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July-27-2004,
Olympic Sportsbook will be fighting the charges...By MajorWager.Com

In a recently published article in the `Jamaican Observer` it has been written that Olympic Sports will stand trial on October 26th.

MajorWager would like everyone to re-read a statement published by us in this regard explaining in great detail what is going on down in Jamaica.

It is time some facts were put on the table rather than rumors and innuendo.

When Spiros brought his company to Jamaica some years ago, he located it on the `free trade zone` in Jamaica. The agreement was that he did not need to be licensed as a `Sportsbook` per se, but would be licensed as a telemarking company.

It should be known that when Dennis Atiyah had his trial, the Government appointed General Manager of the Free Trade zone in Jamaica flew up to Philadelphia and testified, under oath, that Dennis. company was completely licensed and doing nothing illegal in the country of Jamaica.

This is the exact same license that Olympic trades under.

Now that we have the licensing facts on the table, lets move on to the current situation.

Approximately 2 years ago, Olympic started taking action from a Canadian named Damji, who was then subsequently convicted of defrauding a group of Canadian investors out of millions of dollars.

Subsequently, Olympic Sports has co-operated with Canadian Receivers by allowing lawyers, forensic accountants and bank officials to review and analyze all of Damji.s transactions with Olympic Sports.

Olympic was 100% cleared of any wrong doing. The gentleman made bets, when he won , Olympic paid him, when he lost Olympic collected.

There is now a group putting extreme pressure on the Jamaican government force Olympic to repay any profits that his company earned from this player. The government is, at this point, caving in to these external pressures. It is the opinion of anyone involved, including myself, that no money be repaid by Olympic. If the situation were different, as in the case of another book involved in this, I could see restitution, but not in this instance for one reason. This player was up a substantial amount of money with Olympic at one point. If the player was then arrested, would Olympic have a claim to his money back? Of course not.

So the situation stands today at a point where Olympic may very well relocate to Antigua in the very near future unless the Jamaican Government stops bowing to these external forces.

Nonetheless, it is business as usual at Olympic Sportsbook whether they stay in Jamaica or relocate to Antigua or Panama.

The purpose of this update is to provide factual information so that people can understand what is happening as requested by Spiros himself.

Click here for the article from the Jamaican Observer



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