The Man Who Would Be King

Based on a short story by Rudyard Kipling, The Man Who Would Be King is an adventure film which follows the exploits of Peachy Carnehan and Danny Dravot, English military officers stationed in India. Tired of life as soldiers, the two travel to the isolated land of Kafiristan, where they are ultimately embraced by the people and revered as rulers. After a series of misunderstandings, the natives come to believe that Dravot is a god, but he and Carnehan can’t keep up their deception forever.”

 

The following transcript, in italics typeface, is taken from an article written by a South African financial journalist. I will add bold typeface to highlight the main takeaways:

Thursday afternoon’s joint media statement from the parties was a surprise. First because the settlement was far below the R2.7bn the tax court had awarded in SARS’s favour. And secondly because of the suddenly humble, extremely accommodative language attributed to King. The former tax fugitive maintained media silence after the announcement. So we were delighted to have him to chat to us on CNBC Africa’s PowerLunch on Friday. This was the first time King spoke publicly after the record settlement. Here’s the interview:

ALEC HOGG: Dave King is on the line with us. Nice to talk to you, Dave. I believe you were partying last night.

DAVE KING: Ja, I must say I did have a little bit of a party with my legal team in particular. As you know Alec, you’ve been involved in this matter for a long time, It’s been many, many long and difficult years. We did feel it quite appropriate after we left the court to go and have a little party.

ALEC HOGG: I was trying to work it out. It goes back to Specialised Outsourcing 17 years ago, but when did you start with the legal challenge?

DAVE KING: The issues with SARS arose around about 2000, so that’s 13 years ago. But from a litigation point of view in terms of the public eye and where you were probably perhaps first informed was 2002 when SARS got our first attachment order against our South African assets, so that’s over 11 years of high-profile litigation.

ALEC HOGG: How do you come to a figure of R706m? Clearly there would have been a lot of negotiation, but there must have been some rationality to it?

DAVE KING: There was no calculation as such to say ‘we came to a specific number’, it was very much a negotiation. There was an element of it. And where we really got to a figure was when I in fact started to engage seriously with SARS probably from about 2010. I found during the course of that exchange, as I started to give SARS some more information and SARS had a very, I think positive interaction with me. So despite the litigation, SARS was saying to me ‘David if you actually come clean and share everything with us; we know you haven’t done it up until now .’ I think it was fairly obvious there were criminal charges. There was a lot going on and I was just very determined to keep a tight lid on the information flow. But what I found was once I opened up to SARS and they started looking for information – started getting more information from me – we were able to refine and get a number of things I think that SARS thought…what was fair to the State and I thought was fair in the amount of tax that I should pay.

ALEC HOGG: You’re pretty contrite in the statement that came out last night saying that it was a mistake not to cooperate. Very different from the earlier Dave King.

DAVE KING: Yes. I think, as I was saying a couple of moments ago, when this whole thing started in 2002 I adopted a bit of a siege mentality. I saw it as an onslaught.

There were criminal charges and fraud allegations. There were exchange control issues and I really kind of took this onslaught approach. And I was genuinely – in fact very, very pleasantly surprised, when I did engage with SARS. They were tough in their negotiations, but I did find they were fair. They were open and if I look back, it is something that I regret that I didn’t do sooner.

ALEC HOGG: You also say you will be filing all the tax returns from your family. How many are outstanding?

DAVE KING: I’ve not filed any tax returns since 2002, so it’s about 11 years of tax returns I’ve got to get up to speed with.

ALEC HOGG: That’s a lot of work.

DAVE KING: There’s still a bit of admin to be done. We’ve got to the settlement which is the most important thing. There’s still quite a bit of paperwork that I’ve got to put in place, and it does involve me restructuring parts of my agreement with SARS with SARB. I’ll completely regularise my affairs; not only my tax affairs but exchange control compliance. It means a lot of assets that were previously held in offshore trusts, will now come into a South African Trust. So there’s more to this situation than really a financial statement. I have given an undertaking to the State. I’ve got this new chance. I will get my affairs in order and I will just make sure that I maintain a level of absolute total compliance and transparency going forward. It’s nice in a way to have a clean slate going forward.

