February 13, 2025 • 14 mins
A Bill which would give New Zealanders just one avenue to bet on racing and sports online is under the microscope.
The amendments to the Racing Industry Act would make TAB New Zealand the sole legal domestic operator of online racing and sports betting.
The TAB estimates Kiwis lose $185 million a year to offshore operators, with the changes expected to retain this money.
It’s all while the TAB’s operator, Entain, faces allegations of not doing enough to combat money laundering and corruption in Australia.
And there are concerns from those in the industry that the monopoly would push Kiwis onto the black market.
Today on The Front Page, Business Desk’s Gregor Thompson has been following the progression of the bill, and joins us.
Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts.
You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.
Host: Chelsea Daniels
Sound Engineer/Producer: Richard Martin
Producer: Ethan Sills
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Kyota.
Speaker 2 (00:07):
I'm Chelsea Daniels and this is the Front Page, a
daily podcast presented by the New Zealand Herald. A bill
which would give New Zealanders just one avenue to bet
on racing and sports online is under the microscope. The
amendments to the Racing Industry Act would make TAB New
(00:27):
Zealand the sole legal domestic operator of online racing and
sports betting. The TAB estimates kiwis lose one hundred and
eighty five million dollars a year to offshore operators, with
the changes expected to retain this money. It's all well.
The tab's operator, Enchain, faces allegations of not doing enough
to combat money laundering and corruption in Australia, and there
(00:50):
are concerns from those in the industry that the monopoly
would push kiwis onto the black market. Today on the
front Page Business Desks, Gregor Thompson has been following the
progression of this.
Speaker 1 (01:01):
Bill and is with us now.
Speaker 2 (01:09):
First things first, Gregor, can you tell me what the
bill actually is.
Speaker 3 (01:14):
I mean, there's a couple of things, but mainly it's
an effort to extend the tab's physical monopoly in New
Zealand to online by making it illegal for online sports
betting operators to offer wages to New Zealand consumers.
Speaker 1 (01:30):
How does online betting work at the moment in New Zealand.
Speaker 3 (01:33):
So it's pretty easy really. You know, if you are interested,
you tap in betting or sports betting onto in Google
and then you'll be presented with a whole bunch of
different websites. So we're competing for that top spot on
the Google page. So Betway is one that's registered in Malta.
There's bet three six five which is registered in Gibraltar
is obviously the tab and betcher which is their new
(01:53):
betting portal, and then there's sports bet which is an
Australian outfit, and there's other ones like bet vector and
uni bet. And then once you decide one you want
to use, verify your age, so you could do that
with a driver's licenses or a passport. Sometimes you'll be
required to prove where you live with a bad statement,
and then some of them will even want to want
to know that the credit card you're operating with us,
you're se might have to send a picture of that.
(02:14):
But then once you're on you can shop around like
you would for any other good service and try to
find the best odds and then place your bet.
Speaker 4 (02:21):
Right.
Speaker 2 (02:21):
So the Racing Amendment Bill that'd give TAB and Z
a monopoly on online sports and racing betting in New Zealand.
So essentially it wouldn't matter if you typed in betting
in Google, you'd only have one place to do it, right.
Speaker 3 (02:36):
Yeah, So what it would do it would block those
offshore companies from selling wages to news and consumers. Now
this was more or less the case prior to the
inception of the Internet, so New Zealand sports gambling market
is relatively unusual on the global context because in Zen
is a government sets to ey body that holds and
has held for more than a century, monopoly on physical
(02:57):
sports betting in New Zealand. Historically, TNB, TAV and Z
operated the TRB with its stores and app and track side,
So before the inception of the internet's TRB had a
monopoly just by virtue of being of being difficult to
place bets with overseas operators, although I have heard of
people ringing up Australian bookies back in the past to
place bets. But yeah, So the central purpose of the
(03:18):
Racing Industry Amendment Bill is to extend the physical monopoly
to the eternet by making it illegal to sell wages
online to New Zealanders, thus returning to the way things
were back before the Internet.
