Dave King faces a court appearance the next time that he sets foot in the UK!
Yesterday the Takeover Panel published a detailed breakdown of their dealings with the South African based criminal.
For three years King and the Three Bears have denied minority shareholders the opportunity to sell their shares at the 20p price that was paid by the concert arty over the festive period in 2014.
Most fans would rather hold onto the shares that they paid 70p for in December 2012 but institutional shareholders and the Easdale brothers are likely to take advantage and pick up a token payment on worthless stock.
King has exhausted every possible avenue to avoid making the offer which is standard practise in the UK once more than 30% of the shares in a company are acquired.
Despite failing in an appeal to the Court of Session King has shown no intention of paying up with legal action now underway.
Yesterday’s Hearings Committee reported: “The executive went on to refer to an email of the previous day in which it had stated its intention to initiate contempt proceedings were Mr King to fail to procure the publication of an offer in accordance with the code within the time stipulated.
“It stated that, in the circumstances, it would initiate contempt proceedings in the Court of Session on 27 April 2018 if, by midnight on 26 April 2018, Mr King had failed to publish a code compliant offer.
“In the event, process in the contempt proceedings appears to have been served on Mr King in South Africa on 8 June 2018.”
In a round of interviews given at the start of May King explained that he had had to provide the SFA with assurances about the financing of Sevco in the season ahead.
It appears that the SFA were satisfied by the assurances of a man described as a glib and shameless liar by a South African judge, who is now the subject of a Contempt of Court charge and who claims not to hold a UK bank account.