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Neteller and Sportingbet NEWS ALERT
Neteller has announced it has signed an agreement with the US authorities for the transfer of funds back to its US customers. The company hopes the process will be completed within 75 days.
Meanwhile, Sportingbet has announced it has reached an “amicable resolution” with the St Landry district attorney in Louisiana. In a statement to the London Stock Exchange this morning, the company said all related warrants issued by the Louisiana state police have been cancelled with immediate effect. “Both Sportingbet and the St Landry district attorney now consider the matter closed,” the statement added.
Neteller’s deal with the US Attorney’s Office (USAO) for the Southern District of New York and a company called Navigant Consulting means the company now has an outline of terms and timeline for the orderly distribution of funds. Navigant will also provide a report to the USAO on Neteller’s current financial position.
Neteller said it continues to cooperate with the US authorities. The company has been in discussions ever since it exited the US market following the arrest of ex-directors and founders Stephen Lawrence and John Lefebvre.
Ron Martin, group president and chief executive of Neteller, said: “We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office. Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
Sportingbet’s problems with Louisiana began when the company’s ex-chairman Peter Dicks was arrested on a warrant from the state last year. Dicks was eventually freed by a New York court.
Press Release
NETELLER Takes Positive Step Towards Returning US Customers’ Funds
Wednesday, 21 March 2007 – The NETELLER Plc Group (LSE: NLR), the leading global independent online money transfer business, today announced that it has signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”).
On 8 February 2007, the Group announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that it was contemplated that a forensic accounting firm would be engaged, at the Group's expense, to assist in this process and to examine the Group's financial position.
The Group is pleased to announce that on 20 March 2007, it signed agreements with the USAO and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its US customers. Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Navigant will also provide a report to the USAO on the Group’s current financial condition.
“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
NETELLER is continuing to cooperate with the USAO’s investigation, under the advice of its legal advisers and in accordance with court orders in the Isle of Man.
Further updates with relation to the US situation will be made as soon as there are any material developments. In the meantime, US customers should visit updates.neteller.com for more information, including newly updated FAQs that provide additional clarity, where the Group is able, around certain issues currently being raised in a number of public forums. Additionally US Customers can contact NETELLER Customer Service on the web or by phone at 1-888-258-5859.
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
Media and Investor Contacts
Citigate Dewe Rogerson
Sarah Gestetner or George Cazenove
Tel: +44 (0) 207 638 9571
http://www.egrmagazine.com/item/1683
Neteller and Sportingbet NEWS ALERT
Neteller has announced it has signed an agreement with the US authorities for the transfer of funds back to its US customers. The company hopes the process will be completed within 75 days.
Meanwhile, Sportingbet has announced it has reached an “amicable resolution” with the St Landry district attorney in Louisiana. In a statement to the London Stock Exchange this morning, the company said all related warrants issued by the Louisiana state police have been cancelled with immediate effect. “Both Sportingbet and the St Landry district attorney now consider the matter closed,” the statement added.
Neteller’s deal with the US Attorney’s Office (USAO) for the Southern District of New York and a company called Navigant Consulting means the company now has an outline of terms and timeline for the orderly distribution of funds. Navigant will also provide a report to the USAO on Neteller’s current financial position.
Neteller said it continues to cooperate with the US authorities. The company has been in discussions ever since it exited the US market following the arrest of ex-directors and founders Stephen Lawrence and John Lefebvre.
Ron Martin, group president and chief executive of Neteller, said: “We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office. Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
Sportingbet’s problems with Louisiana began when the company’s ex-chairman Peter Dicks was arrested on a warrant from the state last year. Dicks was eventually freed by a New York court.
Press Release
NETELLER Takes Positive Step Towards Returning US Customers’ Funds
Wednesday, 21 March 2007 – The NETELLER Plc Group (LSE: NLR), the leading global independent online money transfer business, today announced that it has signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”).
On 8 February 2007, the Group announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that it was contemplated that a forensic accounting firm would be engaged, at the Group's expense, to assist in this process and to examine the Group's financial position.
The Group is pleased to announce that on 20 March 2007, it signed agreements with the USAO and Navigant which, among other things, outline terms and a timeline under which NETELLER will work toward the orderly distribution of funds to its US customers. Per the agreements, the Group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to US customers. Navigant will also provide a report to the USAO on the Group’s current financial condition.
“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”
NETELLER is continuing to cooperate with the USAO’s investigation, under the advice of its legal advisers and in accordance with court orders in the Isle of Man.
Further updates with relation to the US situation will be made as soon as there are any material developments. In the meantime, US customers should visit updates.neteller.com for more information, including newly updated FAQs that provide additional clarity, where the Group is able, around certain issues currently being raised in a number of public forums. Additionally US Customers can contact NETELLER Customer Service on the web or by phone at 1-888-258-5859.
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
Media and Investor Contacts
Citigate Dewe Rogerson
Sarah Gestetner or George Cazenove
Tel: +44 (0) 207 638 9571
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