TOP BRASS AT BETEX RESIGNS

1 June 2007

China problems present too many difficulties to continue

Readers will recall the woes of British lottery firm Betex, which started with the arrest of three employees at the Chinese operations of the company some weeks back, apparently on allegations that they were involved in illegal gambling. The employees remain in custody and have yet to face formal and specific charges in court, adding to the lack of clarity on their situation.

This week events at the company outside China took a surprising turn, when Peter Greenhill and Stuart Barker, the chief executive and financial director respectively at Betex, submitting their resignations. The reason for this drastic decision is apparently that the two execs have been unable to receive unambiguous assurances from the Chinese authorities that they would not find themselves detained should they enter China - something the nature of the company's business obviously requires them to do.

Their fears are based on rumours that their names have been mentioned during Chinese investigations, and in the aftermath of the arrests of online gambling execs in the USA and France earlier this year and in 2006 some caution and the need for concrete assurances is understandable.

The situation made it impossible for the two men to carry out their duties, and led to their resignations this week.

The Chief Operating Officer, Jeremy Longley has been appointed CEO in Greenhill's stead, and he will be assisted by chairman Johnny Hon and the company secretary. Hon said in a statement that the departing executives had felt that they were unable to discharge their responsibilities due to the Chinese situation. "The board would like to take this opportunity of thanking (them) for their efforts,” he said.

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