KING’S RANSOM

Virgin Islands. McNeill said the company had not responded to requests from financial investigators to explain the nature of their business.

He added that King hadn’t given any information about the business to investigators.

McNeill argued that this entitled the court to conclude that King was in control of the 30 per cent shareholding stake in Rangers and that he had to make an offer to buy the remaining shares.

In his written ruling, Lord Bannatyne ordered that King has to make the £11million offer. He wrote: “Having regard to all of the relevant circumstances, in exercise of my discretion, I grant the order sought.”

Lord Bannatyne wrote that he agreed with McNeill’s submissions during the hearing.

He wrote: “As Mr McNeill pointed out, on two occasions, the trusts have been willing to provide money for the purchase of Rangers shares when he wished them to do so.

“Now suddenly – when the respondent does not wish to comply with the terms of rule nine – the trusts no longer are willing to provide any money.

“This tends, as Mr McNeill submitted, to show actual de facto control over the trusts by the respondent rather than the opposite.

“I believe that Mr McNeill is correct in his submission that the respondent has de facto control over the trusts.

“I do not accept on the information before me that because the respondent’s assets have been placed within these trusts, he has no de facto control over these trusts and therefore is impecunious and cannot therefore make an order as required by rule nine.”

The court heard that in October 2017, the Rangers share price was 27p and King would be expected to make an offer at 20p. Shareholders don’t have to accept the 20p share offer.

King’s advocate Lord Davidson of Glen Clova QC told the court that the money used to purchase the shares came from onshore and offshore trusts.

Lord Davidson said: “Mr King is penniless.”

The latest court blow comes after years of turbulence in South Africa, where King was indicted on 322 counts of tax evasion.

He finally struck a deal to pay about £40million after pleading guilty to 41 criminal counts of contravening the South Africa Income Tax Act.

Rangers managing director Stewart Robertson insisted last night that the decision would not affect the club’s plans for a fresh share issue next year.

Robertson said: “I haven’t spoken to Dave but it’s an issue for Dave on a shareholder basis. It doesn’t impact the club and day-to-day business. It will be business as usual so we will continue with the plans we have got in place.”