NETELLER SIGNS AGREEMENT ON U.S. PLAYER FUNDS WITH DoJ

23 March 2007

But why will it take the e-wallet up to 75 days just to announce a payment plan?

The frustrations of US players who have funds frozen in the Neteller vs. U.S. Department of Justice debacle may nearly be over...but further patience will be required before the issue is finally resolved, according to a statement from the Isle of Man-based e-wallet.

The company says it has signed an agreement with the US authorities for the transfer of funds back to its US customers, and hopes to announce a plan within the next 75 days for the distribution of the frozen funds to US customers.

Neteller's latest move involves 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 e-wallet announced that it was in discussions with the USAO to manage an orderly return of funds to US customers and that a forensic accounting firm would be engaged, at Neteller's expense, to assist in this process and to examine the firm's financial position.

This has been followed, on 20 March 2007, with agreements with the USAO and Navigant which sets the scene for funds to be taken out of deep freeze and, among other things, outlines terms and a timeline under which Neteller will work toward the orderly distribution of funds to its US customers.

But this is not going to happen overnight. For reasons that are not explained, Neteller claims it will take up to 75 days before a plan can be announced for the distribution of the funds to US customers. Navigant will also provide a report to the USAO on the Neteller’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 at Neteller. “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 guidance of its legal advisers, the statement confirms, adding the new information that it is also acting in accordance with court orders in the Isle of Man.

The statement does not address the repeatedly raised issue of interest accrued on the frozen funds and who will receive it.

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.

Online Casino News courtesy of InfoPowa

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