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But Easdale is understood to prefer an alternative funding deal from Newcastle owner Mike Ashley who recently offered the club a £10m emergency loan but demanded the club’s badges and trademarks in return.

 

That was turned down by CEO Graham Wallace who is backing King’s men.

 

This implies that Easdale wants rid of Wallace and prefers to hawk the remainder of our image rights to Ashley for a £10 million LOAN

 

Surely there will be no section of our support that will back this !

 

(I know Easdale's just doing what he's told !)

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in fairness my fines are still outstanding so I was being a tad unfair

 

I reckon your "fines" are not of King's dimensions ...

 

Ex-Rangers director Dave King to pay £44m to South African taxman

 

By Matt Coyle - 29 August 2013 14:47 BST

 

Former Rangers director Dave King has agreed on a £43.7m settlement with the South African tax authorities after criminal charges against him were dropped.

 

The Scots-born businessman settled on a payment of R706.7m - which totals just under £44m - to the South African Revenue Service (Sars) after a long fought battle over unpaid tax.

 

Sars confirmed on Thursday that a settlement was reached between King and the State and that money laundering and tax evasion charges he faced were dropped.

 

It was achieved after submissions made to Sars by King’s lawyers. A Sars committee decided King’s submissions met the requirements of the tax laws and charges he faced.

 

King, who was a director at Rangers before they went in to liquidation, conceded his tax debt and agreed to a payment of £43.7m to Sars in respect of his personal income tax and the tax liability of Ben Nevis, one of his trust companies based in Guernsey.

 

The fraud charges against King were not pursued by the State and King accepted liability in respect of 41 lesser counts of breaching Section the South African Income Tax Act. This includes the failure to disclose information and the failure to provide correct information about incomes earned over a number of years.

 

King appeared before the Palmridge Regional Court on Thursday and entered into a plea and sentencing agreement. He also has to pay a fine totalling R3.208 or 24 months imprisonment. In addition, he was ordered to pay an amount of R8.75m towards the Criminal Asset Recovery Fund.

 

The 58-year-old said: “My experience should serve as an example to taxpayers, who find themselves in a similar position with Sars. Rather seek early resolution and cooperate with Sars when asked by them to explain your tax affairs. I am delighted to finally put this behind me and to be able to actively resume my business career.

 

“When this tax dispute arose many years ago I took a conscious decision not to cooperate with the authorities. That was a mistake. I regret not engaging with the State sooner as I have found them to be extremely firm, but fair in their dealings with me once I fully engaged with them."

 

He accepted the fact that he has been non-compliant in the past and said he will change that.

 

Gene Ravele, chief officer for tax and customs enforcement investigations at Sars said: "The outcome demonstrates that Sars remains approachable to any taxpayer, who wants to resolve a tax dispute in a bona fide manner, even when formal processes of litigation are before the courts.”

 

STV

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