Bill Express deals with Saudis and police
The Australian Federal Police were conducting inquiries at Bill Express' Melbourne premises yesterday. The inquiries relate to the transfer of funds into bank accounts not controlled by the public entity. Bill Express will execute a further standstill agreement with its key creditors for two months as it seeks to negotiate a restructure and capital injection. The firm said in an announcement to the ASX yesterday that the Al Othman group, a Saudi investment firm, entered into an exclusivity agreement, while terms of an agreement "passed between the companies". The firm said that it had "secured ongoing supply agreement for products and services", which means it may be able to continue to supply phone cards to its network of newsagents. Whether any of the newsagents will make much more use of the equipment leased to them, and generate revenue for Bill Express, is less certain.
Source: The Sheet