Dave King has suffered another embarrassing court room defeat making it three-in-a-row for the South African based criminal.
The latest defeat came as he tried to prevent the Takeover Appeal Panel from proceeding with their Contempt charge for the end of this month. He failed with the case going ahead on November 30.
In July Sports Direct succeeded in a High Court action to prevent Sevco from selling their new Hummel kit. King lost.
Last month Sports Direct were back in court to stop the Elite Group from selling and distributing kit on King’s behalf. King lost.
Lady Wolffe rules that the contempt of court case against Dave King continues,
“The respondent’s [KIng] plea to the competency falls to be repelled.”— James Doleman (@jamesdoleman) November 14, 2018
The latest case goes back to the March 2015 regime change at Ibrox when King and his cronies swept to power.
Having acquired more than 33% of the shareholding they were obliged to make an offer to the remaining shareholders.
UK law has been less than obliging with the Takeover Panel insisting that King proceeds with an offer which would require £11m to be placed in an escrow account.
While King has been able to transfer money from South Africa when it suits him this time he has been unable to deliver with justice catching up.
The Contempt charge that he faces is likely to result in a hefty fine, if he refuses to cough up he is likely to be spending time as a guest of Her Majesty.
CLICK HERE for the full court ruling
