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South African Casino Groups, Banks Argue

15 Sep 2006

SOUTH AFRICA – As reported by the South Africa Business Day: "Major row erupted yesterday between casino groups and Reserve Bank governor Tito Mboweni, who accused them of undermining attempts to combat money-laundering and cash-in-transit heists by accepting dye-stained bank notes.

"One of the biggest groups, Peermont Global, is taking the Bank to court in a bid to force it to exchange stained notes worth R220000, which were accepted by slot machines at the group's casinos.

"This emerged when Mboweni attacked the casino industry at a business breakfast in Johannesburg, saying it was 'not helping us' fight cash heists because they continued to accept bank notes that had been stained by devices intended to render the cash proceeds of heists unusable.

"…That company is Peermont, formerly Global Resorts, which owns Emperors Palace in Gauteng and Graceland in Mpumalanga, among others.

"Peermont deputy CEO Anthony Puttergill confirmed the case, which he expected to come before court by the end of the year…"

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