News
More Problems for Intabill as they are Sued for $52 million
Friday, 19 June 2009 01:43
The multi million dollar business empire built up by young tycoon Daniel Tzvetkoff has received another blow as one of his companies that is already in the news for alleged improprieties, Intabill is being sued for $52 million by the online gambling company from Aruba which is in the Caribbean, Kolyma Corporation AVV.
The Kolyma Corporation, which was one of the biggest clients of Intabill, operates the online poker company Full Tilt Poker which is one of the world’s largest and busiest online gambling websites.
The lawsuit was lodged in Brisbane’s Supreme Court on 25th May and names the Virgin Islands registered Intabill and Australian registered BT Projects, its holding company, as defendants. The lawsuit also individually targets Tzvetkoff and Sciacca, referring to a guarantee they gave to Kolyma to pay them money.
At the age of 25, Mr. Tzvetkoff lives the high life brought about by his entrepreneurial skills in building a business empire along with his 38 year old partner Sam Sciacca, that is currently worth around $120million. Together they created a system for online payments, billing and fraud detection that grew into highly profitable business. Intabill is part of that business empire and currently boasts in excess of 5000 customers spread throughout 70 countries worldwide. Around half of its substantial revenue is derived from businesses linked with online gambling. The fees charged to one operator tops $150,000 a day.
British born Mr Tzvetkoff has already sold off a large proportion of his assets, including cars and boats. He has also recently sold his $27million floating palace, which remains unfinished.
Salvatore "Sam" Sciacca happens to be a lawyer who has a commercial, corporate and e-commerce background. He remains guarded about his involvement in the proceedings perhaps due to being a cousin of Con Sciacca, the former Australian federal minister for war veterans' affairs.
Yesterday, Mr Tzvetkoff was quoted as saying that, "At the moment we are on hold." Fortunes, it is said, can sometimes turn on a dime. This fortune looks like it might turn on rather more, $52million more.