Speaker 5 (03:28):
Kind of.
Speaker 4 (03:32):
The way that the legistive sinners have been here in
these Zealar for ages is that they're allowed to operate
here with almost impunity. So, you know, when we operate,
we have a whole series of rules we have to follow.
We have to put safer gambling standards, and we have
to have relationships with the government and with community leaders
and whatnot. These operators don't abide by any of that,
you know, So they can put ads into market with
(03:52):
absolute impunity, and I would say that in many cases
they push things way, way, way too far. The ads
that bring the McCullum was in for a while there,
portraying him as a lavish kind of successful person through
his bidding. That's just not something we could ever do
down here or whatever want to do down here. But
the fact that they were able to do that and
push it so hard in New Zealand is a real
fault in the legiosative settings, as we say it.
Speaker 1 (04:18):
What are some of the concerns here?
Speaker 3 (04:20):
So the new Zealand's approach. I guess there's rooted in
the belief that a government run entity can ensure better regulation,
provide responsible gambling initiatives, and generate revenue for public use,
such as funny for sports organizations. For instance, when the
privatized system, money would not be recycled through national sporting
organizations and would instead go to places like Gibraltar and Malta.
And also, exponents of the system argue that tab Z
(04:43):
oversight increases the capacity to monitor and reduce gambling arm
and New z own communities. However, some argue that such
monopoly limits choice for consumers and can lead to inefficiencies
in the market. So a lot of my reporting has
been kind of based on this issue. So some of
the submissions on the bill argue that extending the monopoly
online would lead to less favorable odds because of a
(05:03):
lack of competition. So, you know, the Commerce Commission is
currently trying to increase a competition in the banking sector
in the grocery sector, and they see this as them
doing the opposite and that would lead to less favorable
kind of odds or wages for New Zealand punters. So,
for instance, there's a golf tournament that's supposed to start
today called the Genesis Invitational. On the TB, American golfer
(05:24):
col Mari Kawa is paying thirteen dollars to win, but
on bet three sixty five he's paying fifteen dollars to win. So,
in other words, the TV odds are fifteen percent more expensive.
Now this varies across different platforms, but you know, sometimes
the tab's odds are more favorable, particularly in things like rugby,
where New Zealand bets. New Zealand is bet quite a lot.
But what people who are against this proposal argue is
(05:45):
that the lack of choice, you know, INTAIN and the
TIB would be able to basically just set pricing and choose,
choose what they offer to consumers. I have, as en
tain and Minister for Raising Winston Peters if these arguments
have any grounds, and they and you know, if a
monopol would lead to less competitive pricing on all less products.
But they didn't respond to those particular questions. But also
(06:05):
the betting people that call themselves sharp betters, the people
that often win or do quite well out of other
betting acknowledge that there is much public sympathy for.
Speaker 1 (06:15):
Their elk gregor what else have you seen from the submissions?
Speaker 3 (06:19):
One interesting part of the submissions is that Winston Peters
and the tairbn Z contend that this bill will reduce
gambling home because it will bring all of sports betting
in New Zealand under regulatory control of tibn Z. But however,
in the submissions against the bill, there are some people
who argue that actually it could potentially increase gambling harm
because if the odds are worse than they are now,
(06:43):
troubled gamblers who aren't necessarily paying that much attention to
the odds and are just trying to scratch an itch
would theoretically lose their money faster than they would if
the odds were better. Which again I asked Winston Peters's
office and intain about that. They assured me that under
the regime it would be more safer and Humbrevention would
(07:04):
be better than New Zealand.
Speaker 2 (07:19):
So a twenty five year strategic partnership between TAB New
Zealand and NTANE Australia launched in June twenty twenty three.
Speaker 1 (07:28):
What are the details of that deal?
