Tabcorp’s legal battle with the state of Victoria over a AUS$686.8m payment it claims it is owed is scheduled to be heard by the Supreme Court early next year.
In August last year, Tabcorp filed a writ and statement of claim in the Supreme Court of Victoria seeking the payment from the state. It stated that the Victorian government’s obligation to make the payment to the company came about when it privatised the Victorian TAB and listed Tabcorp on the Australian Securities Exchange.
The Gaming and Betting Act 1994 provided for a payment by the state to Tabcorp on the grant of new licences, irrespective of whether Tabcorp was the new licensee, it said.
However, in 2008 the former Victorian government formed the view that the company would not be entitled to the payment, it claimed, noting that the legislation stipulated that the payment should have been made no later than August 23, 2012, once its entitlement was triggered by the granting of the new gaming machine entitlements and the new Victorian wagering and betting licence that month.
At the company’s AGM this week, chairman Paula Dwyer revealed that the matter is now listed to be heard in February.
