Opinion

Citing Cytech

An Internet gambling company has been a good bet for Corpcapital – it even defied gravity, maintaining a hefty evaluation as the market plummeted around it.

05 March 2003

The online gambling industry was brought into focus by the recent spat between Corpcapital and its former director Nic Frangos, culminating in an independent investigation by corporate governance specialist Nigel Payne which gave Corpcapital a clean bill of health.

Controversy continues to rage, however. One of the central points of contention relates to the valuation of Internet gambling company Cytech, in which Corpcapital bought a 47 percent stake in 1999 for an initial R2 million.

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