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Archive for August 22nd, 2014

All New York State Criminal Charges Dismissed Against Prominent Southern California Philanthropist In $50 Million Internet Sports Betting And Enterprise Corruption Case

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NEW YORK /PRNewswire/ — The District Attorney’s Office for Queens County, New York, dismissed all criminal charges today in its $50 million Internet sports betting and enterprise corruption case against prominent Southern California philanthropist George Molsbarger. Mr. Molsbarger, 68 years old, of Santa Monica, Calif., heads the Squid and Squash Foundation, a leading and innovative foundation that has given millions of dollars to improving education and the lives of underserved children.

Leading his defense team, Nathan J. Hochman, the chair of Bingham McCutchen LLP’s White Collar Investigations and Enforcement Practice, stated: “Mr. Molsbarger is elated to close the books on his involvement with this criminal case.” Mr. Hochman added: “Actions to dismiss all criminal charges almost two years after indictment do not happen often in our criminal justice system, and we commend the Queens District Attorney’s Office for its careful consideration of the all the evidence, its fairness and its decision to do the right thing.”

The indictment was originally unsealed on Oct. 25, 2012 and charged Mr. Molsbarger, along with 24 other defendants, with enterprise corruption, promoting sports betting over the Internet, money laundering and conspiracy. The indictment, which as the government acknowledged at the time was not evidence, set forth allegations of a nationwide and international sports betting operation that used the Internet and brought in over$50 million in 18 months from bettors throughout the United States. Mr. Molsbarger was looking at a potential jail sentence of 25 years under the indictment. “Now, Mr. Molsbarger is a free man,” said Mr. Hochman.

Source: Bingham McCutchen LLP

Written by asiafreshnews

August 22, 2014 at 2:59 pm

Posted in Uncategorized

TMT Chairman and CEO Hsin-Chi Su Files US$100 million IP Suit over Vessel Sale

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HONG KONG, Aug. 21, 2014 /PRNewswire/ — Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (“TMT”) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.V.D Whale, M.V.G Whale and M.V.H Whale, to Mega International Commercial Bank Co. Ltd. (Mega Bank) will strip him of intellectual property worth more than US$100 million for each ship. According to Ken Liang’s deposition at the court, Mega Bank is the agent for vulture fund Oaktree Capital Group.

U.S. Bankruptcy Judge Marvin Isgur recently signed off on a sale of the ships to Mega Bank without adequately protecting Su’s interest in the boats’ patented technology. For this reason, Su wants the federal district court to either issue a declaratory judgment clarifying that Judge Isgur’s order approving the sale of the ships “free and clear” of any liens did not extinguish his rights under several Asian patents he holds, or force Mega Bank to immediately compensate him for the loss of his intellectual property, over US$100 million for each ship.

Judge Isgur declined to adjudicate his patent rights, but left open the possibility that the TMT executives could pursue infringement claims against either Mega Bank or TMT if it is later determined that Su’s intellectual property was improperly transferred.

Su said “I deeply regret that Judge Isgur declined to adjudicate the patent rights. The practice of selling the ships of TMT to a US company without securing the permission of patent rights owners is tantamount to selling pirated copies. This reminds me of the Asian financial crisis in 1997, when foreign funds aggressively acquired Asian companies at low prices.”

Su designed an underdeck piping structure for the ships, which he patented in Japan, Korea and China, but allowed TMT to use it without a license.

In this case, the sale orders did not determine ownership of the Asian patents. Hence, Su owns the Asian patents and retains his rights to enforce the Asian patents by, among other things, suing infringers regardless of the sale orders.

Source: TMT Group

Written by asiafreshnews

August 22, 2014 at 12:21 pm

Posted in Uncategorized

VeriFone Mobile Money and Airtel Africa Group Announce Master Agreement for the roll out of Merchant Enablement across Africa

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NAIROBI, Kenya, Aug. 20, 2014 /PRNewswire/ — VeriFone Mobile Money and Airtel Africa, part of the Bharti Airtel Group, today announced that they had reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across their 17 operating companies in Africa. VeriFone Mobile Money’s Tap n Pay applications are a smart, secure and fast way for customers to pay, buy, bank, bill and remit money with their mobile phone at the point of sale.

Chidi Okpala, Director & Head of Airtel Money – Africa, stated, “Airtel is excited to offer VeriFone Mobile Money’s applications to our teeming Airtel Mobile Money customers across Africa. Using their Airtel Money Wallet with VeriFone’s contactless / NFC point of sale terminals our customers will have a more convenient, fast and secure way to make multiple payment transactions utilizing Tap n Pay.

“With this solution, we will be at the forefront of efforts to transform payments systems within the public mass transit and retail sectors in Africa.”

Africa has one of the most evolved mobile money systems in the world,” said Chris Jones, VeriFone Mobile Money’s CEO. “Over 42 million people across Africa according to the GSMA are actively using mobile money services and there are more than 520,000 registered mobile money agents across the continent. With only 22% of Africans holding a bank account or credit facility, we fully expect the number of people to quadruple as mobile financial services offer the ‘unbanked’ a way to transact, pay bills and build assets.”

“We are excited to partner closely with Airtel Africa Group to design a unique offering to drive Africa’s mobile money evolution,” stated Mr. Jones. “The partnership will enable our teams to work together with banks, insurance and transport companies to expand access to mobile financial tools and services for Airtel Money customers.”

VeriFone Mobile Money has signed a group master agreement for the delivery of its merchant enablement solutions to Airtel Africa part of the Bharti Airtel Group of companies with operations in 20 countries across Asia and Africa. VeriFone Mobile Money will implement a full suite of Retail Enablement applications integrated to VeriFone’s range of payment devices across the group, enabling the deployment of Mobile POS (mPOS), POS and Biometrics for International Remittance to Airtel Money customers, the solution will enable fast and secure transaction processing at the agents point of sale.

VeriFone’s payment devices are compact, easy to install and easy for both merchant and customer to use. They accommodate a wide variety of card payment options including NFC, mobile wallets, EMV, and contactless payments.

Media Relations:

Alex Mercer – Mercer Palmer – alex@mercerpalmer.com
Marketing Communications – marketing@verifonemobilemoney.com
PH: +1 (415) 830-3759

About VeriFone Mobile Money (www.verifonemobilemoney.com)

VeriFone Mobile Money is a joint venture between VeriFone Systems Inc. and Mobilis Networks Limited to provide complete mobile money solutions designed to meet the needs of mobile operators for telco-based money transfer and payment services in emerging markets.

About Airtel Africa 
(www.africa.airtel.com)

Airtel is driven by the vision of providing innovative mobile services to all. Airtel has operations across Africa in:Burkina Faso, Chad, Democratic Republic of the Congo, and Republic of the Congo, Gabon, Ghana, Kenya, Malawi,Madagascar, Niger, Nigeria, Rwanda, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia.

About Bharti Airtel 
(www.airtel.in)

Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asiaand Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company’s product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 287 million customers across its operations at the end of December 2013.

 

Source: VeriFone Mobile Money

Written by asiafreshnews

August 22, 2014 at 9:16 am

Posted in Uncategorized