Dave King cleared by SARS ahead of bid for Rangers throne

[Frankie 8,182]

http://www.eveningtimes.co.uk/rangers/dave-king-cleared-by-sars-ahead-of-bid-for-rangers-throne-196837n.118118895

 

DAVE KING has been cleared to 'operate on a normal unrestricted basis in the business environment' by the South African taxman following the settlement of his lengthy dispute with the authorities.

 

 

 

The businessman is edging closer to power at Rangers as he looks to overthrow the under-fire Light Blues board and take a seat at the Ibrox top table alongside Paul Murray and John Gilligan.

 

And SportTimes has seen an email from a spokesman for the South African Revenue Service that confirms King is free and able to continue as a company director following the end to proceedings which lasted 11 years.

 

The news came as the London hotel earmarked to host the next month's powerdeg general meeting, which could see the former Ibrox director win power, dramatically pulled the plug on the event.

 

King agreed a £43.7million settlement with SARS in 2013, but his tax dispute has repeatedly been cited in some quarters as prohibitive in his bid for power at Rangers.

 

Last week, he addressed fears that his case could count against him with regulators in the City and the Scottish FA, whose 'fit and proper' guidelines he will have to meet if he is successful in his bid to take office at Ibrox.

 

King is confident of his chances of gaining the relevant approval from the authorities and, in the document seen by SportTimes, SARS have confirmed he is free to serve as a director.

 

In the email, the SARS spokesman states: "Following his settlement agreement, which was approved before court, with the South African Revenue Service (SARS) and other government institutions in August 2013, SARS did provide Mr Dave King with a written notice to confirm that the litigation and the tax dispute between Mr King and SARS has been settled in terms of the relevant provisions of the Tax Administration Act, Act 28 of 2013.

 

"Mr King was also informed that as far as the legislation carried out by SARS is concerned, Mr King is not disqualified from serving as a director of any company and is able to operate on a normal unrestricted basis in the business environment."

 

The beleaguered board confirmed last Friday that the make-or-break General Meeting called for by King will be held on Wednesday, March 4 in London.

 

In their release to the Stock Exchange, it was claimed 'there could be a material adverse impact on the Company's listing on AIM' if King was voted on to the board next month.

 

And the former Ibrox director has hit out at that statement, which included links to his SARS case and comments from those involved in the proceedings.

 

King said: "In its announcement the board again recycled the now-discredited story about my litigation in South Africa, despite knowing that what was stated was irrevocably superseded by subsequent court orders."

 

It is not just King who was left dismayed by the market announcement last week, with fans and small shareholders reeling over the detail of the GM call.

 

And their anger centred on the choice of a hotel 400 miles away in Kensington to host the GM - with a 500-capacity room booked for the meeting.

 

Last night the club announced the plan had been ditched after hotel bosses expressed fears angry fans would "disrupt guests and neighbours".

 

But they admitted in a statement that they were still looking for an alternative venue "in the London area".

 

Fans fear this could still force the shareholder showdown to be postponed as thousands of them face the prospect of being locked out on a defining day for Rangers.

 

King said: "What is truly disappointing, albeit unsurprising, is the board's continued bitterness and antagonism towards the club's shareholders and supporters.

 

"Moving the General Meeting to London at greater cost to the club, at greater cost to small shareholders, and at a venue that excludes the majority of shareholders, is simply outrageous by any standard of respect or corporate governance.

 

"The board's defiance of its own fans, customers and shareholders is clearly a matter that invokes passion in any Rangers supporter.

 

"The fact that the fans continue to demonstrate by vociferous, but peaceful means is a credit to the fans collectively, and to the club as a whole.

 

"It is truly humbling to evidence how fans have rallied round the club in this time of need."

 

It was also confirmed in Friday's announcement that the Nomad of RIFC plc, WH Ireland, will resign as the company's broker should the King alliance succeed in their bid to topple the board.

 

King revealed last week he had already held talks with firms with a view to replacing WH Ireland, who took over from Daniel Stewart when they lost their licence last year.

 

King said: "I have already, in writing and verbally, advised WH Ireland that I expect to receive their resignation immediately upon successful conclusion of the General Meeting."

 

[Darthter 542]

Why let the truth get in the way of a good smear campaign???

 

If the board stick to their "Party line" that King is unfit to serve as a director, there will be people that will believe that - regardless of any other evident placed in front of them....there will always be that doubt. This was a key strategy used by "Better Together" during the recent referendum battle.

 

I think in this case, too many of the fans/shareholders can clearly see that the current board are not fit for purpose (even though they satisfy AIM/SFA criteria) - They have had enough. Other shareholders will also be aware of the fans protests and the decreasing attendances.....

[pmu 0]

Exactly. If AIM were so picky and even had the means or the will to police the "rules" then this mob would have been toast a long time ago.

[Laudbertz 0]

The irony of the current board accusing others of not being fit for purpose is just astonishing.

[der Berliner 3,283]

The irony of the current board accusing others of not being fit for purpose is just astonishing.

 

It's long since past irony. They must by now live in their very own reclusive universe if they can't spot what is going on and seperate fact from fiction. But that's Alamo mentality for you, I guess.