re: litigation with cba defence best form of offen International...

re: litigation with cba defence best form of offen International All Sports Limited lodges Defence and
Counter-claim against CBA
International All Sports Limited (ASX:IAS) today lodged its defence, with the Victorian District Registry
of the Federal Court of Australia, against the claim for compensation and damages, in respect of
$17,026,917 stolen by a former manager of the Karratha branch of the CBA, which the bank claims was
wrongfully received by IAS.
Further the Directors advise that the Company’s wholly owned subsidiary, IASbet.com Pty. Ltd., has
lodged a substantial counter claim against the CBA for mismanagement.
The Chairman of International All Sports, Barry Coulter said today that
“The company has continuously denied any wrong doing in this matter and it has at all times acted
appropriately and in accordance with all regulatory requirements of the jurisdictions in which it is
licensed to operate. The matter was fully investigated by the NT Government Racing, Gaming and
Licensing Commission, which stated at the time “on the material before it the Commission is unable to
find any breach of relevant regulatory regime on the part of the licensee, nor any culpable shortcomings
in corporate governance.”
Mr. Coulter added “On advice, the Directors have elected to lodge a counter claim against the CBA on
19 (nineteen) counts of mismanagement in that they failed to protect the interests of the company by
allowing the former Branch Manager to steal from the bank over an extended period of time. Further,
the fundamental failure of the bank was its failure to detect the fraud and protect its customer in the
circumstances where the stolen funds were internally transferred from its Karratha branch to the IAS
account at its Darwin branch” he said.
“It should be remembered that the Branch manager elected to turn himself in to the authorities, and he
may have never been detected had he not done so,” added Mr. Coulter.
“The Directors are extremely confident that a positive outcome will eventuate because the loss suffered
by the CBA is due totally to their own ineptitude. Now that the company’s defence is lodged, I trust that
the CBA and our shareholders come to the realisation that IAS has a strong defence,” concluded Mr.
Coulter.
Any questions about the legal action can be directed to Mr. Robert Edge, Chief Executive Officer,
International All Sports Limited on +61 3 9948 9948.