11th of May 2012 Author: Johnny Karp
Reports arrive that new owner and Tote employees have indemnity
The latest development after the downfall of the Tasmanian Tote-owned online bookmaker Sports Alive brings the possibility that the State Government may stand exposed to accusations of its failure, as a Melbourne Supreme Court heard this week that new owner, the Tatts Group and Tote employees have indemnity.
It has been reported that the Tote, which was state-owned at the time, invested $5 million in the online bookmaker that subsequently collapsed owing millions. As it appears from a testimony heard at the court, the Tote was aware of Sports Alive's flailing financial position as well as a possible breach of betting regulations.
It was assessed by David Galbally, the liquidator's lawyer, that the State Government could be open to claims in light of the Tatts Group's indemnity. On the other hand, Premier Lara Giddings commented on the potential exposure, saying: "Of course that would be of concern to us but we are a long way off even knowing if that is a problem."
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