Neteller Sells Canadian Premises
By Staff
Online e-cash processor Neteller has finalised the sale of its principal property in Calgary, Canada, to Leben Investment Corporation for about $33.4 million.

The sale was handled through Neteller subsidiary NT Services Building Corporation and will see all monies go to the now Isle of Man-based firm by the end of next month.

Neteller stated that it would continue to lease two areas of the property from Leben on usual commercial terms for a period of three years and five years respectively following the sale.

A Neteller spokesmen said the sale price was very close to the net book value of the property and, as a result, there will likely be no significant gains or losses on disposal with any marginal gains or losses being reflected in the company’s 2008 results.

Calgary was a major operational centre at the height of the e-cash processor's success before a run-in with the US Department of Justice over the Unlawful Internet Gambling Enforcement Act (UIGEA) that saw two of the company’s founders and major shareholders detained. In long-running negotiations, the company eventually agreed to pay a $136 million settlement and to stay out of the US market with the company now concentrating on geographical diversification with some success.

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