The Alderney Gaming Control Commission (AGCC) released a statement updating the status on the suspension of Full Tilt poker’s (FTP) license on Friday. In the statement, they revealed that FTP’s license fees have been brought current.
The AGCC viewed FTP’s “recent payment” of overdue fees as being “in players’ best interest since it allows commercial negotiations to take place that might result in a successful refinancing deal.”
The past due license fees that amounted to nearly $410,000 were first made public at the July 26th hearing in London, where the results of the AGCC’s investigation into the troubled company that resulted in the suspension of their license were to be addressed.
The attorneys for FTP used the sizable payment as leverage to convince the AGCC to close the hearing to the public. Behind closed doors FTP was able to convince the AGCC to adjourn the hearing. The AGCC defended their decision to adjourn the hearing by stating that, this too, was “in the best interest of the players using FTP’s services.”
Also revealed in the statement (PDF) was that in addition to the suspension levied by the AGCC, they “also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.” It is unclear when those conditions were imposed or if FTP has complied.
This is a clear indication that at least part of the reason for the suspension of FTP’s license was due to insufficient available funds to cover players’ deposits. The phrase, “identified players’ funds under their control” indicates that there may be accounting issues and as suspected, seized funds.
After questioning why they should have to pay for a license they may not get back, it is a good sign that FTP is current with the gaming commission. Earlier this week FTP had their secondary license renewed by the Kahnawake Gaming Commission (KGC).
The continuation of the hearing into the fate of FTP’s license with the AGCC has yet to be scheduled. After the adjournment of the July 26th hearing, the AGCC stipulated the hearing must convene no later than September 15th.