ALEC HOGG: Dave, two other issues that I’d like to touch on briefly. First of all: Rangers Football Club, the great love of your life I suppose, outside of your family. You’ve been a director of the club. It has gone through all kinds of difficult times lately. Now that you’ve got this monkey off your back, are you going to be able to focus and maybe help rescue it?

DAVE KING: It’s something that’s on my mind. In fact I have had discussions over the last couple of months with the club, They will need some more funds. I’ll be interested in putting additional funds in by way of a rights issue, but what I’m not keen to do, is an acquisition of existing shareholders where the money goes to them and not into the club.

ALEC HOGG: You’ll get a lot of Scotsmen very happy to hear that news. And MICROmega, your company listed on the JSE, you did take over as the executive chairman a while back. The share price was up 27% yesterday. A potential Specialised Outsourcing?

DAVE KING: Well, I think if one looks at MICROmega, we have actually done quite a lot of work with the group. The unfortunate thing that MICROmega has had hanging over it for the last number of years, was SARS attaching the shares. So both from an employee perspective and from a shareholder perspective, people were saying ‘if I get involved with a share or I do this or I do that, is it possible the shares can then be taken away?’ So I think it is really good news from a MICROmega shareholder’s point of view and an employee point of view. I think as Adrian Lackay (or SARS) said in his interview, it gives me time to go forward with MICROmega. We’ve got a lot of value in the group. I declined an offer – an unsolicited offer – about two months ago to buy one of our South African subsidiaries for a value that’s over twice the market capitalisation of the company. So we understand that there’s strong inherent worth there. But as I say it really was seriously affected by the overhang of the SARS issue. From an internal point of view, we can now grow. There’s a lot of good things happening in the group, and I can now focus on MICROmega. I’m hoping for some pretty strong results from the group over the coming years.

 

King talks a good game about turning over a new leaf, but a closer look at his activities betrays his criminal intent. This interview was conducted on the 1st September, 2013. Laxey Partners refused to sell their shares to King. Colin Kingsnorth, a RRM of many years standing, threatened to call security to escort King from his premises. Kingsnorth could see right through this two-bit spiv.

Hogg touches on Specialist Outsourcing. Having pumped up the share price out of all proportions with improbable financial returns, King briefed analysts that he was in it for the long haul, while simultaneously selling his entire stake at the back door. When the price started to flag in response to his systemic dumping of the shares, he called the analysts to inform them that he was buying some more. He propped up the price until all that was left was a hollowed-out husk. Everyone who backed King lost their shirts. A few months earlier King, using a fraudulent business card with A.C.C.A. after his name, solicited funds from a Johannesburg orphanage. They lost everything. The children were left to roam the streets to beg. King did not lose a wink’s sleep over his shares heist. He has no social conscience.

Having manipulated the shares at Specialist Outsourcing with ease, King then turned his hand to The Rangers International Football Club. Paul Murray delivered King’s £25,000 in cash to Bill Stevenson for his hacked data. James Traynor then established a Twitter account, Charlotte Fakeovers, to publish sensitive information that painted the board in a poor light. The shares duly plummeted to an unprecedented low of 18p from their issue price of 70p, which was King’s cue to buy 14.57% from existing shareholders.

King used a trust fund, New Oasis Asset Ltd, to acquire his equity in RIFC. The South African Reserve Bank allows a maximum of circa £590,000 in foreign investment in any given year for trust funds. King’s shares in RIFC cost circa £2.1m. Which leads to the question of how he managed to circumvent exchange controls? All his assets and cash reserves, as part of the deal to avoid an 82 years prison sentence, have been repatriated to South Africa. Is King in default of the South African Prosecution Authority’s deal, or did a third party offset King’s restrictions with a £1.5m loan?

