Mybet Headed For Insolvency?
By Brian Cullingworth, Last updated Aug 17, 2018
All three companies in gambling group impacted by tax problems
Struggling gambling group Mybet Holdings is reportedly headed for insolvency following the failure of its latest discussions with a potential investor, according to business media reports.
The company’s directors issued a statement Tuesday confirming that an application for insolvency is being prepared for submission to a local court later this week, and explained that the three subsidiaries in the German group owe Euro 4 million in taxes on sports betting which have placed its liquidity in peril.
InfoPowa readers may recall that prospects for the company appeared to take a positive turn last month when discussions took place regarding the disposal of the online sports betting and casino company’s B2C online business.
However, in its statement Tuesday the board revealed that the motivation for seeking insolvency was related to the failure of discussions with “potential investors” who apparently set conditions that “could not be fulfilled.”
The statement added that a contributory issue has been the rejection by the Frankfurt Tax Office of an application by the company’s Malta-based subsidiary Personal Exchange International to suspend enforcement of the outstanding sports betting taxes.
Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.
We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.
His passing in February 2019 was a dark day for us. He will be forever missed.
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