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BETonSPORTS Executives to Plead Guilty |
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Written by Thomas Jensen
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Sunday, 06 May 2007
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 Acting on advise of its American based legal counsel, executives of BETonSPORTS are ready to plead guilty to racketeering and wire fraud charges.
Clive Parritt, the chairman of BETonSPORTS stated, "We are close to an agreement with the DoJ under which the case against BetonSports will be closed. We will agree the company has been associated with being part of an 'illegal gambling enterprise' between 1992 and 2006 but essentially we are being penalized for buying the company from Kaplan."
Apparently the settlement would prevent any of the current un-indicted board of directors from having charges brought against them including Lord Glentoran, the Tory shadow minister for Northern Ireland.
Finance director Richard Creed said: "If there is a way of mitigating circumstances and reducing possible fines through a corporate guilty plea that gets the company off the indictment then that has to be an option - the financial benefits of pleading guilty will be substantial."
BETonSPORTS former CEO David Carruthers was arrested in July 2006 and has benn under house arrest in Missouri pending trial. In March the US authorities arrested BetonSports founder and long-term fugitive Gary Kaplan in the Dominican Republic.
In an effort to save their own skins, Gary Kaplan is being served up as the one responsible for the collapse of BETonSPORTS, however, bad management decisions after Kaplan relinquished control are helping the current board of directors decide to plead guilty.
"This deal will allow the liquidators to deal fairly with the creditors of BETonSPORTS plc. Without such an agreement the liquidators would have to manage the continuing case in the US," Parritt said.
Creditors and shareholders will be updated at a meeting on May 16th, 2007 which will also see BETonSPORTS plc go into liquidation. US customers are still owed money by the main subsidiary, BETonSPORTS Antigua, which is also being wound down.
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Last Updated ( Sunday, 06 May 2007 )
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