One can safely conclude that the Park family are exposed in RIFC as King is stymied by FOREX controls. How convenient for the concert party carpetbagger.

One wonders when the natives of Govan will wake up to the fact that they have been worshipping a false god?

 

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29 thoughts on “The Man Who Would Be King”

  1. Chapeau to my source who informed me some weeks ago that Patrick Roberts would sign on again at Celtic. The official press briefing will be at 5pm today. Roberts, who will wear the iconic No. 7 shirt, will be eligible for selection to play in the Group Stages of The Champions League.

  2. Transaction Confirmation number: 6BA648865E49xxxx

    In complex, fast evolving situations it is usually beneficial to take a step back and review some of the key underlying issues or else one can easily be distracted. Your article today serves to remind everyone that key to understanding where we are at the moment is to maintain in our minds, front and centre in our minds, that one of the main protagonists is a career criminal who historically has shamelessly and opportunistically manipulated events to benefit no one above himself.
    With regard to his “previous” on share manipulation Club Tropicana should take note. Concert party soft loans continue to increment to keep the lights on and by whatever mechanism those loans are redeemed, whether by straight forward debt to equity conversion or by circuitous means necessitated by the Takeover Panel ruling Paddy Power has already paid out that the terms under which that debt will convert will not favour Club Tropicana. Expect a share price manipulation that maximizes the resultant Concert Party equity at the expense of Club Tropicana and other ordinary shareholders. Caveat Emptor and all that….

    1. Yes West Coaster, a blind man can see where this is going unless Douglas and Graeme throw in their hands. I would pay good money to watch the cheating go into overdrive for Eangers III with debts shed and titles intact. Would they be imperfectly liquidated but eligible?

  3. I’m working on another piece on my considered opinion that Madeline McCann was not abducted and is dead. The Portuguese police report has been leaked. There is also other evidence made available by Richard D Hall of lies and a cover-up. There is the prosecution of Tony Bennet and his 60 reasons why Madeleine was not abducted. The McCanns are using the funds raised to litigate against those who are questioning the veracity of their accounts. They have silenced the media with libel suits. Hall, a retired solicitor, has been sentenced to three months imprisonment, suspended for a year, and must pay almost £300,000 in costs to the leading libel firm in the UK, Carter-Ruck. The stakes are high. The research is overwhelming. If there is no blog tomorrow I have not been nobbled by The Klan. I will be sifting out the conjecture to arrive at the facts. The facts that the McCanns are desperately trying to conceal.

    1. I have minimal interest in football, however, l have followed the “disappearance” of Madeleine from the outset. l have studied all research which shows in its entirety that Maddy was was not abducted and that in all probability died in the family flat- dogs and blood do not lie! Was this the result of abuse of the worst type?

      However, what I cannot fathom is why from the outset the Government almost in panic became involved – witness the almost immediate appearance on the scene of Clarence Mitchell who managed and manipulated the media.

      No one in the McCann group is important enough to warrant Government intervention. That then raises the question, who or what is being protected? It is a real puzzle.

      I know that you maybe too busy to answer this email but I do hope you may be able to suggest an answer to my puzzle in your article on the McCann’s. However, be careful!!!

      1. JJ
        £10 donation made 5BV23207JP7760017. Due to enforced early retirement last year cash is in short supply but I will endeavour to support as much as often as I can. I look forward to your views on the Maddie mystery.

