The Antigua and Barbuda Financial Services Regulatory Commission (FSRC) announced today that it will oversee BetonSports' (BoS) settlement with its creditors and employees.
Caribbean Net News reports that the FSRC will "assist and supervise" BoS in both the collection of funds owed and the "orderly" distribution of these funds to the appropriate parties.
Kaye McDonald, Director of the FSRC, Division of Gaming, observed, "We are pleased with the agreement of BoS's directors to cooperate with Antiguan . . . authorities to ensure the proper discharge of creditors, namely players and employees in this difficult case."
"We are pleased to be working with the FSRC to ensure that customers, staff and other creditors receive they money they are owed," echoed BoS director Clive Archer.
BoS has felt the squeeze since early December, when an Antiguan High Court ruled that the embattled operator would be restrained from, among other things, entering into any agreement or arrangement to sell, transfer or otherwise dispose of cash assets within or outside of the twin island nation without the consent, management and supervision of the FSRC.
The FSRC, under an order received by the Eastern Caribbean High Court of Justice, will manage and supervise all funds remitted, the news source said.