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China police detain Betex staff
Shares in Chinese lottery operator Betex are suspended as police hold two of its senior Beijing executives and seek another.
Chaired by well-connected Hong Kong lawyer Johnny Hon, London-based Betex was due to announce its 2006 results on 3 May, though one of the AIM-quoted company’s advisers said today the Chinese police action and the issues it raises are likely to have a major bearing on these.
According to Betex, police in Jilin province have detained two of the senior staff at the company’s Beijing operation and are looking for a further senior staff member.
These moves prompted Betex, steered by chief executive Peter Greenhill, to request a temporary share suspension, after a 2.75p fall today to 32.5p. The company said it took this step because of the ‘uncertainty surrounding the situation and the significance of these operations to the financial performance of the company’.
Betex said it is working with its lawyers to establish the legal status of the police investigation and is ‘assisting the authorities wherever possible’. The company has meanwhile suspended sales of its lottery software throughout China, though it stresses it believes the alleged illegal activity relates to conduct by the individuals in question.
Accordingly, Betex also said it believes the Chinese probe ‘does not call into question the legality of the company’s software product or the conduct of the company’. One London adviser said it was expected Betex would emerge as the injured party.
Shares in Betex surged from 21p in 2005 to 81p a year ago as the company set about expanding and innovating lottery operations in gambling-mad China. However, they have been on the slide more recently ahead of today’s suspension.
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