A betting company received a conditional discharge for tax offences amounting to more than half a million dollars in Magistrates' Court yesterday after the principal shareholder paid the outstanding funds.

Triple Crown Racing Limited's owner Wendell Brown, who is also the owner of The Phoenix Stores and Bermuda General Agency (BGA) paid the $670,145.29 to the Accountant General earlier this week, saving him a trial which was due to begin next week Monday.

Crown counsel Graveney Bannister told the court that the company was charged with more than 28 counts of failing to pay taxes, failing to file tax returns and failing to pay the penalties imposed between February 4, 2000 and May 11, 2002.

The 28 counts were connected to the company and fall under the primary charges of failure to pay taxes, failure to file a return, failure to pay a penalty imposed.

But defence lawyer Paul King said: "They (the company) had been overcome by debt."

And Mr. King said repayment was possible after one of the shareholders specifically raised the funds.

"I do not believe that it was the Government's intention that they go out of business. The management have been removed and they have paid the debt," he said.

Mr. King added: "I am asking for a Section 69 as a criminal record will taint the companies name for the rest of it's corporate life and they have not wasted the courts time with the 28 counts and they have satisfied the taxes."

Acting Senior Magistrate Carlisle Greaves handed down a two-year conditional discharge.