Speaker 3 (07:30):
Yeah, so that's right. It was roberstent by the previous
Racing Minister, Kurer macinnulty. A commencement in Tain made an
upfront payment of one hundred and fifty million dollars to
TDNZ and committed to a guaranteed minimum return of one
hundred and fifty million dollars until twenty twenty eight and
then beyond that. So beyond twenty twenty eightbnz WI was
see fifty percent of the revenue generated through the partnership
(07:53):
and no guaranteed minimum funding will apply, so after that
there's a shared revenue model, and then under the terms
of the deal, INTAIN also read to pay other one
hundred million dollars of Peter's bill has passed. INTAIN and
the TB have also suggested in this submission on the
Racing Industry Amendment that the definition of online sports betting
they extended to include virtual sports, and if this takes place,
(08:13):
TBNZ is also expected to get another fifteen million dollars
from NTAIN.
Speaker 2 (08:17):
Is there a sense that Inntain's chucking money at something
that they want to happen?
Speaker 1 (08:23):
I suppose.
Speaker 3 (08:24):
I mean, I can't speculate under the intensions of INTEN,
but I can say that they seem to think that
there is a lot of value in you know, this
legislation going through, given that they have committed to paying
one hundred million dollars towards it being passed. So I suspect,
you know, the company's rational and they think they'll get
a return on that investment.
Speaker 1 (08:44):
Well, yeah, I mean, of course they will.
Speaker 2 (08:45):
They'll have the monopoly over online sports betting and racing
betting in New Zealand. I mean, it does seem quite
strange to have one company. And like you said, you
brought up the growthery and banking sectors. Why do you
think racing and sports betting has not gained I guess
the same kind of momentum as those other sectors.
Speaker 3 (09:06):
I think there's probably less public sympathy for consumers of
betting products than there are for consumers of grocery items
or loans in a way. And also, I mean the
Minister and the TV and intain argue that having a
whole bunch of multinationals who are less restricted by a
(09:28):
New Zealand regulation provide betting wages to New Zealanders could
increase gambling harm and then so bringing all of the
betting onshore and thus under tv in Z's regulatory control
would reduce that risk of gambling harm and the benefit
of that is worth the less impetative consumer environment.
Speaker 5 (09:53):
I think we shouldn't just based off a lot of
the submissions we've had, which is around the monopoly component
and so from consumers. We've also heard from some alternative
providers that operate in Australia and the like around that
monopoly component and whether that's actually beneficial to consumers who
(10:15):
use the product. So just interested in the process that's
happened behind the scenes around that.
Speaker 2 (10:20):
Well, there's an old marriage thing. We paid the price,
we plucked the duck.
Speaker 1 (10:35):
Clear responses.
Speaker 2 (10:38):
I've heard some submissions from competing companies though, but I
think they make a point in that if this happens,
it'll push kiwis onto black market platforms. I mean, that
can't be too difficult to understand that that might happen, right,
I mean, some drugs are illegal in New Zealand, but
they still make their way to our shores.
Speaker 1 (10:59):
Is that a main con concern for people that you've
spoken to.
Speaker 3 (11:02):
Not necessarily the people that I've spoken to. I mean,
that is clearly at risk, and the Minister and you
know that has acknowledged that that will likely happen, that
very committed sports betters will find a way around the
law using things like cryptocurrencies, et cetera. For the main
credible one so betwey bet three six five sports bet
(11:22):
Unlikely that will still be that it will be possible
to bet with them using a VPN, because you still
need to verify your age and your address and give
if you give them a New Zealand address that they
will be legally obliged not to let you bet with them.
But on the black market, I guess that is open
to speculation. One thing I have heard from people I
have spoken to is that they're more concerned that people
(11:44):
will just turn away from betting regardless. So they concerned
that basically the odds will be so unfavorable that there
won't be any real incentive to do it anymore, and
they will just use their time doing something else, will
find another hobby, Which I mean, if you don't like
sports betting, then that's probably a good thing. But if
you're the tab and you want the racing industry to
(12:08):
be sustainably financed going into the future, then that could
be a.