        Peniwarrior, some observations of my own after spending far too much of the last 12 months reading up on this.
        Members of the Mccann party have a connection (near neighbours) to Gordon Brown’s brother , John. IIRC he was approached and asked for the future PMs help, which was duly offered. Brown and quite a few others jumped on the celebrity band wagon (including the Vatican) , getting their fingers badly burned in the process. In my view there is no establishment cover up but there is huge embarrassment (understandably) at how Brown and various UK police agencies jumped in with both feet.
        People have seized on the lead detectives comments about MI5 involvement/presence in Portugal but I’d suggest (if true) the above explains their presence in simple terms .
        If they are being protected ( i don’t believe so) then why would the UK send the numbers of resources it did to Portugal, why would UK police prompt the entry of “the dogs” which led to the hasty retreat of the Mccanns from Portugal.
        They have money , many millions , made from their “Fund” (which is not , and never was intended to be a charity). IIRC they made £8 million in libel suits with Fleet Street , they were given money by the defunct News of The World. They have used , manipulated (and when it suited them) lied to the press (they even lied on oath at the leveson Enquiry). They broke Portuguese law by using third parties to leak stories & lies to the UK media They have been able to pay for the best reputational management guys in the business as well the best lawyers – the very best in libel and matters of extradition.
        I’m looking forward to jj’s dismantling of their pack of lies. 10 years worth.

    2. Excellent JJ,I know you watched Hall’s work, it alone basically describes what happened. Look forward to your piece and justice for poor Maddie and her “guardians”.

    3. Richard D Hall is not a retired solicitor. Unless the Hall that was jailed was a different Hall to the one I am talking about? But he is “like you very good”
      J

  4. 75W16714YU453801C
    6AA40426YG966xxxx
    Two most recent monthly recurring payments

    JJ

    Please let this one pass and stick to the football articles? You are on a roll at the moment so why risk more alienation of your already depleted income stream.

    You are free to choose what you write about but unfortunately, you also choose the consequences of how others react.

    Best wishes,

    Rat-trapbhoy

    1. It’s an international break/ Glasgow scale coma at the moment. Just because Gerry McCann supported Celtic and his wife Everton does not make them immune to a forensic examination of what could be the biggest ever cover-up.

      1. JJ, regardless of what teams they support, the spotlight should forever be upon them until the facts of the matter are revealed and justice for that poor wee girl is achieved. It is incredulous that Madeleine’s parents have never faced a court on charges of willful negligence at the very least. Their misappropriation of the funds from Find Madeleine charity should also be investigated. The British public donated millions of pounds at the behest of the UK msm yet most are completely unaware of where much of that money has gone. Maybe, if we had a free press, there would have been public oversight io the fund for fear that any wrongdoings would be front page news. Unfortunately the rags that masquerade as news vendors in the UK are very much as compromised as the fund itself. Keep up the good work JJ. Its your blog, write about whatever the hell you want and to hell with anyone who tries to direct your narrative.

      2. I have no interest in any of that, none whatsoever.

        You might, however, actually want to acknowledge now and then that I actually contribute regularly to your site. You seem to value most, those that agree with you. On this one, I do not care.

        As I said – you choose the consequences.

        Rat-trapbhoy

      3. Are you implying that since you contribute – which I acknowledge and offer thanks – that you get to dictate my editorial policy? If you had been on this site from the beginning you would know that I will challenge injustice whenever I encounter it. At the end of the day you either approve of my efforts or you don’t. I allow comments that disagree with my arguments. There should be no consequences for a thoroughly researched and presented article. But since you have no interest in the subject matter is it worthy of you to play the man?

  5. Off topic, …
    JJ, The Sottish team was down at your old stomping ground out at Parklea this afternoon. It seems they have a pitch similar to the one in Lithuania, Broony Tierney Griff et all were all there under the watchful eye of wee Strachan, my wee pal, … who was out a walk, got a surprising load of autographs.

    1. I’m surprised the wee man went to Parklea. I used to live on Parkhill before Woodhall was rebuilt and I remember more than a few Kestrel swilling, devil dug owning denizens of said area. He’s lucky to have gotten out unscathed.

      1. Gav, ,,, you must be a bit younger than me, … in my day, nae devil dugs, jist the devils on the park after a bottle o’ eldo each, … playin’ the welders, platers or joiners, … happy days!

