The frustrations of US players who have funds frozen in the Neteller
vs. U.S. Department of Justice debacle may nearly be over...but further
patience will be required before the issue is finally resolved, according
to a statement from the Isle of Man-based e-wallet.
The company says it has signed an agreement with the US authorities
for the transfer of funds back to its US customers, and hopes to announce
a plan within the next 75 days for the distribution of the frozen
funds to US customers.
Neteller's latest move involves agreements with each of the United
States Attorney’s Office for the Southern District of New York
(“USAO”) and Navigant Consulting, Inc. (“Navigant”).
On 8 February 2007, the e-wallet announced that it was in discussions
with the USAO to manage an orderly return of funds to US customers
and that a forensic accounting firm would be engaged, at Neteller's
expense, to assist in this process and to examine the firm's financial
position.
This has been followed, on 20 March 2007, with agreements with the
USAO and Navigant which sets the scene for funds to be taken out of
deep freeze and, among other things, outlines terms and a timeline
under which Neteller will work toward the orderly distribution of
funds to its US customers.
But this is not going to happen overnight. For reasons that are not
explained, Neteller claims it will take up to 75 days before a plan
can be announced for the distribution of the funds to US customers.
Navigant will also provide a report to the USAO on the Neteller’s
current financial condition.
“We continue to be committed to returning funds to our
US customers and working with the US Attorney’s Office,”
said Ron Martin, Group President and CEO at Neteller. “Progress,
while not always visible to the outside observer, has been steady
and these agreements mark a milestone in the process.”
Neteller is continuing to cooperate with the USAO’s investigation
under the guidance of its legal advisers, the statement confirms,
adding the new information that it is also acting in accordance with
court orders in the Isle of Man.
The statement does not address the repeatedly raised issue of interest
accrued on the frozen funds and who will receive it.
Further updates with relation to the US situation will be made as
soon as there are any material developments. In the meantime, US customers
should visit updates.neteller.com for more information, including
newly updated FAQs that provide additional clarity, where the Group
is able, around certain issues currently being raised in a number
of public forums. Additionally US Customers can contact NETELLER Customer
Service on the web or by phone at 1-888-258-5859.