Speaker 5 (12:11):
Concern to you.
Speaker 2 (12:11):
What about in tain The company hasn't been without controversy
over the Dutch hey, with Australia's Financial crimes regulator suing
after allegations the company hasn't done enough to prevent money
laundering on their products. It's the first time the regulator
has actually brought civil proceedings against a business operating online.
Speaker 1 (12:30):
What's happening here?
Speaker 3 (12:32):
Yeah, So in December last year, the company disclosed on
the London Stock Exchange where it is listed that the
Australian Transaction Reports in the Nalysis Center or ASTRA, who
commenced the penalty proceedings that you just cited in the
Federal Court of Australia. Like you said, the proceedings relate
to alleged contraventions of Australian Anti Money Laundering and CANi
Terrasm Financing Act. You know. I talked to z about
(12:54):
this and the company spokesperson told me the company is
carefully considering the application by OSTRAK. He said that these
issues were localized to intent Australia's business. Peter's spokesperson told
me it wouldn't be appropriate to comment on a legal action,
but that the Minister has been briefed on the matter.
He said, tav in Z's board has sort of assurances
from Intane regarding the action and have advised that Intane
(13:16):
I have engaged and cooperated fully with Obstract but after
that so. Also in January, reut has reported that Britain's
accounting watchdog has started an investigation into the audit conducted
by KPMG on the financials of Intan in twenty twenty two.
That it should be set as an investigation into KPMG,
not Intane, but it's it is true that there are
two watchdogs looking into Intan specifically in Australia, but then
(13:38):
Intan adjacent stuff in the UK.
Speaker 1 (13:40):
Thanks for joining us, Gregor, thank you very much.
Speaker 2 (13:45):
That's it for this episode of The Front Page. You
can read more about today's stories and extensive news coverage
at enzdherld dot co dot nz. The Front Page is
produced by Ethan Sills and Richard Martin, who is also
a sound engineer.
Speaker 1 (14:02):
I'm Chelsea Daniels.
Speaker 2 (14:04):
Subscribe to the Front Page on iHeartRadio or wherever you
get your podcasts, and tune in on Monday for another
look behind the headlines.
Kyota.
Speaker 2 (00:07):
I'm Chelsea Daniels and this is the Front Page, a
daily podcast presented by the New Zealand Herald. A bill
which would give New Zealanders just one avenue to bet
on racing and sports online is under the microscope. The
amendments to the Racing Industry Act would make TAB New
(00:27):
Zealand the sole legal domestic operator of online racing and
sports betting. The TAB estimates kiwis lose one hundred and
eighty five million dollars a year to offshore operators, with
the changes expected to retain this money. It's all well.
The tab's operator, Enchain, faces allegations of not doing enough
to combat money laundering and corruption in Australia, and there
(00:50):
are concerns from those in the industry that the monopoly
would push kiwis onto the black market. Today on the
front Page Business Desks, Gregor Thompson has been following the
progression of this.
Speaker 1 (01:01):
Bill and is with us now.
Speaker 2 (01:09):
First things first, Gregor, can you tell me what the
bill actually is.
Speaker 3 (01:14):
I mean, there's a couple of things, but mainly it's
an effort to extend the tab's physical monopoly in New
Zealand to online by making it illegal for online sports
betting operators to offer wages to New Zealand consumers.
Speaker 1 (01:30):
How does online betting work at the moment in New Zealand.
Speaker 3 (01:33):
So it's pretty easy really. You know, if you are interested,
you tap in betting or sports betting onto in Google
and then you'll be presented with a whole bunch of
different websites. So we're competing for that top spot on
the Google page. So Betway is one that's registered in Malta.
