The Ascot license has been re-issued,said Vincent Tan,contrary to BCorp
According to BCorp on 11 June 2010:
We note that there had been many conflicting discussions about the actual status of the approval given to Ascot to operate sports betting in the country. .....
......... it is evident from the above statements that Ascot has the approval from the Minister of Finance to conduct a sports betting operations and that the formal licence was first issued in 1987 is pending re-issuance.
We hope this clarifies the matter
(See full statement below)
So accroding to BCorp-we have all got confused-the license has only been approved but not re-issued.What then to make of the statements made by none other than the BCorp Executive Chairman himself,reported in his and BCorp's very own paper THE SUN:
a)
"One particular person, who is a wanted fugitive, claimed that some government officials and political parties have benefited from the licence being re-issued to Ascot Sport Sdn Bhd," he said....Tan said the system for bets collection will not be ready in time for the Fifa World Cup season which starts on June 11, as the licence re-issue came late.
(http://www.sun2surf.com/article.cfm?id=47568)
b)
Following the government's decision to legalise sports betting, Ascot Sports Sdn Bhd has recently been re-issued its sports betting license which was suspended in 2004.
In view of the rampant illegal sports betting activities which represents a huge loss of gaming tax revenue for the government, Ascot Sports which is wholly-owned by Tan Sri Vincent Tan , who is also chairman and chief executive officer of Berjaya Corporation Berhad (BCorp), was recently re-issued the licence.“I am glad the current government under Prime Minister Datuk Seri Najib Tun Razak is economically sound like Tun Dr Mahathir Mohamad who understands that revenue is important to the government,” said Tan.
“Why should the government forgo this revenue and benefit the illegal bookies so much?" he asked, adding that illegal sports betting is rampantly available in Malaysia.
"Why should non-Muslim Malaysians who enjoy betting as a hobby and as light entertainment be deprived of this pastime?” asked Tan“I believe those who are vocal and so strongly against sports betting must be the illegal bookies or their supporters,” he added.
http://www.thesundaily.com/article.cfm?id=46720
c)
The recent reissue of a sports betting licence to Berjaya Corp will not open the floodgates for the issuance of similar licences to others.
In an interview with Sin Chew Daily on Friday, Deputy Finance Minister Datuk Chor Chee Heung said the government will not be issuing similar licences to other companies
“Now, the government has discovered that people are interested in sports betting regardless of whether the activities are legal or not.
Therefore, a sports gaming licence has to be reissued to fight illegal sports gaming activities,” Chor said.
"I emphasise that this is not a new licence but a reissuance of an old licence awarded in 1990," he said, adding that in so doing, the government would get tax revenue amounting to RM400 million a year.
Generally, the sports betting licence allows all forms of sport conducted outside Malaysia. The licence reissued to Ascot Sports will be renewed annually.http://www.sun2surf.com/article.cfm?id=46857
d)
I would like to say that none of this is true. The licence was re-issued to Ascot Sports because the government felt that the time was right to do so in the light of the rampant growth of illegal betting operations and also because Ascot Sports had the first right of refusal to this licence if it was re-issued."
http://www.thesundaily.com/article.cfm?id=47560
END
General Announcement
Reference No BC-100611-A60A6
Company Name:BERJAYA CORPORATION BERHAD
Stock Name:BJCORP
Date Announced:11/06/2010
Type:Announcement
Subject:BERJAYA CORPORATION BERHAD
PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN ASCOT SPORTS SDN BHD (“Ascot ”) FOR A TOTAL CASH CONSIDERATION OF RM525 MILLION
Contents:.
hich
Announcement Details :
We note that there had been many conflicting discussions about the actual status of the approval given to Ascot to operate sports betting in the country. In compliance with the directive from Bursa Malaysia Securities Berhad (“Bursa Malaysia”), we wish to reiterate certain parts of the announcement (dated 12 May 2010) to Bursa Malaysia by AmInvestment Bank Berhad on our behalf as follows:
1. In paragraph 2.2, it was stated inter-alia that “The Minister of Finance has given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations upon certain terms and conditions”.
2. In paragraph 8 which listed out the Approvals Required, sub-paragraph (d) stated “The Minister of Finance for the re-issuance of the sports betting licence and the changes in shareholders and directors in Ascot, if required;”
As such it is evident from the above statements that Ascot has the approval from the Minister of Finance to conduct a sports betting operations and that the formal licence
was first issued in 1987 is pending re-issuance.
