The exiled Scot is embroiled in a long-running battle with SARS -- the South Africa Revenue Service -- and is said to still face hundreds of tax evasion and fraud charges in the country.
King -- who is worth in excess of £200m -- is the main player behind a four-man consortium trying to seize control of the debt-ridden Ibrox club.
It is believed they will increase an £18m offer for the club that was rejected by Lloyds Banking Group last week and want to strike a deal by the end of the month.
To avoid the freezing of his assets, King is said to have placed £1.5m of his existing Rangers shares plus other assets into a Virgin Islands offshore firm called Metlika Trading Ltd.
The firm is registered in the name of his 78-year-old mother, Agnes, who lives in Alexandria.
A source at SARS said today: “So far as we are concerned, King’s assets are frozen worldwide, including Scotland.
“There has certainly been no deal with him, contrary to reports in Scotland. He faces individual and company charges in the criminal, civil and tax courts.
“It has been claimed today that, to avoid any SFA or SPL probe into his affairs in terms of the fit and proper person rules on club ownership, King would refuse an executive director role on a re-shaped Ibrox board.
Lloyds have refused to discuss the proposed bid and would only say: “We are committed to supporting the board of Rangers in their plans for the club.”
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