craig 5,195 Posted July 20, 2018 Share Posted July 20, 2018 23 hours ago, Gaffer said: 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'. Your experience of opening an account is very different from mine then Gaffer. I had to open an account in the UK for my mortgage - they needed UK banking - and it took longer than just a few days. My company had to open an account for a Letter of Credit and it took 3 weeks. Not saying it cant be done but saying that there is no consistency in doing so. Also depends on jurisdiction. Opening an account in the UK from, say, France will be a whole lot easier than opening one from, say, Nigeria... 2 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted July 20, 2018 Share Posted July 20, 2018 4 minutes ago, craig said: Your experience of opening an account is very different from mine then Gaffer. I had to open an account in the UK for my mortgage - they needed UK banking - and it took longer than just a few days. My company had to open an account for a Letter of Credit and it took 3 weeks. Not saying it cant be done but saying that there is no consistency in doing so. Also depends on jurisdiction. Opening an account in the UK from, say, France will be a whole lot easier than opening one from, say, Nigeria... I've explained why it's straight forward for King. He's got enough of an online profile for much of the due diligence to be completed through digital channels. If you are not as well known, it can take longer. I'd suggest if it's taking 3 weeks, you should have gone to a better bank, or maybe they just didn't want you as a customer. ? {Feel free to message me if you need help in future.} We are not talking about Nigeria here. We are talking about a well known businessman residing in South Africa. It's straight forward. However, that's just a tiny part of it as I said in my post, and an irrelevance to this case. I note that the judge has stated that the TP does not care how he does it now, but that he should make the offer. Good, because those unreasonable conditions just delayed this. 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted July 20, 2018 Share Posted July 20, 2018 1 minute ago, Gaffer said: I've explained why it's straight forward for King. He's got enough of an online profile for much of the due diligence to be completed through digital channels. If you are not as well known, it can take longer. I'd suggest if it's taking 3 weeks, you should have gone to a better bank, or maybe they just didn't want you as a customer. ? {Feel free to message me if you need help in future.} We are not talking about Nigeria here. We are talking about a well known businessman residing in South Africa. It's straight forward. However, that's just a tiny part of it as I said in my post, and an irrelevance to this case. I note that the judge has stated that the TP does not care how he does it now, but that he should make the offer. Good, because those unreasonable conditions just delayed this. A profile makes no difference with KYC though. Or at least shouldn't. The rules are supposed to be stringent. I am assuming you work in banking ? We used Wells Fargo for our LoC and no other banks would offer it for the purposes we needed it. I didn't say we were talking about Nigeria - you are taking what I said and misunderstanding it. The point remains, jurisdiction has an impact - a riskier jurisdiction (from fraud perspective) will mean banks will carry out their KYC diligence to the nth degree. Either way, it shouldn't have taken him this long. And, agreed, glad the judge has made a common sense decision - he shouldn't have to transfer funds from SA to UK to make an offer that is unlikely to be accepted to then transfer funds back to SA again. Not only would that result in legal fees but would also see both sides of the transaction subjected to exchange rates (which can be good OR bad....). 1 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 20, 2018 Share Posted July 20, 2018 I won't get involved in the King deal as I have no idea how that works. What i will say is banks have tightened up recently. I get paid out Holland into a Dutch bank. I have banked with them for more than 20years without problem so I am well known no risk person as they have control over my wages before I do. When I asked if I could get a credit card they told me because I live in Germany I would need to have 2000 euro's constantly on my account and top it up every time I used it. I only need one to pay easyjet who crazily don't use paypal which I use for most other online things. 1 Quote Link to post Share on other sites More sharing options...
Bill 13,717 Posted July 20, 2018 Share Posted July 20, 2018 Opening a bank account isn't the issue here. They want King to put £10m+ in escrow for an indeterminate length of time, in another country, with absolutely no guarantee if and when he will be able to access what is his own property again. And we're talking £10m here, not £100. Y'know, the £10m that was just lying on the sideboard doing nothing. Their conduct in this is outrageous. If it was me I'd be digging my heels in too. 2 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted July 20, 2018 Share Posted July 20, 2018 Rangers chairman Dave King has been told to comply with a Takeover Panel order to make an offer to buy out the rest of the club's shareholders. Lord Bannatyne issued the warning at a hearing at the Court of Session in Edinburgh on Friday. King has so far failed to make a £10.75m offer to Rangers shareholders. "The Takeover Panel has no interest in how he goes about it - it's just so long as he does it," said Lord Bannatyne. King could face possible contempt of court proceedings after failing to comply with the order, after he was ruled to have "acted in concert" with other investors when leading a boardroom takeover in March 2015. Legal disputes have no bearing on Rangers - King The South Africa-based businessman has said he needs time to set up a UK bank account so he can move funds from a family trust. "The only question is compliance, not how or where he gets the money from," added Lord Bannatyne. "Which trust provides the money or how that money is brought to the UK is of complete disinterest to both the court and the panel." This has made me laugh. The TP has gone out of it's way to add these conditions of offer and now the judge has said as long as he makes the offer, they don't care how it's done. I'm glad the common sense has prevailed, but who in the TP is going to get the kicking they deserve over this fiasco?!? What a lot of nonsense. DK has just nailed yet another one. He's playing a blinder at the moment. If he can get the right outcome with SDI and MacLennan resigns, I want him as prime minister. DK could sort out a BrExit deal for us. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted July 20, 2018 Share Posted July 20, 2018 "The only question is compliance, not how or where he gets the money from," added Lord Bannatyne. "Which trust provides the money or how that money is brought to the UK is of complete disinterest to both the court and the panel." does this mean he still has to bring the money into the UK before the offer ? 0 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted July 20, 2018 Share Posted July 20, 2018 34 minutes ago, colinstein said: "The only question is compliance, not how or where he gets the money from," added Lord Bannatyne. "Which trust provides the money or how that money is brought to the UK is of complete disinterest to both the court and the panel." does this mean he still has to bring the money into the UK before the offer ? I wasn't sure about that, because the earlier point about "the TP has no interest in how he goes about it" seems to contradict that. If there's are still conditions, it's a nonsense. It now appears that the judge and the TP are as clear as mud. 1 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted July 22, 2018 Share Posted July 22, 2018 Can is kicked down road for a month and the legal fraternity get a little richer. That has been the safest prediction for most things at court in this onoing saga throughout the last 7 years or so. Although, the one that we were interested in going 'all the way' is where the polis and prosecutor 'decided' to go on Operation Clusterf**k. 0 Quote Link to post Share on other sites More sharing options...
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