Tax rebel king sues Player for money 'lent a decade ago'
CONTROVERSIAL Scottish-born businessman Dave King is demanding golf icon Gary Player pay him some R33- million, claiming he lent Player R6.1-million more than a decade ago. King now wants the money back – with interest. But Player denies he owes King a single cent.
According to his Grahamstown correspondent attorney, Mark Nettel ton, Player intends con testing in court the claim as well as the at tempt to attach his shares in the stud farm.
Some 10 years ago, R33- million was chump change to King, a self-made billionaire who was also a one- time director of the Rangers Football club in Scotland.
He reportedly sank some £20-million (R311-million) of his own fortune into Rangers.
But, after a mammoth decade-long battle with SARS, to whom King and his associated companies reportedly owed some R2.75-billion, he in March this year struck a confidential deal with the taxman that resulted in many of his lucrative South African as sets being sold to offset his fat tax debt.
King was also required by the North Gauteng High Court to resign as a director of the companies Talacar and Gaius Atticus.
Ironically, he and Talacar were reportedly ordered to sign all necessary documents to register the 49% share holding, previously held in the Gary Player Stud Farm by Talacar, into the name of the curator charged with taking over his assets. In an affidavit King claims he made the US $1- million loan (at the time translated into R6,1-million) to Player in July 1999.
He says the money was put in to Player’s Black Night offshore trust and would be repayable after three years.
But by 2001, King said he was already involved in his extensive litigation with SARS and during 2006 he said that he and Player had agreed to extend the repayment term until he had settled this dispute.
“The reason for this was that had (Player) repaid the loan amount before such time as I had settled my dispute with SARS then the loan amount was at risk of being attached by SARS.”
But while Player admits he received the money, he says he owes King nothing. Player has not yet filed his own affidavit, but in a letter attached to the court papers Player’s Cape Town- based Werksmans Attorneys informed King’s attorney there was no loan agreement between the two men.
The letter says King gave the money to Player to pay off a R6-million debt Player owed to IMG Sports Management. In return, King would have full access to the sporting icon, would travel the world with him and at tend major sports events – in particular the British Open and Masters at Augusta – where King even caddied for the legendary golfer.
The letter also suggests that even if it was a loan, the loan agreement had long since prescribed.
I want my R33m back, bro
Tax rebel king sues Player for money 'lent a decade ago'
CONTROVERSIAL Scottish-born businessman Dave King is demanding golf icon Gary Player pay him some R33- million, claiming he lent Player R6.1-million more than a decade ago. King now wants the money back – with interest. But Player denies he owes King a single cent.
According to his Grahamstown correspondent attorney, Mark Nettel ton, Player intends con testing in court the claim as well as the at tempt to attach his shares in the stud farm.
Some 10 years ago, R33- million was chump change to King, a self-made billionaire who was also a one- time director of the Rangers Football club in Scotland.
He reportedly sank some £20-million (R311-million) of his own fortune into Rangers.
But, after a mammoth decade-long battle with SARS, to whom King and his associated companies reportedly owed some R2.75-billion, he in March this year struck a confidential deal with the taxman that resulted in many of his lucrative South African as sets being sold to offset his fat tax debt.
King was also required by the North Gauteng High Court to resign as a director of the companies Talacar and Gaius Atticus.
Ironically, he and Talacar were reportedly ordered to sign all necessary documents to register the 49% share holding, previously held in the Gary Player Stud Farm by Talacar, into the name of the curator charged with taking over his assets. In an affidavit King claims he made the US $1- million loan (at the time translated into R6,1-million) to Player in July 1999.
He says the money was put in to Player’s Black Night offshore trust and would be repayable after three years.
But by 2001, King said he was already involved in his extensive litigation with SARS and during 2006 he said that he and Player had agreed to extend the repayment term until he had settled this dispute.
“The reason for this was that had (Player) repaid the loan amount before such time as I had settled my dispute with SARS then the loan amount was at risk of being attached by SARS.”
But while Player admits he received the money, he says he owes King nothing. Player has not yet filed his own affidavit, but in a letter attached to the court papers Player’s Cape Town- based Werksmans Attorneys informed King’s attorney there was no loan agreement between the two men.
The letter says King gave the money to Player to pay off a R6-million debt Player owed to IMG Sports Management. In return, King would have full access to the sporting icon, would travel the world with him and at tend major sports events – in particular the British Open and Masters at Augusta – where King even caddied for the legendary golfer.
The letter also suggests that even if it was a loan, the loan agreement had long since prescribed.
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