Scottish businessman David Cunningham “Dave” King has an estimated net worth of $930 million (£600m); his wealth remains undisclosed. He was listed in a South African rich list in 2012. The South African based businessman is the chairman of Rangers International Football Club PLC, a holding company that owns and manage Rangers Football Club.
King moved to South Africa where he worked in several businesses including South African Post Office and the South African Reserve Bank. He went on to start his own management company, Specialised Outsourcing. The company had contract to manage the treasury operations of Umgeni Water.
In 2002, Dave King was arrested and charged with 11 counts of fraud by South African authorities, allegedly owing the revenue service almost £60 million. King was eventually indicted on 322 counts including fraud, tax evasion and evasion of exchange control regulations, as well as money-laundering and racketeering. King’s war with the South African taxation began after he claimed his taxable income was just £34,000. After a decade-long fight, he eventually reached an accord with a South African court. In 2013 he had to repay £44m of the £149m he owed the South African tax authorities.
King joined Rangers as a non-executive director in March 2000. He invested £20 million of his own personal money in the club at that time. In January 2015 King bought a 15% stake in Rangers by purchasing shares held by institutional investors Artemis and Milton.