Yesterday’s denouement, of a two day hearing to address a petition by the Takeover Panel Executive (TPE) was not without incident. However these incidents went largely unreported by the SMSM. I was surprised when Alasdair Lamont of BBC Scotland dropped the ball on the second day. As BBC Scotland is run by Masonic bigots who can swing the lead with the best of them, I suspected that he had been pulled. My well-placed source, who is au fait with the machinations behind the scenes, demurred. He offered that Lamont is central to the broadcasts by Radio Scotland and could not be spared for another day.
In his summing up, James McNeil for the TPE, stated that King was ‘no unwitting innocent.’ King avoided this hearing to avoid being cross-examined. His claim of not having the wherewithal to fund an £11m share purchase offer, as per his affidavit, would have been quickly exposed as a lie.
No-one can deny that I have been at the front and centre in challenging the Traynor led narrative and in presenting the prosaic facts about King. In July 2015 I wrote the following:
” James Traynor is continuing to feed Radio Clyde, Derek Johnstone and anyone who will listen about a utopian King, but he had a real go at Jackson and Ralston when their clever internal politics paved a path for his departure from the Record. Accepting that Whyte was a billionaire with wealth ‘off the radar’ should have led to a much earlier denouement to his mainstream media career, but prior to packing his carboard box of office effects and chin supports, he let rip at his ‘insolent’ former subordinates. Mr Kerr is a much more savvy character than Traynor could ever be.
There are many flaws in the preferred narrative that King had engineered a ‘favourable result.’ Keeping King out of prison was an expensive enterprise. He even employed leading QCs to challenge the authority of The Serious Fraud Office and HMRC in Guernsey. To mount this challenge in The High Courts Of Justice Chancery Division would have cost a minumum of £3-£5M. Only someone as stupid and as inordinately arrogant as King would have taken on the SFO and HMRC. He lost. His funds remained frozen for 7 years.
King states that his legal bill during his ‘pariah’ years was 50M. He did not state which currency he was referring to, which led me to initially believe that he was referring to Rand, until I had a look at his appeal to the Pretoria Supreme Court. The total cost of this enterprise, to King and the state, was £40M. King lost and picked up the state’s costs.
Then there is his arrest and imprisonment on racketeering charges with MICROmega CEO Iain Gregory Morris. Their bail was expensive as was their alleged use of an underworld figure in an attempt to apply pressure to some individuals in the CPA, and when that failed, it was interesting to note that the state’s case collapsed when their expert witnesses failed to attend court.
Some people have called King a psychopath. He is not. He has a white ‘colonial’ attitude that has never accepted the post-apartheid elevation of former ethnic minorities to positions of power and influence. He thought that he could take on SARS and crush them. He failed.
In another post I calculated his net worth as circa £6.9M or £4.4M if he actually paid for his shares in RIFC, which many have reason to doubt because of exchange controls. The money behind New Oasis Asset Limited is not King’s or in his family’s gift. Another individual, most likely to be Gordon Taylor or Douglas Park has staked King.
Finally there is the £50M family trust myth to debunk. His daughter, in whose name the 76% family holding in MICROmega was registered during King’s pariah years, has recently been appointed to the board. She does not have a portfolio of disparate shares. She is the nominee of a group that has acquired a number of smaller companies in South Africa.
King has spent a career on the wrong side of the law, which resulted in 328 charges being acquired over the years. He has allegedly defrauded four of the six major banks in South Africa. He could not raise one rand from any bank in RSA. His reputation precedes him.
King was forced to repatriate NOSA (Hong Kong) that he had previously decoupled from MICROmega, to South African ownership and corporate governance. This led, on inordinately thin trading of less than 11 trades per month, to an exponential growth of 462% of the MMI share value. For two individuals that have lied about their accountancy qualifications for decades, there can be little doubt that when it comes to creative accountancy they have few peers.
If my analysis of the facts exposes the Messiah Mantra, then please continue to put your head in the sand for the next seven years as you await vice-chairman Murray’s patient plan to challenge for titles. Are King apologists satisfied with the rag tag out of contract individuals from Alvechuch FC turning up at Auchenhowie? Are you seeing any over-investing? Has anyone seen the business plan?
So detractors I suggest you stop playing the man and if you have the intellect take on the facts.”
john james (@sitonfence)
July 4, 2015 at 3:17 pm
The deal in which King hived off the Financial Services Division of MMI (its JSE Listed name) in 22 December, 2016, netted King circa £10m. When added to my estimated wealth of £6.9m – assuming he had no ‘Freed capital’ to buy his concert party stake – King had £16.9m to his name. If the NOAL loan in 2016 emanated from King as he would like us to believe, one can deduct £2.2m – £3m to arrive at a quantum of £13.9m – £14.5m. Even if he repaid the loans that were used to purchase his shares, he would still have as a minimum just south of £12m
This amount is more than sufficient to fund a share offer. In my opinion there would be a stampede to sell at 20p, save the deluded who would still cling onto their sepia-toned certificates with the same emotional sentiment in which the shares were originally purchased. £12m would be enough.
I have been telling people since July 2015 that King’s proposed investment of £30m was electioneering bullshit of the first ordure. I highlighted the fact that no NOMAD would touch any company chaired by King. I correctly anticipated that the equity would be de-listed from the junior division of AIM. I called it right time after time.
I engaged in the research. I read all the court transcripts. I had the measure of King. The SMSM ran with the PR fed to them by Traynor and Kerr. They all have egg on their faces this morning. There is no excuse for their slovenly journalism.
Lord Bannatyne will in my considered position legally enforce the TPE edict. King is finished. His written judgment will put King to bed. His contempt of court and Cold Shoulder should bring an end to the failed Sevco project.
We are going back to the future with Sir Bribe & Lie. The puff candy narrative from the SMSM will be just as compelling but on this occasion those who saw King coming will set the agenda.