IMPORTANT NOTICE TO CLIENTS OF BETWORKS
Betworks Pty Ltd, a licensed sports bookmaker in the Australian Capital Territory, is a wholly owned subsidiary of Euraust Ltd a publicly listed company, trading on the Australian Stock Exchange.
Euraust Ltd acquired Betworks in July 2002. Since that time Euraust has invested significantly in the development of the Betworks business. However, over that time, the trading results of Betworks have not resulted in the consistent positive return anticipated and required by Euraust. Other issues such as restrictions on transferring of funds via credit card, the ultimate withdrawal of our credit card merchant authority, the losses incurred though the failure of Securebuxx and concerted attempts by some customers to defraud and scam the sports book, have also contributed to stifle the development of Betworks.
Euraust Ltd required a greater return on its investment and the corporate entity believed that it may not have the depth of financial resources to continue to support Betworks. The combined result of these circumstances was that Euraust Ltd sought to divest itself of Betworks. An agreement for the divestiture was struck on 25 October 2003 and arrangements for the new owners to take control of Betworks are being put in place immediately.
The company acquiring Betworks has indicated that it will review the operational and product direction of Betworks. As a result, there will be a temporary halt to trading of the sports book until the change of ownership and control is completed. This temporary halt is not expected to exceed 48 hours.
Please note that as a result of the regulatory structure in the ACT, the change of ownership will not affect the status of funds held on behalf of our customers. They remain secured by the customer trust account provisions. Any inconvenience is regretted. Telephones will not be manned over this time, therefore please forward all correspondence to support@betworks.com
Betworks Pty Ltd, a licensed sports bookmaker in the Australian Capital Territory, is a wholly owned subsidiary of Euraust Ltd a publicly listed company, trading on the Australian Stock Exchange.
Euraust Ltd acquired Betworks in July 2002. Since that time Euraust has invested significantly in the development of the Betworks business. However, over that time, the trading results of Betworks have not resulted in the consistent positive return anticipated and required by Euraust. Other issues such as restrictions on transferring of funds via credit card, the ultimate withdrawal of our credit card merchant authority, the losses incurred though the failure of Securebuxx and concerted attempts by some customers to defraud and scam the sports book, have also contributed to stifle the development of Betworks.
Euraust Ltd required a greater return on its investment and the corporate entity believed that it may not have the depth of financial resources to continue to support Betworks. The combined result of these circumstances was that Euraust Ltd sought to divest itself of Betworks. An agreement for the divestiture was struck on 25 October 2003 and arrangements for the new owners to take control of Betworks are being put in place immediately.
The company acquiring Betworks has indicated that it will review the operational and product direction of Betworks. As a result, there will be a temporary halt to trading of the sports book until the change of ownership and control is completed. This temporary halt is not expected to exceed 48 hours.
Please note that as a result of the regulatory structure in the ACT, the change of ownership will not affect the status of funds held on behalf of our customers. They remain secured by the customer trust account provisions. Any inconvenience is regretted. Telephones will not be manned over this time, therefore please forward all correspondence to support@betworks.com
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by BillDozer:
what I want to know is if during this time people have access to their funds. If not I Don't consider Aus any safer than antigua. I currently dont have any funds in my acct. so if anyone would like to share their experience during this 48 hours I'd be interested.
GL<HR></BLOCKQUOTE>
I just tried withdrawing some funds via Neteller.
It did NOT work.
what I want to know is if during this time people have access to their funds. If not I Don't consider Aus any safer than antigua. I currently dont have any funds in my acct. so if anyone would like to share their experience during this 48 hours I'd be interested.
GL<HR></BLOCKQUOTE>
I just tried withdrawing some funds via Neteller.
It did NOT work.
"Please note that as a result of the regulatory structure in the ACT, the change of ownership will not affect the status of funds held on behalf of our customers. They remain secured by the customer trust account provisions. Any inconvenience is regretted. Telephones will not be manned over this time, therefore please forward all correspondence to support@betworks.com"
seemed like they locked the doors while they are changing management. at least the funds are in trust accounts with the aussy gov,
seemed like they locked the doors while they are changing management. at least the funds are in trust accounts with the aussy gov,
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by The General:
Not good business IMO. They should have honored all payouts upon distribution of this memo & then done whatever they needed. Very surprised at this. I do have faith it will work out though.<HR></BLOCKQUOTE>
They didn't even have the courtesy to E-Mail their customers ... at least not this customer.
Not good business IMO. They should have honored all payouts upon distribution of this memo & then done whatever they needed. Very surprised at this. I do have faith it will work out though.<HR></BLOCKQUOTE>
They didn't even have the courtesy to E-Mail their customers ... at least not this customer.
