Tabcorp to Request Leave to Appeal in Victoria Case

Dec 17, 2014
Tabcorp to Request Leave to Appeal in Victoria Case
Tabcorp Holdings, Australian online and land based gambling company, revealed its plans to request leave to appeal to the High Court of Australia following the December 4, 2014 judgment of the Court of Appeal of the Supreme Court of Victoria. The case involves Tabcorp's claim seeking payment of A$686 million from the State of Victoria. "If special leave is granted, Tabcorp will appeal the Court of Appeal's decision to the High Court of Australia and seek an order for a payment of approximately $686 million plus statutory interest from the State of Victoria," according to Tabcorp's statement. "Tabcorp's claim is that the State of Victoria was obliged to make the payment to Tabcorp in August 2012, when Tabcorp's gaming and wagering licences expired and new licences were granted. The claim is based on a statutory provision included in legislation from 1994 when the State privatised the Victorian TAB and listed Tabcorp on the Australian Securities Exchange. Tabcorp's initial public offering was underpinned by this statutory entitlement."
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