Betcorp Boardroom Exodus Mystery
By philip
Betcorp appears to be in disarray today, following a reported board room exodus leaving the Australia’s third largest wagering conpany, which operates, with one director. Mystery surrounds the abrupt departure of its chief executive, Richard Barker, and chairman John Priest, and the company is now in the hands of Bill Scott, who as founder, of, is Betcorp's largest shareholder.

Scott was charged by US authorities 1998 with running an online book, but fled to Antigua where he formed BetWWS, which was acquired last year by Betcorp for $58.6 million. He is still effectively a ‘fugitve’ from the US government. Moreover, further revelations in the Sydney morning Herald this week that Scott was once jailed for ‘racketeering’ in the eighties, has prompted the Australian government to review Betcorp’s licensing situation.

Betcorp said it would release a statement next week to clarify the situation and that its shares will remain suspended until such; time as at least two new directors are appointed. The company has struggled this year after downgrading its first-half results in April from a $12 million profit to a $2 million loss.

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