We hope this clarifies the matter
We note that there had been many conflicting discussions about the actual status of the approval given to Ascot to operate sports betting in the country. .....
......... it is evident from the above statements that Ascot has the approval from the Minister of Finance to conduct a sports betting operations and that the formal licence was first issued in 1987 is pending re-issuance.
We hope this clarifies the matter
(See full statement below)
So accroding to BCorp-we have all got confused-the license has only been approved but not re-issued.What then to make of the statements made by none other than the BCorp Executive Chairman himself,reported in his and BCorp's very own paper THE SUN:
a)
"One particular person, who is a wanted fugitive, claimed that some government officials and political parties have benefited from the licence being re-issued to Ascot Sport Sdn Bhd," he said....Tan said the system for bets collection will not be ready in time for the Fifa World Cup season which starts on June 11, as the licence re-issue came late.
(http://www.sun2surf.com/article.cfm?id=47568)
b)
Following the government's decision to legalise sports betting, Ascot Sports Sdn Bhd has recently been re-issued its sports betting license which was suspended in 2004.
In view of the rampant illegal sports betting activities which represents a huge loss of gaming tax revenue for the government, Ascot Sports which is wholly-owned by Tan Sri Vincent Tan , who is also chairman and chief executive officer of Berjaya Corporation Berhad (BCorp), was recently re-issued the licence.“I am glad the current government under Prime Minister Datuk Seri Najib Tun Razak is economically sound like Tun Dr Mahathir Mohamad who understands that revenue is important to the government,” said Tan.
“Why should the government forgo this revenue and benefit the illegal bookies so much?" he asked, adding that illegal sports betting is rampantly available in Malaysia.
"Why should non-Muslim Malaysians who enjoy betting as a hobby and as light entertainment be deprived of this pastime?” asked Tan“I believe those who are vocal and so strongly against sports betting must be the illegal bookies or their supporters,” he added.
http://www.thesundaily.com/article.cfm?id=46720
c)
The recent reissue of a sports betting licence to Berjaya Corp will not open the floodgates for the issuance of similar licences to others.
In an interview with Sin Chew Daily on Friday, Deputy Finance Minister Datuk Chor Chee Heung said the government will not be issuing similar licences to other companies
“Now, the government has discovered that people are interested in sports betting regardless of whether the activities are legal or not.
Therefore, a sports gaming licence has to be reissued to fight illegal sports gaming activities,” Chor said.
"I emphasise that this is not a new licence but a reissuance of an old licence awarded in 1990," he said, adding that in so doing, the government would get tax revenue amounting to RM400 million a year.
Generally, the sports betting licence allows all forms of sport conducted outside Malaysia. The licence reissued to Ascot Sports will be renewed annually.http://www.sun2surf.com/article.cfm?id=46857
d)
I would like to say that none of this is true. The licence was re-issued to Ascot Sports because the government felt that the time was right to do so in the light of the rampant growth of illegal betting operations and also because Ascot Sports had the first right of refusal to this licence if it was re-issued."
http://www.thesundaily.com/article.cfm?id=47560
END
General Announcement
Reference No BC-100611-A60A6
Company Name:BERJAYA CORPORATION BERHAD
Stock Name:BJCORP
Date Announced:11/06/2010
Type:Announcement
Subject:BERJAYA CORPORATION BERHAD
PROPOSED ACQUISITION OF 70% EQUITY INTEREST IN ASCOT SPORTS SDN BHD (“Ascot ”) FOR A TOTAL CASH CONSIDERATION OF RM525 MILLION
Contents:.
hich
Announcement Details :
We note that there had been many conflicting discussions about the actual status of the approval given to Ascot to operate sports betting in the country. In compliance with the directive from Bursa Malaysia Securities Berhad (“Bursa Malaysia”), we wish to reiterate certain parts of the announcement (dated 12 May 2010) to Bursa Malaysia by AmInvestment Bank Berhad on our behalf as follows:
1. In paragraph 2.2, it was stated inter-alia that “The Minister of Finance has given its approval for the re-issuance to Ascot of the licence to carry out sports betting operations upon certain terms and conditions”.
2. In paragraph 8 which listed out the Approvals Required, sub-paragraph (d) stated “The Minister of Finance for the re-issuance of the sports betting licence and the changes in shareholders and directors in Ascot, if required;”
As such it is evident from the above statements that Ascot has the approval from the Minister of Finance to conduct a sports betting operations and that the formal licence
was first issued in 1987 is pending re-issuance.
We hope this clarifies the matter
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