Dave King (businessman)
| Dave King | |
|---|---|
| Born |
3 August 1955 Castlemilk, Scotland |
| Residence | Johannesburg, South Africa |
| Nationality | Scottish |
| Occupation | Outsourcing |
David Cunningham "Dave" King (born 3 August 1955), is a Scottish-born, South Africa based businessman and chairman of Rangers International Football Club PLC.
King, one of seven children, was born and brought up in the Castlemilk area of Glasgow. He attended Allan Glen's School in the city after passing a bursary examination. He worked at Weir's Pumps in the nearby Cathcart area, before he was transferred to its South African operation in 1976.
Following the transfer to South Africa by his employer, King took on several business roles and accumulated substantial personal wealth. The extent of King's wealth remains undisclosed but was sufficient for him to be included in a South African 'Rich List' in 2012. He was an adviser for the South African Post Office and the South African Reserve Bank in his early stages before establishing a management company, Specialised Outsourcing, that won a contract to manage the treasury operations of Umgeni Water.
On 14 June 2002 BBC News referred to South African reports that King faced eleven counts of fraud when he appeared at the Regional Court in Randburg, near Johannesburg. He was alleged to owe the tax authorities over 900 million rand: approximately £60m. King’s tax problems began after he bought an Irma Stern painting at an auction for R1.7 million in 2000. This attracted the attention of Charles Chipps, special investigator at the South African Revenue Service, SARS, who was surprised to discover that King had declared a taxable income of only R60,000.
After a decade of legal process, including an agreed, but vetoed, settlement, King eventually reached an agreement with the South African High Court whereby he pleaded guilty to 41 criminal counts of contravening the South Africa Income Tax Act and agreed to pay a fine of 80,000 rand per criminal conviction or 3.28 million rand in total. As part of the deal to drop the other 281 criminal charges he faced, King also agreed that he would pay the Criminal Assets Recovery Account of the South African Authorities 8.75 million rand in compensation. King was originally indicted on 322 counts including fraud, tax evasion and evasion of exchange control regulations, as well as money-laundering and racketeering.
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