AscotSports.comJune 17, 2008, 8:58 am (10 years ago)
Vincent Tan's corporate office has disclosed information of the disposal of its online gambling interests after their closure on May 9
Working with the Isle of Man Gambling Supervision Commission, Ascot Sports and Ascot e-Casino cleaned up their affairs but will continue to operate under these brands with new ownership until September 1.
According to the latest announcement, the Malaysian parent company Ascot Sports Sdn. Bhd. has sold off Ascot Sports Philippines, Inc. to 9 Technologies Sdn, which is a fast-growing new sports Technology Company located in The Gardens, Mid Valley, and developing a large scale "Online Transactional Processing for Asia" infrastructure in Malaysia.
Ascot Sports (BVI) Limited is now under El Moro Finance Limited, a British Virgin Isles company with a registered address at Pasea Estate, Road Town, Tortola, B.V.I.
The consideration agreed for the acquisitions, finalized on June 11 2008, was not disclosed.
InfoPowa was told last month by Garth Kimber, the head of e-gaming at the Isle of Man government Department of Trade and Industry, that it was a commercial business decision by the owners to shut down and that the closure had been carried out as discussed with the Isle of Man licensing authority, ensuring that player funds were paid back to the players.
"At present there are no major identifiable problems with the process. The Gambling Commission will continue to liaise with the company and monitor the situation," he said.
Tan paid for Malaysian license 25 years in advance but it didn’t really matter when he had to deal with political issues in 2006. A political leadership change caused the problem, and Tan changed his direction to the online gambling industry through an Isle of Man license.
The AscotSports.com website was launched in 2006, with a call centre in the Philippines. The company as a result grew its services by launching a 4-digit number lottery product online. The Ascot e-Casino, targeting the Chinese-speaking market in Asia, was also launched in 2007.
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