One of South Africa’s richest entrepreneurs, David King, was arrested in Randburg on Thursday by the elite crime-fighting unit, the Scorpions, on charges of tax evasion amounting to at least R900-million.
Shortly after his arrest King appeared in the Randburg Regional Court where bail was set at R1-million.
The case was postponed to September 20 for further investigation.
King had to hand in his British passport and may not apply for a new one before the case has been completed. He may also not leave the country.
Scorpion’s prosecutor, Cornwell Tshavhungwa, told the court that a bank guarantee for the bail money had already been given to the State.
Scorpion’s representative Sipho Ngwema said King had been under investigation by the SA Revenue Service (SARS) and the Scorpions for quite some time.
In May the Pretoria High Court delivered a judgement against King in respect of the money owed by him to the SARS.
According to the judgement the SARS could go ahead with a ”pay now, argue later” plan to attach and sell R16-million worth of King’s property.
King founded the company Specialised Outsourcing in the late 1990s. He is reported to be involved in at least 20 companies.
King refused to speak to the media after his arrest.
– Sapa