Dave King Supporter Update

[craig 5,199]

43 minutes ago, colinstein said:

I don't.

One of his companies in in the British Virgin Islands....maybe it came from there. Regardless of where though he has shown he can get the money when he needs it.....and if he can, how can he argue with the TOP that it's all in SA?

Because maybe it is.  And also because TP said it needed to come to the UK - sending money to people in the UK to purchase their shares does NOT need a UK bank account.  If he bought GBP 5 million shares then he could have sent that directly from his SA bank account without the need to have a UK account at all.  Which is totally different from TP asking him to have the funds for the share offer set in escrow in a UK bank account.  If they are looking for those funds to be in an account in his name he will have to go through Know Your Customer (KYC) documentation and that CAN take some time - it is taking longer and longer these days it seems.... so the two situations are completely different.

 

I've always found it is best to absorb the knowledge of those who know more than oneself...… (see what I did there....)

 

The more telling question is why it has taken SO LONG to open said bank account and whether he has even done it yet.

[Uilleam 5,429]

9 minutes ago, craig said:

Because maybe it is.  And also because TP said it needed to come to the UK - sending money to people in the UK to purchase their shares does NOT need a UK bank account.  If he bought GBP 5 million shares then he could have sent that directly from his SA bank account without the need to have a UK account at all.  Which is totally different from TP asking him to have the funds for the share offer set in escrow in a UK bank account.  If they are looking for those funds to be in an account in his name he will have to go through Know Your Customer (KYC) documentation and that CAN take some time - it is taking longer and longer these days it seems.... so the two situations are completely different.

 

I've always found it is best to absorb the knowledge of those who know more than oneself...… (see what I did there....)

 

The more telling question is why it has taken SO LONG to open said bank account and whether he has even done it yet.

That just begs the question of why the T/OP is asking him to move money to a bank a/c here, which he doesn't need, on the off chance that he will have to buy some shares.

Edited July 19, 2018 by Uilleam

[craig 5,199]

4 minutes ago, Uilleam said:

That just begs the question of why the T/OP is asking him to move money to a bank a/c here, which he doesn't need, on the off chance that he will have to buy some shares.

They will want the security of knowing that the funds are, effectively, collateralized.  They (TOP) wouldn't have any jurisdiction in SA so will want the funds in escrow in the UK where they have more power to ensure they remain in escrow.  It is common, I have had it myself on a personal level when purchasing my house last year.  Despite banking with HSBC here in Bermuda and HSBC being my mortgage lenders they wanted the deposit to be in a UK based bank account.

 

I do agree though, it does seem that the TOP are being a bit extreme.

[Gaffer 1,665]

7 minutes ago, craig said:

Because maybe it is.  And also because TP said it needed to come to the UK - sending money to people in the UK to purchase their shares does NOT need a UK bank account.  If he bought GBP 5 million shares then he could have sent that directly from his SA bank account without the need to have a UK account at all.  Which is totally different from TP asking him to have the funds for the share offer set in escrow in a UK bank account.  If they are looking for those funds to be in an account in his name he will have to go through Know Your Customer (KYC) documentation and that CAN take some time - it is taking longer and longer these days it seems.... so the two situations are completely different.

 

I've always found it is best to absorb the knowledge of those who know more than oneself...… (see what I did there....)

 

The more telling question is why it has taken SO LONG to open said bank account and whether he has even done it yet.

Opening an account is pretty straight forward and takes a matter of days, providing the necessary KYC checks can be completed.  In DK's case, this is more straight forward than for people who do not have the same profile he has.    The stage that takes longer is providing the source of funds and evidence as to the source of wealth.  If the funds are held in trust, this can take much longer because it's complicated.

 

However, that's really only part of the issue here.  As soon as DK moves funds out of SA to the UK, they stop helping him.  They are no longer just ring-fenced, they are isolated.  If I was him, I wouldn't be doing that either until the latest possible moment.  Why should he?  The problem here is that the TP has issued these court proceedings against him, despite them changing their conditions and causing the delay themselves.  Once again the TP has mismanaged this.  They should have agreed a timescale up front, allowing any challenge against this to be aired up front.  This doesn't appear to be the case and is just amateurish as far as I'm concerned.  Without a timescale, it is perfectly reasonable for DK to expect to send the money across in time for the offer to be made, and not weeks before.

 

Maybe I'm missing something here, but other than his initial flouting of the TP rules (which he could have pre-empted and managed much more proactively, probably resulting in acceptance by the TP that an exception could be granted), I think DK is absolutely right to challenge this lot.  It's utter nonsense, a waste of time, and I can understand him making the assertion of 'bullying'.

[Uilleam 5,429]

i think that the T/OP is taking the piss. DK has upset them, so they have set out to gain some childish recompense. 

It knows that there will be very little uptake of DK's below par offer, but is insistent that the  full whack of money to cover every possible share, is sent twice round the houses, across the river and into the trees, at some cost, no doubt; and knowing that, at some point it  will have to be be sent back again. 

 

(I can see why HSBC would be unwilling to take a risk with a cosmopolitan citizen of nowhwere, right enough.) 

[colinstein 294]

2 hours ago, craig said:

Because maybe it is.  And also because TP said it needed to come to the UK - sending money to people in the UK to purchase their shares does NOT need a UK bank account.  If he bought GBP 5 million shares then he could have sent that directly from his SA bank account without the need to have a UK account at all.  Which is totally different from TP asking him to have the funds for the share offer set in escrow in a UK bank account.  If they are looking for those funds to be in an account in his name he will have to go through Know Your Customer (KYC) documentation and that CAN take some time - it is taking longer and longer these days it seems.... so the two situations are completely different.

 

I've always found it is best to absorb the knowledge of those who know more than oneself...… (see what I did there....)

 

The more telling question is why it has taken SO LONG to open said bank account and whether he has even done it yet.

well an expert on tax avoidance speaks.....who can argue with that

[craig 5,199]

4 minutes ago, colinstein said:

well an expert on tax avoidance speaks.....who can argue with that

I’m not an expert on tax avoidance though

[colinstein 294]

ok Jack Sparrow citizen of Pirate Port, Tortuga Island ?

[Big Jaws 570]

3 hours ago, craig said:

They will want the security of knowing that the funds are, effectively, collateralized.  They (TOP) wouldn't have any jurisdiction in SA so will want the funds in escrow in the UK where they have more power to ensure they remain in escrow.  It is common, I have had it myself on a personal level when purchasing my house last year.  Despite banking with HSBC here in Bermuda and HSBC being my mortgage lenders they wanted the deposit to be in a UK based bank account.

 

I do agree though, it does seem that the TOP are being a bit extreme.

That seems an odd position for TAB/TOP to take. I understand they wished assurances that Dave King wouldn't move those funds. Regardless, since he complied with what they initially asked there would appear little reason to make further requests especially with such little left to meet their deadline. It appears as though they are acting more as debt recovery agent than anything else?

 

I wouldn't expect Dave King to reveal any information on the state of his current arrangements prior to the contempt hearing. Of course theres nothing to suggest that Dave King hasn't already, or is in the process of, completing the necessary KYC ahead of that hearing. As I understand it they additionally wished him to use their choice of facility which may or may not have been favourable for Dave King. If he has arrangements completed within the UK by the time the case is heard and his counsel provides full details of Dave Kings business dealings and also conducted between the two parties to date then I'd be struggling to see where that might not be in his favour. Of course it is dependent on whether or not he has followed their requests up until the point where they requested the funds be moved to the UK.

[colinstein 294]

judge says he doesn't care how the offer is made but urges King to make it............is that it ?