The Union of Fans’ Rangers saviour elect Dave King could be set for a bigger tax bill than the one he settled too after an independent investigation focuses on South Africa’s Revenue Service.
According to The Times of South Africa, the investigation carried out by a panel headed by advocate Muzi Sikhakhane, confirms that a ‘rogue SARS unit’ engaged in illegal activity – including spying on the taxpayers it was investigating, including those the revenue service had cut deals with.
That means all settlements over the past decade could be reviewed once more, including David King who settled for a fraction of the tax bill he owed, despite pleading guilty to charges.
King owed the South African taxman R2.7 billion [around £149,162,500]and settled with SARS to the tune of R700 million [around £38,671,759}
The South African businessman was also found guilty of 41 counts of contravening section 75 of the Income Tax Act 58 of 1962, in South Africa. He was fined around £200,000 or face two years in jail.
In October, King had proposed a £16 million investment into Rangers, but this was rejected by the Ibrox board for Mike Ashley’s £2 million emergency loan.
This proposal followed the failure of a fund set up by King, Richard Gough and the Union of Fans to try to get security over Ibrox Park.
After launching the 1972 fund in a blaze of publicity, the scheme starved the Ibrox club of much-needed season ticket revenue before the plug was pulled after they failed to force the board into handing over Ibrox and Murray Park as security.