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Cape Town - Any final settlement between tax rebel Dave King and golf legend Gary Player would probably have to receive approval from the South African Revenue Service (Sars).
Fin24 reported on September 5 that King and Player had reached an amicable settlement with regards to R33.4m (a R6.1m "loan" plus interest) that King claimed from Player.
Player's lawyer Rael Gootkin told Fin24 on Wednesday that both parties are still in the process of complying with the conditions of the agreement (reached on September 5).
"There are certain conditions on both sides that have to be fulfilled in order to make the agreement unconditional," he reiterated.
He again said he is not at liberty to disclose the nature of the conditions.
The Scottish-born King claimed R33m from Player in the Grahamstown High Court in June, claiming it related to a loan of R6.1m made to Player in July 1999. He wanted this back, together with interest.
Player denied that he owed anything. In June the court granted King an interim interdict to attach Player's 51% stake in a horse stud farm near Colesberg. One of King's trusts, Talacar Holdings, has a 49% stake in the stud farm.
Player claimed that King had given him the money to pay off a debt he (Player) owed to a sports management company. In return, King could then travel with Player to major international sports events, which he did.
On September 5, when the matter was due to be heard in the Grahamstown High Court again, Gootkin confirmed to Fin24 that a settlement had been reached. Both parties, however, had to comply with certain conditions.
King was in the news again in August when he settled on a payment of R706.7m to Sars.
This settlement was achieved following submissions made to Sars by King and entities associated with him.
Because Sars had attached King's Talacar shares and loan claims in the Colesberg stud farm in the light of his agreement with the tax authority, Sars would probably have to consent to a final settlement between King and Player as part of the process.
King became entangled in a battle with Sars in 2001. By August 2006 the South African prosecuting authorities claimed King was one of the richest people in South Africa and Britain; he had already spent R65m on legal costs by that time.
King faced 322 charges ranging from tax dodging, violation of exchange control measures and extortion to money laundering. He and his associated companies reportedly owed Sars some R2.75bn.
In March this year, King struck a confidential deal with Sars that resulted in many of his South African assets being sold to offset his tax debt.
According to King, he and Player had agreed to extend the repayment term until he had settled the dispute with Sars.
- Fin24
Fin24 reported on September 5 that King and Player had reached an amicable settlement with regards to R33.4m (a R6.1m "loan" plus interest) that King claimed from Player.
Player's lawyer Rael Gootkin told Fin24 on Wednesday that both parties are still in the process of complying with the conditions of the agreement (reached on September 5).
"There are certain conditions on both sides that have to be fulfilled in order to make the agreement unconditional," he reiterated.
He again said he is not at liberty to disclose the nature of the conditions.
The Scottish-born King claimed R33m from Player in the Grahamstown High Court in June, claiming it related to a loan of R6.1m made to Player in July 1999. He wanted this back, together with interest.
Player denied that he owed anything. In June the court granted King an interim interdict to attach Player's 51% stake in a horse stud farm near Colesberg. One of King's trusts, Talacar Holdings, has a 49% stake in the stud farm.
Player claimed that King had given him the money to pay off a debt he (Player) owed to a sports management company. In return, King could then travel with Player to major international sports events, which he did.
On September 5, when the matter was due to be heard in the Grahamstown High Court again, Gootkin confirmed to Fin24 that a settlement had been reached. Both parties, however, had to comply with certain conditions.
King was in the news again in August when he settled on a payment of R706.7m to Sars.
This settlement was achieved following submissions made to Sars by King and entities associated with him.
Because Sars had attached King's Talacar shares and loan claims in the Colesberg stud farm in the light of his agreement with the tax authority, Sars would probably have to consent to a final settlement between King and Player as part of the process.
King became entangled in a battle with Sars in 2001. By August 2006 the South African prosecuting authorities claimed King was one of the richest people in South Africa and Britain; he had already spent R65m on legal costs by that time.
King faced 322 charges ranging from tax dodging, violation of exchange control measures and extortion to money laundering. He and his associated companies reportedly owed Sars some R2.75bn.
In March this year, King struck a confidential deal with Sars that resulted in many of his South African assets being sold to offset his tax debt.
According to King, he and Player had agreed to extend the repayment term until he had settled the dispute with Sars.
- Fin24
