UltimateBet Owner Obtains $15 Million for Settlement with Excapsa
Owner of Absolute Poker and UltimateBet, Tokwiro Enterprises has reached a settlement with Absolute Poker’s previous owner, Excapsa Software. It will also receive $15 million as a part of the agreement because of the role played by Excapsa’s in the “superuser” cheating scandal that beleaguered UltimateBet this year.
Based on the statement posted on UltimateBet’s website, the $15 million would be used to refund the players who were impacted by the cheating scandal. Tokwiro had received the scandal through inheritance when it purchased UltimateBet. Tokwiro completed the purchase of UltimateBet from Excapsa in 2006.
Paul Legget, Tokwiro’s Chief Operating Officer said that they were pleased that they had managed to agree on the terms of settlement with the previous owners and the fact that they were on the verge of completing the final round of refunds to players. He also added that they would continue to hold the right of further legal action against any individual or individuals who were involved in stealing from their customers.
On a happier note he said that the settlement with Excapsa was definitely satisfactory and the process of refunding players would soon be complete. He felt that this was significant move forward in the company’s search for justice in the aftermath of the cheating scandal.