There's bet three six five which is registered in Gibraltar
is obviously the tab and betcher which is their new
(01:53):
betting portal, and then there's sports bet which is an
Australian outfit, and there's other ones like bet vector and
uni bet. And then once you decide one you want
to use, verify your age, so you could do that
with a driver's licenses or a passport. Sometimes you'll be
required to prove where you live with a bad statement,
and then some of them will even want to want
to know that the credit card you're operating with us,
you're se might have to send a picture of that.
(02:14):
But then once you're on you can shop around like
you would for any other good service and try to
find the best odds and then place your bet.
Speaker 4 (02:21):
Right.
Speaker 2 (02:21):
So the Racing Amendment Bill that'd give TAB and Z
a monopoly on online sports and racing betting in New Zealand.
So essentially it wouldn't matter if you typed in betting
in Google, you'd only have one place to do it, right.
Speaker 3 (02:36):
Yeah, So what it would do it would block those
offshore companies from selling wages to news and consumers. Now
this was more or less the case prior to the
inception of the Internet, so New Zealand sports gambling market
is relatively unusual on the global context because in Zen
is a government sets to ey body that holds and
has held for more than a century, monopoly on physical
(02:57):
sports betting in New Zealand. Historically, TNB, TAV and Z
operated the TRB with its stores and app and track side,
So before the inception of the internet's TRB had a
monopoly just by virtue of being of being difficult to
place bets with overseas operators, although I have heard of
people ringing up Australian bookies back in the past to
place bets. But yeah, So the central purpose of the
(03:18):
Racing Industry Amendment Bill is to extend the physical monopoly
to the eternet by making it illegal to sell wages
online to New Zealanders, thus returning to the way things
were back before the Internet.
Speaker 5 (03:28):
Kind of.
Speaker 4 (03:32):
The way that the legistive sinners have been here in
these Zealar for ages is that they're allowed to operate
here with almost impunity. So, you know, when we operate,
we have a whole series of rules we have to follow.
We have to put safer gambling standards, and we have
to have relationships with the government and with community leaders
and whatnot. These operators don't abide by any of that,
you know, So they can put ads into market with
(03:52):
absolute impunity, and I would say that in many cases
they push things way, way, way too far. The ads
that bring the McCullum was in for a while there,
portraying him as a lavish kind of successful person through
his bidding. That's just not something we could ever do
down here or whatever want to do down here. But
the fact that they were able to do that and
push it so hard in New Zealand is a real
fault in the legiosative settings, as we say it.
Speaker 1 (04:18):
What are some of the concerns here?
Speaker 3 (04:20):
So the new Zealand's approach. I guess there's rooted in
the belief that a government run entity can ensure better regulation,
provide responsible gambling initiatives, and generate revenue for public use,
such as funny for sports organizations. For instance, when the
privatized system, money would not be recycled through national sporting
organizations and would instead go to places like Gibraltar and Malta.
And also, exponents of the system argue that tab Z
(04:43):
oversight increases the capacity to monitor and reduce gambling arm
and New z own communities. However, some argue that such
monopoly limits choice for consumers and can lead to inefficiencies
in the market. So a lot of my reporting has
been kind of based on this issue. So some of
the submissions on the bill argue that extending the monopoly
online would lead to less favorable odds because of a
(05:03):
lack of competition. So, you know, the Commerce Commission is
currently trying to increase a competition in the banking sector
in the grocery sector, and they see this as them
doing the opposite and that would lead to less favorable
kind of odds or wages for New Zealand punters. So,
for instance, there's a golf tournament that's supposed to start
today called the Genesis Invitational. On the TB, American golfer
(05:24):
col Mari Kawa is paying thirteen dollars to win, but
on bet three sixty five he's paying fifteen dollars to win. So,
in other words, the TV odds are fifteen percent more expensive.
Now this varies across different platforms, but you know, sometimes
the tab's odds are more favorable, particularly in things like rugby,
where New Zealand bets. New Zealand is bet quite a lot.
