Today’s surprise announcement by two of the three individuals behind the Rangers Supporters Loyal WordPress account, will inevitably undermine opposition to the underfunded hostile takeover of Rangers. I have been opposed to King since my forays into print on the LSE AIM shares chat page. King’s toxicity as a career white collar criminal resulted in the de-listing of the RIFC equity. No NOMAD was prepared to work with him.
At one time King had £93m, several properties, an aircraft and a Ferrari at his disposal. Interest from his two UK bank accounts amounted to £82,000 per month. He had a very comfortable life. I have spent many hours unravelling how King managed to achieve this considerable amount. Put simply, King ripped off anyone who had the misfortune of believing that he was a man of integrity whom had qualified as an accountant in an as yet unspecified Scottish tertiary education centre.
Prior to meeting Ian Gregory Morris, and the inception of The Johannesburg Stock Exchange (JSE), King’s short-cons were relatively small time. ‘The Greg’ was a fellow Scot who also lied that he was a qualified accountant. He had blagged his way into a position of authority in Umgeni Water. As Financial Director, Mr Morris was entrusted with the pension contributions of all Umgeni employees. He and King then conspired to acquire this sum of money on the pretext of using their alleged skills on the foreign exchange markets and financial derivatives to enhance the position of the pensioners. They were both lying.
Gregory joined King at Specialist Outsourcing when the ink on contract to transfer the Umgeni Reserve Funds was barely dry.They listed their new company on the JSE, pumped the share value with falsified quarterly returns, and then dumped it. Their manipulation of the share price between 1997-1999 was a masterclass in deception. They maintained the front of improbable results and played the asset managers against each other, as they divested themselves of their equity.Specialist Outsourcing share certificates held by the pensioners were not worth the paper they were printed on.
King is noted for being parsimonious and the worst tipper of the valet parking staff at his golf and country club. So there was no surprise when he decided to evade paying capital gains tax on his ill gotten gains. He set up a myriad of trust funds, in the British Virgin Islands, Turks & Caicos, Cayman, Bermuda and Sunshine Islands, that all fed into two trust funds in Guernsey, to evade tax. He thought he was clever. He thought he was Teflon Dave. After a protracted twelve years of expensive litigation, he faced 328 charges of fraud and racketeering, was arrested and released on bail on two occasions and spent every last penny he could get his hands on to avoid a jail sentence. His 41 convictions in a plea bargain was not a favourable result. The South African Scorpions, aided and abetted by the UK’s Serious Fraud Office, almost cleaned King out. The £93m and toys have all gone. All he has left is his dividends in he and Morris’ latest boiler room scam, MicroMega Holdings group, a modest account at First Rand Bank and a £17m mortgage on his properties.
Despite the reality, King continues to project the myth of his wealth. The supine, corrupt SFA, who need the blue pound in the top tier of football as soon as possible, ignored his 41 transgressions on article 10.1 of their members charter, and incredibly allowed him to appoint himself as Chairman of Rangers. In time everyone will know that King does not engage in any enterprise unless he can profit from it. The 50,000 fans who flock to Ibrox are his latest victims, but they just don’t know it yet. They are oblivious to the fact that he and his shyster board have decimated the value of their shares, that now trade at less than a third of their issue price. If King cannot find an exchange to pump and dump his equity, he will turn his hand to selling Ibrox and The Auchenhowie Sports Academy to developers.
I will put more flesh on the bones, on this, my first WordPress blog, at a later date.