PARTY GAMING DEAL WITH U.S. AUTHORITIES IN SIGHT?
16 May 2008
CEO confident of a resolution before end of 2008
London-listed online gambling group Party Gaming plc
could achieve a settlement of its U.S. position with
Department of Justice officials before the year is out,
Chief Executive Officer Mitch Garber told business
reporters this week. Garber, who leaves Party Gaming on
1st May 2009, said his departure would not impact such a
settlement.
The company, which exited the United States market
following the enactment of the Unlawful Internet
Gambling Enforcement Act in late 2006, has been in
negotiations with the U.S. authorities for some months,
apparently seeking a settlement on its pre-UIGEA
activities which would obviate any risk of retrospective
prosecution. Such a settlement would considerably
strengthen the company by removing uncertainties flowing
from the American legal situation.
According to AFX News, Forbes and other media reportage,
Garber told reporters that discussions on the issue were
progressing in a constructive manner, generating
confidence that a resolution could be reached this
(2008) year.
"It's very hard to predict. There's some fluidity to it.
We're in the midst of a process and our attorneys tell
us it is moving in the right direction and at the right
speed," Garber said.
The reports recall the Neteller plc case, where the Isle
of Man-based e-cash processor paid a $136 million
settlement to avoid further prosecution arising from its
involvement in U.S. online gambling transactions pre-UIGEA,
and recalls that Gibraltar-based gambling group 888.com
has also reportedly initiated talks with the US
authorities.
Online Casino News courtesy of
InfoPowa
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