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Dave King's Vineyard Seized By Taxman


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Rangers’ shareholder King’s £10m vineyard blow

Dave King joined the Ibrox board in 2004

5 Jul 2011

Rangers’ shareholder Dave King has had his £10million vineyard seized in a battle with the South African taxman.

The estate, which made wine endorsed by golfing legend Gary Player, has been placed into liquidation after the authorities won a court order.

The move is a blow to the 55-year-old and has put the fate of 40 workers at the Quoin Rock winery, near Cape Town, in doubt.

It is part of an attempt by the South African Revenue Service to claw back an alleged £250m unpaid tax bill from Mr King, who is based in Johannesburg.

Last Friday, a liquidator was appointed to manage the estate to preserve the value and assets. Security guards were placed at the premises to protect the property while its stock and assets were verified.

Tax officials claimed the wine farm had made a profit of about £1m in 2003 at a time when they were not selling much wine. Mr King has until July 19 to appeal, failing which the wine farm will go into liquidation.

The seizure came after he was hit with the £250m bill after he lost a 10-year battle with the taxman. Earlier this year, a company run by the Scot dropped its appeal against a South African court ruling that the firm was liable for the huge unpaid sum.

Lifelong Rangers’ fan Mr King, originally, from Castlemilk, Glasgow, arrived in South Africa in 1976 with only £10 in his pocket. However, he turned the pittance into a £200m fortune as a high-powered financial consultant.

However, tax officials were puzzled when the tycoon claimed to be earning only £5000 a year. In 2002, following a two-year probe, they hit him with a bill for back taxes – insisting he was the richest man in the country.

His defence was nearly everything he had was owned by a firm called Ben Nevis, which is registered in the Channel Islands.

He joined the Ibrox board in 2004 and owns around 5% of the club.

Let's hope Mr Whyte doesn't waste much time getting rid of all ties to this guy as he's bad news.

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Rangers’ shareholder King’s £10m vineyard blow

Dave King joined the Ibrox board in 2004

5 Jul 2011

Rangers’ shareholder Dave King has had his £10million vineyard seized in a battle with the South African taxman.

The estate, which made wine endorsed by golfing legend Gary Player, has been placed into liquidation after the authorities won a court order.

The move is a blow to the 55-year-old and has put the fate of 40 workers at the Quoin Rock winery, near Cape Town, in doubt.

It is part of an attempt by the South African Revenue Service to claw back an alleged £250m unpaid tax bill from Mr King, who is based in Johannesburg.

Last Friday, a liquidator was appointed to manage the estate to preserve the value and assets. Security guards were placed at the premises to protect the property while its stock and assets were verified.

Tax officials claimed the wine farm had made a profit of about £1m in 2003 at a time when they were not selling much wine. Mr King has until July 19 to appeal, failing which the wine farm will go into liquidation.

The seizure came after he was hit with the £250m bill after he lost a 10-year battle with the taxman. Earlier this year, a company run by the Scot dropped its appeal against a South African court ruling that the firm was liable for the huge unpaid sum.

Lifelong Rangers’ fan Mr King, originally, from Castlemilk, Glasgow, arrived in South Africa in 1976 with only £10 in his pocket. However, he turned the pittance into a £200m fortune as a high-powered financial consultant.

However, tax officials were puzzled when the tycoon claimed to be earning only £5000 a year. In 2002, following a two-year probe, they hit him with a bill for back taxes – insisting he was the richest man in the country.

His defence was nearly everything he had was owned by a firm called Ben Nevis, which is registered in the Channel Islands.

He joined the Ibrox board in 2004 and owns around 5% of the club.

Let's hope Mr Whyte doesn't waste much time getting rid of all ties to this guy as he's bad news.

I was just about to post who gives a feck , but the last sentence I totally agree with.

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  • 3 years later...

Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

:shifty:

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

Hmm...

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

What are your feelings on Jimmy Torbett molesting kids while C****c FC hid and harboured paedophiles from the authorities?!?!

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!we have the stupidest fans ever 4 sure !!we can only hope the sfa do there job for once !!project charlotte is in motion bleak times ahead for us i fear !!

Their job. Not "there".

There you go, back to sleep for another 4 years dear.

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

Wean touching bastard.

The only thing that should terrify you is your Dad's cock, again.

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Terrifying!! and ppl want him over an actual billionaire and his top executives who want 2 pump in money 2 get us 2 champs league!!

we have the stupidest fans ever 4 sure !!

we can only hope the sfa do there job for once !!

project charlotte is in motion bleak times ahead for us i fear !!

ZEJSW.jpg

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Oh great a waen touching tax expert.

You lot need her hole and no off the alter bhoya

Aye because emptying yerself in a fanny is gonna make everything alright with our club....what planet you on? This has significance

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