Scots spy David Ballantyne Smith was a lonely ex-serviceman who turned traitor while consuming online conspiracy theories and pro-Putin propaganda, the Old Bailey heard.
29.01.2023 - 07:43 / dailyrecord.co.uk
One of Scotland’s most prominent businessmen has been made bankrupt by his own nephew over a £400,000 debt. Bookmaker Billy King Jr took his retired 82-year-old uncle Hugh King to court after lending him the money more than three years ago.
The King family has business interests across the country –spanning gambling, pubs, clubs, property and finance. When Hugh failed to pay back by an agreed deadline, the younger businessman won an action to sequestrate his relative.
An insolvency firm has now been appointed with the power to seize assets to pay off the debt, including Hugh’s 125-year-old B-listed, two-storey villa in Whitecraigs, in the outskirts of Glasgow.
Billy’s lawyer, Angela McCracken, told Paisley Sheriff Court last week that Hugh had not repaid any of the loan since it was made in September 2019.
She said: “He lent his uncle £400,000 on the basis it was to be repaid within a time frame of three to six months. Assurances were given that the money would be paid. That was one year ago.”
Sheriff officers then visited Hugh’s home in an effort to get the money but the bid failed.
She said: “There has been no attempt to repay any money. At the time the debtor needed money quickly and his nephew was willing to give it to him.
“It has now been three years when it was an agreement of three to six months. There is no excuse and in this case sequestration is the only way for the petitioner to regain his money.
“It’s with a heavy heart the petitioner has had to go down this route.”
Hugh’s legal team said that while their client came from a wealthy family, he was cash-poor and would only be able to pay the sum in full next month.
Ms McCracken objected to the case being continued and added: “I’ve been receiving emails since this
Scots spy David Ballantyne Smith was a lonely ex-serviceman who turned traitor while consuming online conspiracy theories and pro-Putin propaganda, the Old Bailey heard.
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