International All Sports in legal troubles

March 11, 2005

Theft of A$ 19 million by an Australian bank official who gambled the money away is the subject of a sequel being played out in the Australian civil courts this week.

Online sportsbook, International All Sports, says the Commonwealth Bank's mismanagement and sloppy internal controls are to blame for the multi-million dollar theft from a Western Australian bank branch, for which the former branch manager is serving a five-year jail sentence after stealing from his branch in Karratha and gambling it on the Internet.

The bank is suing International All Sports for more than $17 million, maintaining the online bookmaker should have known the money was stolen.

The company has lodged its defense and a counterclaim in the Federal Court. International All Sports chief executive, Robert Edge, says his company is not at fault. "All we did was receive money over an Internet line," he said.

"When we receive money from a client, we're unable to assess the client's state of mind, we're unable to assess the client's culpability, we're unable to assess much about the client other than an Internet message."

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