But what people who are against this proposal argue is
(05:45):
that the lack of choice, you know, INTAIN and the
TIB would be able to basically just set pricing and choose,
choose what they offer to consumers. I have, as en
tain and Minister for Raising Winston Peters if these arguments
have any grounds, and they and you know, if a
monopol would lead to less competitive pricing on all less products.
But they didn't respond to those particular questions. But also
(06:05):
the betting people that call themselves sharp betters, the people
that often win or do quite well out of other
betting acknowledge that there is much public sympathy for.
Speaker 1 (06:15):
Their elk gregor what else have you seen from the submissions?
Speaker 3 (06:19):
One interesting part of the submissions is that Winston Peters
and the tairbn Z contend that this bill will reduce
gambling home because it will bring all of sports betting
in New Zealand under regulatory control of tibn Z. But however,
in the submissions against the bill, there are some people
who argue that actually it could potentially increase gambling harm
because if the odds are worse than they are now,
(06:43):
troubled gamblers who aren't necessarily paying that much attention to
the odds and are just trying to scratch an itch
would theoretically lose their money faster than they would if
the odds were better. Which again I asked Winston Peters's
office and intain about that. They assured me that under
the regime it would be more safer and Humbrevention would
(07:04):
be better than New Zealand.
Speaker 2 (07:19):
So a twenty five year strategic partnership between TAB New
Zealand and NTANE Australia launched in June twenty twenty three.
Speaker 1 (07:28):
What are the details of that deal?
Speaker 3 (07:30):
Yeah, so that's right. It was roberstent by the previous
Racing Minister, Kurer macinnulty. A commencement in Tain made an
upfront payment of one hundred and fifty million dollars to
TDNZ and committed to a guaranteed minimum return of one
hundred and fifty million dollars until twenty twenty eight and
then beyond that. So beyond twenty twenty eightbnz WI was
see fifty percent of the revenue generated through the partnership
(07:53):
and no guaranteed minimum funding will apply, so after that
there's a shared revenue model, and then under the terms
of the deal, INTAIN also read to pay other one
hundred million dollars of Peter's bill has passed. INTAIN and
the TB have also suggested in this submission on the
Racing Industry Amendment that the definition of online sports betting
they extended to include virtual sports, and if this takes place,
(08:13):
TBNZ is also expected to get another fifteen million dollars
from NTAIN.
Speaker 2 (08:17):
Is there a sense that Inntain's chucking money at something
that they want to happen?
Speaker 1 (08:23):
I suppose.
Speaker 3 (08:24):
I mean, I can't speculate under the intensions of INTEN,
but I can say that they seem to think that
there is a lot of value in you know, this
legislation going through, given that they have committed to paying
one hundred million dollars towards it being passed. So I suspect,
you know, the company's rational and they think they'll get
a return on that investment.
Speaker 1 (08:44):
Well, yeah, I mean, of course they will.
Speaker 2 (08:45):
They'll have the monopoly over online sports betting and racing
betting in New Zealand. I mean, it does seem quite
strange to have one company. And like you said, you
brought up the growthery and banking sectors. Why do you
think racing and sports betting has not gained I guess
the same kind of momentum as those other sectors.
Speaker 3 (09:06):
I think there's probably less public sympathy for consumers of
betting products than there are for consumers of grocery items
or loans in a way. And also, I mean the
Minister and the TV and intain argue that having a
whole bunch of multinationals who are less restricted by a
(09:28):
New Zealand regulation provide betting wages to New Zealanders could
increase gambling harm and then so bringing all of the
betting onshore and thus under tv in Z's regulatory control
would reduce that risk of gambling harm and the benefit
of that is worth the less impetative consumer environment.
