Jackpot committee defended

Press, Volume CXIII, Issue 33370, 31 October 1973, Page 3

Jackpot committee defended

'.V.Z Press Association) HAMILTON. October 30. I Criticism of the Waikato District Jackpot Committee for its handling of the settlement of the Taumarunui Racing Club jackpot was attacked today by’ the committee’s chairman (Mr P. G. Vercoe, of Hamilton). in a statement issued after ? special meeting of the jackpot committee late yesterday. Mr Vercoe -aio he was particularly critical of a report that one of tne jackpot winners. Mr E. M. Robinson, of Mount Maunganui. had referred to the Wellington Greek Paramount syndicate as being a “stumbling block” in the 18-month legal wrangle over the jackpot, and the racing ciub as “being even more troublesome.” “Reference to the ‘racing club’ is completely out of order." Mr Vercoe said in his statement. "I am surprised that a responsible newspaper should print such an article without ascertaining the complete facts. “Firstly, the jackpot committee consists of representatives of many Waikato District racing clubs, including Taumarunui. Waipa. Wa kato.

Cambridge, Matamata, and the Waikato and RotoruaBay of Plenty Hunts.” At no time had the jackpot committee been “troublesome.” The whole business would have been settled within days of the Taumarunui meeting but for the fact that an injunction was served on the trustees of the jackpo, committee. “In the face of this injunction the jackpot committee had tw'o options. First, it could have paid the moneys, into the court. Second, it could have placed the moneys where they could earn interest and be a proper trustee investment,” Mr Vercoe said. "The jackpot committee, took the latter course, as it believed this was in the best interests of all parties concerned. The interest rate ob tained was the best obtainable for this type of investment. Referring to Saturday’s news reports about reference to the settlement having been agreed to at a meeting in Auckland last Thursday night. Mr Vercoe said he had no doubt that such a meeting took place, but he denied emphatically that any member of the jackpot committee took part in it. “The committee has never been concerned with the detailed distribution of the pool. The only' thing that the committee was emphatic about was that legal costs incurred 1

by the committee during the 18-month negotiations be met] from the interest earned during the time the monies were] frozen. “The committee has at all] times borne its own costs in! connection with the jackpot] pool, and there have never been any deductions therefrom.” Mr Vercoe said that when the settlement was made last Friday a cheque for the full ‘ amount, including interest, was handed to the committee’s solicitor, who arranged : to satisfy all the winning ticket-holders. A considerable portion of the interest was required to ’meet any possible taxation. Mr Vercoe said that the settlement was made as expeditiously as possible. "The committee’s first knowledge of an agreement among the parties came on Friday morning, and the settlement was completed by late that afternoon.” “HERALD” REPLY The “New Zealand Herald” said tonight that six experienced staff reporters were used on Friday night to try |to ascertain the facts of the jackpot pay-out. The “Herald” was forced to these lengths after officials including the chairman of the iackpot committee (Mr P. G. Vercoe) said they were unable to give full details, i News that the money had]

.- been paid out was obtained) .‘unofficially in Auckland on) ■‘Friday. The chief reporter ini lithe Hamilton branch office of’ the “Herald” asked the secre-j litary of the Waikato Racing! i (Club (Mr B. R. Guthrie) for] t an official statement. Mr Guthrie said he would; .inot give any information on the matter. Asked who could] Jdo so, he said, “Just the: '[people concerned.” , i The Hamilton reporter! (then approached Mr Vercoe,] ■|who said some time later! ,’that Mr Guthrie had given a| ‘.statement to the “Herald” in ’ Auckland. . This 44-word statement] gave no more facts than that j ’ all ticket-holders had beeni satisfied, and the total of the ' pool paid out was 8881,379. Because of the inadequacy! of the official statement, the 11“ Herald” then set out to obLtain information from the J ’ijackpot winners themselves,] -‘ the lawyers associated with; • the case, and others directly! involved. These inquiries! were made by staff reporters! in Auckland. Tauranga. and 'Wellington. If some of this information ; “■should be open to challenge’ • in several details, such scope, -(for error or dispute might: ,not have occurred if the full’ I;facts had been given by the) ’(jackpot committee on Friday.) -(This, for reasons still unex-| -[plained, it did not do. The; ■’additional information did not) emerge until today, thei il“Herald’s’’ statement said. I