In a move that is bound to increase the pressure on Dave King to walk away the Daily Record has reported that Dave King’s company has been fined for a breach of market regulations on the Johannesburg Stock Exchange.
Mr King is expected in Glasgow this week for crisis talks about the Takeover Panel Ruling which requires him to find £7m and a NOMAD prepared to issue a prospectus to buy out all other shareholders.
Since backing the South African based criminal in his bid for power two years ago the Record has avoided any mention of the 40 plus tax crimes that King paid £44m to avoid a jail sentence for.
After being awarded a new blazer Paul Murray praised the courageous journalism of his favourite newspaper.
With no sign of his £50m investment and Celtic 33 points ahead questions are now being asked of King.
This morning the Record reports: “It was revealed yesterday that a firm he owns in South Africa was fined £64,000 for a breach of market regulations.
“And just last week it was announced King had breached UK financial rules during his takeover of Rangers leaving him with a potential bill of up to £14million.”
King has until April 12 to raise the cash and find a NOMAD for his share offer or officially become toxic across the UK.
That could result in Sevco losing their METRO Bank account while other directors and investors find their credit rating crash due to their association with King and his concert party making a back-door take-over attempt.