Speaker 5 (09:53):
I think we shouldn't just based off a lot of
the submissions we've had, which is around the monopoly component
and so from consumers. We've also heard from some alternative
providers that operate in Australia and the like around that
monopoly component and whether that's actually beneficial to consumers who
(10:15):
use the product. So just interested in the process that's
happened behind the scenes around that.
Speaker 2 (10:20):
Well, there's an old marriage thing. We paid the price,
we plucked the duck.
Speaker 1 (10:35):
Clear responses.
Speaker 2 (10:38):
I've heard some submissions from competing companies though, but I
think they make a point in that if this happens,
it'll push kiwis onto black market platforms. I mean, that
can't be too difficult to understand that that might happen, right,
I mean, some drugs are illegal in New Zealand, but
they still make their way to our shores.
Speaker 1 (10:59):
Is that a main con concern for people that you've
spoken to.
Speaker 3 (11:02):
Not necessarily the people that I've spoken to. I mean,
that is clearly at risk, and the Minister and you
know that has acknowledged that that will likely happen, that
very committed sports betters will find a way around the
law using things like cryptocurrencies, et cetera. For the main
credible one so betwey bet three six five sports bet
(11:22):
Unlikely that will still be that it will be possible
to bet with them using a VPN, because you still
need to verify your age and your address and give
if you give them a New Zealand address that they
will be legally obliged not to let you bet with them.
But on the black market, I guess that is open
to speculation. One thing I have heard from people I
have spoken to is that they're more concerned that people
(11:44):
will just turn away from betting regardless. So they concerned
that basically the odds will be so unfavorable that there
won't be any real incentive to do it anymore, and
they will just use their time doing something else, will
find another hobby, Which I mean, if you don't like
sports betting, then that's probably a good thing. But if
you're the tab and you want the racing industry to
(12:08):
be sustainably financed going into the future, then that could
be a.
Speaker 5 (12:11):
Concern to you.
Speaker 2 (12:11):
What about in tain The company hasn't been without controversy
over the Dutch hey, with Australia's Financial crimes regulator suing
after allegations the company hasn't done enough to prevent money
laundering on their products. It's the first time the regulator
has actually brought civil proceedings against a business operating online.
Speaker 1 (12:30):
What's happening here?
Speaker 3 (12:32):
Yeah, So in December last year, the company disclosed on
the London Stock Exchange where it is listed that the
Australian Transaction Reports in the Nalysis Center or ASTRA, who
commenced the penalty proceedings that you just cited in the
Federal Court of Australia. Like you said, the proceedings relate
to alleged contraventions of Australian Anti Money Laundering and CANi
Terrasm Financing Act. You know. I talked to z about
(12:54):
this and the company spokesperson told me the company is
carefully considering the application by OSTRAK. He said that these
issues were localized to intent Australia's business. Peter's spokesperson told
me it wouldn't be appropriate to comment on a legal action,
but that the Minister has been briefed on the matter.
He said, tav in Z's board has sort of assurances
from Intane regarding the action and have advised that Intane
(13:16):
I have engaged and cooperated fully with Obstract but after
that so. Also in January, reut has reported that Britain's
accounting watchdog has started an investigation into the audit conducted
by KPMG on the financials of Intan in twenty twenty two.
That it should be set as an investigation into KPMG,
not Intane, but it's it is true that there are
two watchdogs looking into Intan specifically in Australia, but then
(13:38):
Intan adjacent stuff in the UK.
Speaker 1 (13:40):
Thanks for joining us, Gregor, thank you very much.
Speaker 2 (13:45):
That's it for this episode of The Front Page. You
can read more about today's stories and extensive news coverage
at enzdherld dot co dot nz. The Front Page is
produced by Ethan Sills and Richard Martin, who is also
a sound engineer.
Speaker 1 (14:02):
I'm Chelsea Daniels.
Speaker 2 (14:04):
Subscribe to the Front Page on iHeartRadio or wherever you
get your podcasts, and tune in on Monday for another
look behind the headlines.
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