What should have been a binary issue at The Court of Session has been obfuscated by a bare-nippled entreaty to swing the lead for Dave King. King claims to be penniless but he had sufficient means to hire the former Advocate General of Scotland. Neil Forbes Davidson, The Baron of Glen Clova, keeps his high-ranking freemasonry cards close to his chest. Iain Alexander Scott Peebles – Lord Bannatyne – is a former Sheriff of Glasgow and Strathkelvin, where it was well known that two thirds of his ilk were inducted in the craft. Bannatyne would not have ascended this greasy pole without a tip of the hat from his lodge’s grandmaster.
Davidson might as well have inquired of Bannatyne:
” Iain don’t listen to McNeil from The Faculty of Taigs. King is on the square. His wife Ladina is a leading light in Eastern Star circles. Can we not cut some slack to a Third Degree Initiate?”
This is a smart play by King. When caught bang to rights he can always fall back on a Scottish justiciary that is riddled with freemasonry. The disgraced Peter Smith, who openly stated that his fervent wish had been to have been nominated to freemasonry by John Greig, threw out Ashley’s attempt to imprison King for his blatant contempt of court. Those who argue that King could not be imprisoned for contempt of court on a ‘civil’ transgression should revisit this case.
To my mind if Lord Bannatyne does not legally enforce the TPE edict he will have been nobbled by the unseen hand of freemasonry. Bannatyne would be as bent as King.
Davidson, counsel for King, reverted to an old chestnut to give Bannatyne a rationale for subverting the course of justice. An old chestnut from 2006:
King argued that the case against him could not continue because he had insufficient funds to pay for legal representation.
King was facing 322 charges, ranging from tax dodging, violation of exchange control measures, extortion and money laundering. The charge sheet covered more than 700 pages. The State planned to call 117 witnesses against him.
Advocate John Myburg, representing The State at Pretoria High Court, asserted:
“King doesn’t want to lodge a formal application for the postponement of the hearing, because he would then have to declare his sources of income under oath. He is not prepared to do that.”
The State’s investigations revealed that the sale of shares of his business ( Specialist Outsourcing) earned a profit of R1bn. This money was transferred to Guernsey, but R160m remained in South Africa.
I turned my forensic eye to King’s purported wealth. I framed my conclusions in a comment that was published on the RSL site. Nota bene : This analysis was not in any way influenced by David Somers or Jack Irvine, nor am I either of these individuals. The claims by SFM to discredit me says more about their failing organ than it does about our thriving site.
“The problem is simple. King does not have the wealth that he claims to have. All he has is paper wealth. There is this myth being created by either Traynor, Kerr or Je Suis Graham, who all have had their noses in the PR trough, that his daughter has a family trust worth £50M. However the truth of the matter bears no relation to their spin. This figure is predicated on the family trust which owns 76% of the equity in MICROmega Holdings Group. King has recently elevated his daughter to the board, as she, and not King, is the principal in this enterprise. The other 24% in this group is held by King’s co-defendant on racketeering charges, Iain ‘The Greg’ Morris.
The Johannesburg Stock Exchange (JSE), which lists the interests of 400 companies all desperately jockeying for overseas investment, came under stinging criticism for the Specialist Outsourcing debacle, which provided King with precisely £90M. As we now know £20M of this was used to buy shares in Murray’s holding company. This was not an act of philanthropy on King’s part as his slavish followers would have us believe. It was an exercise in tax evasion. King, who would flip his grandmother like a pancake on Shrove Tuesday if it resulted in a tax fillip, flipped his RFC shares from Metlika to Ben Nevis when the former was tracked down by SARS.
There is no market maker willing to step forward to allow King to dump his shares on the JSE as was the case in the boom years of 1997 -1999. Then there is the small matter of exchange controls. So even if King could find a private buyer he could not get any of his money out of South Africa. What King & Morris are hoping for is a private overseas buyer, who will offer equity as part of the price; equity listed on a non South African exchange. They would then aspire, yet again, to avoid capital gains tax on this equity. However there are no takers for their company that is built on sand.
King was allowed to draw a £1.6M stipend from his Marianda (frozen) funds in Guernsey from 2006-2013. We also now know that The Scorpions raised £30M from the sale of all his assets and equity in Talacar in which the majority of them were held. Interests in property, stud farms, wineries and aircraft contract hire were all sold under hammer to pay his tax bill. He was fortunate to avoid a 200% penalty that usually applies in systemic tax evasion cases. With the paying of the shortfall to SARS and the CPA fine, King was left with sufficient funds to pay his legal bills of £40m
All that’s left is the interest that he accrued in his accounts in Guernsey. We know that the interest on his cash reserves was £82,000 per month. So for a 7 year period that is approximately £6.9M.”
When one adds the sale of his Financial Services Division, King has circa £17m to his name.
King will seesaw between being a pauper and a prince to suit. Is it not about time that the Gullibillies realised that King’s money will be a ship passing in the night?