The South African based criminal came up with half a dozen excuses to the Takeover Panel ranging from not knowing the 30% rule to not working in tandem with the three bears.
All of those issues were dismissed with King now claiming that he is unable to set up a UK bank account or to transfer large sums of money out of South Africa.
Those excuses haven’t prevented the son of a Castlemilk policeman from investing in the past with £50m promised in the build up to taking control of the board in March 2015.
Leading up to the EGM vote that put him in power King promised supporters a new share issue as well as finding a NOMAD to trade company shares. Three years later he hasn’t fulfilled either promise.
King has until August 16 to set up an escrow account or face a Contempt of Court charge with STV happy to broadcast his latest excuses.
“I’m certainly not in contempt of court because I’m doing everything I possibly can. The takeover panel made a ruling.
“That ruling if made to a British resident would be easier to comply with but the fact is I live in South Africa, I’ve been there forty years and I’m bound by their laws.
“In order to transfer that amount of money out of the country you need that exchange control approval and you have to apply for that.
“You can’t just spirit the money out of the country. It takes time but I think we’ll get there.”
King has spent half of his time in South Africa trying to avoid a prison sentence for various tax offences.