Neteller and Sportingbet NEWS ALERT 21/03/2007

Scott Longley

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.

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Posted: 21/03/2007