what the f.........???, page-9

re: litigation with cba Thanx..having read this I'm still comfortable with my purchase...the bold bit heartens me

Stuff the bank!!!

CBA Litigation to be Defended
International All Sports Limited (ASX:IAS) advises that its wholly owned subsidiary
IASbet.com Pty Ltd, has been served with an Application issued by the Commonwealth
Bank of Australia (CBA). The Application seeks compensation and damages in
respect of $17,026,917 stolen by a former manager of the Karratha (WA) branch of the
CBA which the Bank claims was wrongfully received by International All Sports. The
claim has been issued out of the Victorian District Registry of the Federal Court of
Australia.
The CBA action also includes a similar claim against the Western Australian TAB.
Mark Read the Executive Chairman of International All Sports said today that "The
CBA claim will be vigorously defended. At all times IAS has acted appropriately within
the normal course of business and has abided by all regulatory requirements in the
jurisdictions in which it is licensed to operate. The matter has already been
investigated by the NT Government Racing, Gaming and Licensing Commission, who
stated at the time that “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”.
The Company continues to take legal advice from pre eminent lawyers experienced in
these matters and I am confident that the company's position will be vindicated."
Enquiries:
Robert Edge
Chief Operating Officer
International All Sports Limited
(03) 9948-9948