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Dave King - A Criminal?

Darthter

By Darthter
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ian1964

ian1964 10,411

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Rangers oldco investor Dave King claims he "knows for sure" his newco board appointment would be ratified by authorities despite his tax convictions.

 

The South Africa-based businessman flew into Glasgow Airport on Friday to hold meetings with the current Rangers International Football Club plc board after it was previously announced he was due to take up the position of chairman.

 

Mr King told STV he would not have travelled to Scotland to hold the discussions over taking up a role at Ibrox if he had not received an indication that his convictions would not impact on his appointment.

 

Earlier this year, Mr King settled a long-running dispute with the South African Revenue Service and agreed to pay it £44.75m after admitting he owed income tax and pled guilty to having contravened tax legislation by failing to provide correct information about incomes earned over a number of years.

 

The payment agreement was reached as an alternative to an 82-year jail term for 41 terms of breaching the tax legislation, while the revenue service also agreed to drop prosecutions over fraud charges in relation to his business dealings.

 

Mr King, who is executive chairman of Johannesburg-based MicroMega Holdings, spoke to STV in relation to whether the financial and footballing authorities would approve of his appointment.

 

He said: "I wouldn't be here (in otherwise. I've checked this fully with the relevant people." The businessman added he "knows for sure" that regulators would approve his appointment and his legal team had contacted them to confirm there would be "no issues" with it.

 

He added: "I'm back in Scotland for a series of confidential meetings to establish the best way to take Rangers forward. I'm here to see if I can get rid of the disharmony at boardroom level and between the board and the fans."

 

The Scottish FA does not administer a fit and proper person test but does follow illustrative guidelines against which Mr King’s appointment would be measured. This will include looking at his previous convictions and his role as a director of Rangers oldco, which went into administration last February.

 

A spokesman for the Scottish FA told STV on Friday they had no approach from King to be listed as a director, saying: "We have had no request from Rangers to amend their official return."

 

AIM London Stock Exchange regulators will also assess his appointment against details of Mr King’s previous involvement in the insolvent Rangers oldco, as well as his tax convictions. Rangers International's nominated adviser, Daniel Stewart and Company, would have to present Mr King to AIM for appointment.

 

Under stock exchange rules, should regulators have any questions about his suitability to be a director, Daniel Stewart and Company would have to signal to AIM that it had carried out due diligence on Mr King before putting him forward as a board member of a publicly listed company.

 

On Friday, Mr King also told STV he was in Scotland to see if he could assist in a "fundraising exercise" for Rangers International.

 

Finance director Brian Stockbridge and non-executive director James Easdale are the only board members left at Rangers International after a number of departures in the past year, including those of chief executives Craig Mather and Charles Green.

 

Opposition shareholders, backed by businessman Jim McColl and Rangers oldco director Paul Murray, took a successful court action against the company to prevent it holding its planned annual general meeting on Thursday in order for it to consider the appointment of new directors.

 

http://news.stv.tv/west-central/245532-dave-king-says-no-issues-with-sfa-or-aim-over-rangers-role/

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