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Betex Execs Arrested In China
 April 20, 2007, 4:19 am (4 years ago)It is known that the Asian marketers will actually be watching for more detail than they have previous got that are available following reports from Jilin province in China that two Betex senior employees have been arrested and a third is actually being sought. The news prompted Betex which is a Chinese Lottery scratch card and gaming software operator, to actually suspend trading in its shares on the London AIM market, despite that it is not certain that the company is actually involved in the case.
The Betex spokeswoman told The Times Newspaper that it is actually believed that the alleged illegal activity “related to conduct by these individuals and does not call into question the legality of the company’s software product or the conduct of the company”.
The company, in a statement, that was founded by the entrepreneur Johnny Hon who has an eighteen percent stake and run by former banker Peter Greenhill, said that it had suspended sales of its major software product across the country of China. The product actually relates to a service that is provided for China’s daily national lottery draw, according to the spokeswoman who was actually unable to give any further details.
The company has said that they were working with their legal advisors so that they could try to obtain more information and was actually assisting the authorities wherever possible.
The Times reports, that Betex’s business is almost entirely dependent on the Chinese market. Its shares have collapsed from a high of eight p shortly after flotation a year ago, hit by fears over a clampdown on online gambling. They were then suspended at thirty two and a half p.
At the end of the last year that has passed it unveiled a plan to begin selling lottery scratch cards in partnership with lottery authorities in Hebei province.
During the nineteen ninety’s, scratch cards were a huge hit before being withdrawn after there were concerns over fraud. Betex has contracts to supply football based lottery products to a number of Chinese provinces.
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