Dave King is bewildered by papers served on him for being in contempt of court!
The South African based criminal has used every stalling tactic imaginable over the last three years after his back door take over of Sevco in March 2015.
Working alongside Douglas Park, George Letham and George Taylor the concert party bought up over 30% of the company shares but refused to make an offer of 20p per share to the remaining shareholders.
Less than £5m would probably have satisfied the other shareholders but now King faces court action, the club is unable to come up with a share issue and the remaining directors wait to find out what sanctions could be applied personally to them.
King faces the Cold Shoulder which will prevent any UK registered financial company from having any dealings with the South African based criminal or any company that he is linked to.
On June 8 contempt orders were served on King after various warnings and opportunities to comply were ignored.
Speaking to the Record a club insider said:
“Dave King is bewildered by the ruling and has made it abundantly clear the funds are there to make the offer but because there is the insistence that the money be placed in the UK and because Mr King is a South African resident, there are exchange laws which must be observed.”
It seems that King picks and chooses the laws that he wishes to observe.
Sevco Managing Director Stewart Robertson claims that the football company is unaffected by the actions of the Takeover Appeal Panel.
King isn’t expected to attend Friday’s glamour friendly against Bury.