The Alderney Gaming Control Commission today revokes the licence of Vantage Limited Filco Limited and Oxalic Limited operating under the name of Full Tilt Poker (FTP). This revocation takes effect immediately and follows the suspension of the licence in June 29, 2011.
The hearing which had held since more than 6 days in London told the AGCC FTP had lied to the latter on the exact nature of its operations. They also lied on cash and could therefore not serve to the reimbursement of the players. The charges to FTP are fraudulent reports, lack of liquidity needed to continue their operations and failing to report certain facts.
At the beginning of the procedures, the AGCC had announced its intention to proceed with the hearing before the public. It was in the interest of the public to know what was being said in these meetings. On the other hand, the tribunal has decided otherwise being satisfied that there would be more likely that FTP comes to a trade agreement if this hearing was behind closed doors. For this reason, the hearing was suspended for 54 days.
It is important to note that the revocation will not prevent the reactivation of the license if the new owners manage the company and that it is another management team. Any request of the players should be addressed to the police and civil authorities. Now that the FTP licence comes to be revoked, the AGCC has more jurisdiction on this company.
The FTP licence remains suspended.
For those who would like to have more details concerning the judgment, you can refer to this link:
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