- Dave King, the man who “beat Sars”, has been slapped with a rare and severe sanction by a City of London regulator.
- The “cold-shoulder” treatment by the Takeover Panel bans King from involvement in takeovers within its jurisdiction for four years, and could make it hard for him to do business in Britain more generally.
- He is also facing an inquiry into whether he is fit and proper to run his Scottish football club Rangers.
- King says the need to comply with South African exchange-control rules put him on the wrong side of rules in Britain.
Dave King famously “beat” the South African Revenue Service (Sars) when, in 2013, he agreed to pay more than R700 million to settle a tax debt – which Sars had originally estimated at well over R2 billion, while also accusing him of fraud.
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