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Lack of Information

In the corporate world there is a lot of information that has to become public knowledge in order to ensure that an organization is running with complete transparency and without any guises. A lack of information provided by Neovia (formerly Neteller) has caused the previously announced acquisition of IDT Financial Services Holdings Limited to fall through. The online casino gambling industry is so complex and there is so much room for fraud and other negative dealings that transparency is the way that licensing jurisdictions ensure that the company has the best intentions of the public in mind. With the IDT deal, the Gibraltar Financial Services Committee would not approve of the acquisition deal and so it has now been abandoned after many previous months of negotiations.

Neovia is a strong e-payment processing company that works extensively with the online casino gambling industry. In the past year though, Neovia has branched out from the gambling industry and now focuses on providing comprehensive payment processing systems to all types of internet based transactions, from merchants to goods and services trades, Neovia has really rebuilt trust with the online community after the internet casino transaction fiasco two years ago.

As for the IDT deal, the Gibraltar Financial Services Commission requested that the Neovia shareholder who would have a huge shareholder interest in the newly acquired IDT, release specific information that provided sure identification. As the shareholder was unwilling to come forward, the Commission vetoed the deal. IDT though is open to the acquisition in the future should the circumstances at the Neovia online payment processing company change.