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The State says that King is the richest man in South Africa and Britain and has already spent R65m just on legal representation in South Africa.
His expenses total as much as R2.5m per month, he spends R300 000 a month on his credit card and every month £81 000 is paid into his credit card.
Advocate John Myburgh (SC) for the State is opposing his argument that the case against him cannot continue because he has insufficient funds to pay for legal representation.
King is facing 322 charges, ranging from tax dodging, violation of exchange control measures and extortion to money laundering.
The charge sheet covers more than 700 pages, and the State plans to call 117 witnesses against him.
Myburgh said in the Pretoria High Court on Wednesday that King doesn't want to lodge a formal application for the postponement of the hearing, because he would then have to declare his sources of income under oath. He is not prepared to do that.
King claims that the only money at his disposal is in trusts in Guernsey and London.
The State has obtained orders from the authorities there in terms of which this money is frozen.
He only has limited access to legal representation (£1 000) and living expenses (£500).
Myburgh says the State is convinced that there are other sources of income that King hasn't declared.
The State's investigations have revealed that the sale of shares out of his business earned a profit of R1bn. This money was transferred to Guernsey, but R160m remained in South Africa.
"We know about the R160m, and so does the accused," Myburgh said.
According to Myburgh, an amount of R40m has also gone through King's wife's account. She is not registered for income tax purposes. Apparently King has not submitted any income tax returns for the past three to four years.
In a radio interview, King allegedly referred to SA Revenue Service (SARS) commissioner Pravin Gordhan as a bully.
Myburgh says the latest attempt to postpone the case indefinitely could cause the State irrecoverable, substantial, significant and irreversible harm.
Two of the key witnesses for the State are in their Seventies and in poor health.
Charles Chipps (76) is the SARS chartered accountant who read an article about King's R1bn profit and contacted King about it for tax purposes. Another witness, Tony Pithey (73), has essential information about how King's affairs are organised.
Myburgh said there was no further chance for plea bargaining. King had his last chance and did not respond in the time allowed.
