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Friday, 14 June, 2002, 13:07 GMT 14:07 UK
Tycoon faces tax charges
Ibrox
Mr King invested in Rangers two years ago
A Scots tycoon who invested 20m into Rangers Football Club has been arrested and charged with tax evasion in South Africa.

Dave King, 44, faced eleven counts of fraud when he appeared at the Regional Court in Randburg, near Johannesburg.

He is alleged to owe the South African revenue service almost 60m.


He was taken to court and charged with 11 counts of fraud by contravening income tax laws

Sipho Ngwema
Mr King, who is due to appear in court again in September, has been released on bail and his passport and assets have been seized.

He claimed he was being "bullied" by the South African Revenue Service (SARS).

The SARS alleges that he owes it a total of 2.5bn rand (167m) - but Mr King has disputed the size of the claim.

Sipho Ngwema of the South African Government's investigative agency said Mr King had handed himself over to investigators on Thursday morning.

"He was taken to court and charged with 11 counts of fraud by contravening income tax laws.

Assets seized

"The figure involved at the moment is around 900m rand (59.7m).

"He was released on bail, but his passport was taken off him and he is due back in court in September."

Mr King agreed to pay 295,000 last week without conceding any liability following a hearing at Pretoria's High Court - which also decided to seize his assets.

Dave King
Dave King faces a further court appearance
He said he was shocked at the sequestration order, and said: "I've gone on record as saying, based on my experience with the receiver, it really amounts in my opinion to extortion."

He admitted that there was some merit to the SARS tax claim "on a lifestyle basis" but denied that the figure was so high.

Mr King also claimed that the assessment for 2.5bn rand was "just a big number to frighten you, to bully you and to beat you up."

The former Glasgow milk boy invested 20m into Scottish club Rangers two years ago.

Mr King - who is said to have a personal fortune of about 200m - founded Specialised Outsourcing, which is now known as Enterprise Risk Management, in the late 1990s.

See also:

30 Mar 00 | Scotland
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