  6. As you know, I have a farm two minutes from Luz. I live there four months of the year. Your brace statements regarding her so called abduction are to be applauded. Not a single local here in Luz believes that she was abducted. No one.

    I shall return to this theme tomorrow. Kate and Gerry McCann are directly responsible for the disappearance and death of that child.

    A baby sitter at the Ocean Club, just down the Burgau hill from me, costs 10 Euros. But the McCanns went on the lash night after night and just loved the quizz nights at Kelly’s. That was a ten minute walk from the kids who were unsupervised.

    Kate McCann and Gerry McCann should be in jail. The twins should be in foster care.

  7. I didn’t know Gerry McCann supported Celtic and I don’t care either. He is one arrogant SOB. If one studies this case dispassionately, then one is led to the inevitable conclusion that poor little Madeline died in the flat and everything else is simply an attept to cover that fact up. Government involvement indicates that unravelling the McCann case would, in all likelihood, lead to some very important and influential people. This also explains the many holdups in the paedophile inquiries being conducted in both Scotland and England, including the farce of continually selecting unsuitable and possibly compromised people to head those inquiries.

    By the way, this is your blog JJ, so write about anything that takes your fancy. I haven’t always agreeed with all your political views but I wouldn’t dream of withholding my monthly contribution for that reason. If someone only wants to read that with which they agree then they should write their own stuff.

    Stay safe and stay well.

    P.S. The strange deaths of SNP activist Willie MacRae and Dr. David Kelly might also be worth investigating, if you ever have the time.

    1. Re Dr Kelly.

      The inquest hinted he was depressed etc and in a fragile state etc

      From a member of staff who knew him well “he was one of the hardest bastards I ever knew and why was he due to fly out to Iraq the week after his death?”

      He did not commit suicide.

  8. Love reading your blogs JJ but sometimes I wish you would cut Mr King some slack. I mean, can’t you see he’s doing the work of two men at Ibrox? …… Laurel and Hardy.

  9. JJ

    I never intended this to be a long correspondence.

    I am not sure why you accuse me of playing the man. I disagree with you and simply said so.

    I have no wish to dictate what you write about – that is entirely up to you.

    Unlike many, I have carried on supporting you despite disagreeing with some of your past political comments and your descriptions of some party leaders in Scotland in derogatory terms.

    You are doing an excellent job, as indeed are many others. You are the only one to whom I contribute a proportion of my only income, my pension. By all means have a go at those that threaten you and yours – All I did was disagree with you, nothing more, nothing less.

    I appreciate it must be difficult in your circumstances but try to take some mild criticism less personally and only take a poke at those that really deserve it.

    I have no intention of stopping contributing but perhaps you need to make some time for a little self-reflection and being less prickly with those like me, who have an open mind on many subjects. Shooting from the hip is often not the most accurate way to direct your fire.

    Best wishes,

    Rat-trapbhoy

    1. As part of my reflection I pulled the post. New information had come to light which reinforced my considered view that Madeleine met her death in the McCanns holiday apartment. I wrote my article as a follow up piece, just as I did with Ched Evans. No-one railed against these pieces therefore I was appalled to find that certain individuals would prefer to see our site wither on the vine should they not receive their daily fix of Rangers Lite baiting. I have completely withdrawn from political posts – and trust me I could go to town on Wings Over Scotland and the recent GERS report – as the push back from closed minds is not worth the candle. Those who think that I am a dyed in the wool Unionist are misinformed. The Tory/DUP axis is anathema to me, but it’s the only way of keeping our heads above water. The SNP cannot balance the books. I would close down their talking shop in Edinburgh and save billions at a stroke.

      1. ‘The SNP cannot balance the books.’

        Nor, judging from the UK deficit, can HMG.

        Nor, judging from the long list of unverified EU accounts, can the Euro rats.

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