The Alderney Gambling Control Commission (AGCC) is in discussions with its licensees trading as Full Tilt Poker and a third party concerning the prospective refinancing of the e-gaming firm.
The AGCC revealed in a statement that the objective of these discussions is to enable the site to re-open to its current and prospective players.
Full Tilt's operations were effectively shut down last month when the AGCC suspended the licenses of Vantage Ltd, Oxalic Ltd, Filco Ltd and Orinic Ltd, which collectively trade as Full Tilt Poker, as a result of ongoing litigation brought by US authorities.
The decision to suspend these licenses follows a special investigation prompted by the indictments unsealed by US Attorney General’s Office in the Southern District of New York on April 15, 2011, during which grounds were found to indicate that these licensees and their business associates were operating contrary to Alderney legislation.
Andre Wilsenach, the Executive Director of the Alderney Gambling Control Commission said: ‘The decision to suspend the eGambling licence was in the public interest and, because of the seriousness and urgency of the matter, it required that immediate action be taken ahead of the regulatory hearing.’
The indictment charged eleven defendants, including the founders of the three largest Internet poker companies doing business in the United States - PokerStars, Full Tilt Poker, and Absolute Poker, with bank fraud, money laundering, and illegal gambling offenses. Manhattan US Attorney Preet Bharara alleges that the three companies circumvented federal laws and ‘tricked’ banks into processing illegitimate payments.
The Court hearing is due to commence on July 26.
A comprehensive report in our Intelligence Report series examining the new possibilities that offshore e-commerce open up for business, and analysing the offshore jurisdictions that have led the way in offering professional e-commerce regimes for international business, with a particular focus on e-gaming, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report6.aspTags: tax | law | offshore | business | internet | gambling | legislation | court | offshore e-gaming | tax havens | international financial centres (IFC) | Alderney | Isle of Man | enforcement
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