After rising financial problems, Genesis Global announced on 23 December that it was going to be wound up and that all of its staff would be laid off.
In a letter to all staff, it added that “the company may not be able to pay all or any of the dues that are due to you in terms of law”. This, it said, included December salaries as well as notice pay.
With the business now being wound up, the Malta Gaming Authority said it had breached Malta’s gambling regulations, which state that an operator that is “bankrupt, insolvent or is being wound up” may not hold a licence.
“The Authorised Person is thus no longer authorised to carry out any gaming operations, register new players or accept new customer deposits, and must continue collaborating with the Authority,” the MGA said.
The collapse of Genesis Global came soon after chief executive Ariel Reem departed as the business announced its exit from the UK gambling market.
Reem did not disclose the reasons for his departure at the time.
Genesis Global previously had its UK licence suspended in 2020, though it was later reinstated.
Original article: https://igamingbusiness.com/finance/malta-gaming-authority-suspends-licence-of-insolvent-genesis-global/
