal” as a principle was endorsed by the US Supreme Court.

     

     

    It suited the Establishment in Scotland that Catholics were kept separate from their kids at school.

     

     

    A cautionary tale for folk who support social engineering to make the world look the way they think it should look.

     

     

    HH

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