Neteller Confident In Performance
By Staff
Online e-cash processor Neteller has announced that its fourth quarter results and annual performance will be in line with expectations when they are announced in March.

The Isle Of Man-based firm has been involved with the US Department Of Justice regarding alleged violations under the Unlawful Internet Gambling Enforcement Act (UIGEA) and made a final payment last week of $38.25 million after ageing to a deferred prosecution agreement.

Neteller stated that $57.7 million of the group’s funds were seized by US authorities last year as opposed to the $60 million previously announced with the total amount paid in connection with the matter amounting to $136 million.

As part of the arrangements with authorities, Neteller has also implemented a distribution plan to return approximately $94 million in funds owed to US customers with around $81 million having already been disbursed. It stated that any unpaid amounts would be held in trust accounts with the company’s bank with customers having until January 26 to withdraw their funds using its website.

“Considering the significant challenges that our company has faced during the past year, I am pleased with the performance of the business in 2007 and I am excited about the prospects for 2008,” said Ron Martin, Chief Executive Officer and President for Neteller.

'We have a number of key strategic initiatives that will be launched in 2008, commencing this week with the re-branding of our consumer-facing site, These developments represent a step change in the products and services we can offer our merchants and customers. I am confident about our strategy and that these initiatives will be reflected in our performance for 2008.”

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