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Genesis Global employees claim compensation

Posted: Jan 09, 2023 17:41 Category: Casino , Online , Regulatory , Posted by Lea Hogg

According to news reports in international and local media, a number of redundant employees of the Malta-based Genesis Global are taking legal action as their December wages have been left unpaid. Their comments to a number of media houses have been made on condition of anonymity.

Insolvency Announcement

The company informed around 150 Malta-based employees of the termination of employment on 23 December. The employees were advised that December salaries would not be paid due to insolvency proceedings without any previous warning. It is reported that employees claim that the company had substantial financial resources to pay or partially pay outstanding salaries. The company allegedly rejected a request to allow payment of outstanding dues and instead filed for bankruptcy.

Malta Department of Industrial and Employment Relations

Staff of Genesis Global and Genesis Bluebird have filed a complaint with the Malta Department of Industrial and Employment Relations (DIER) to seek compensation for their loss of earnings.

Genesis Holdings Limited

Genesis Global is a subsidiary of Genesis Holdings Limited which is a portfolio company of Meyden Group registered in Australia.

Withdrawal of winnings to players are pending

It is alleged that players across a number of domains hosted by Genesis were unable to cash their winnings as a result of the closure.

The website was allegedly still officially functioning after the closure of the Malta office and customer queries accumulated with ‘hundreds of emails remaining unanswered’. It was still accepting deposits from players without offering ‘operational support to process withdrawals’.

Polish Subsidiary

Employees of Genesis Bluebird based in Poland were also made redundant after the closure of the office in Malta. It is reported that some of the Polish employees were paid by Genesis Global in Malta but others are filing claims for compensation with the Malta Department for Industrial and Employment Relations.

Spanish subsidiary

Danunei Investments is a subsidiary of Genesis Global and operates the domain www.genesiscasino.es with a licence from Spain’s gambling regulator, the Directorate General for the Regulation of Gambling. Customer care for the Spanish website was managed by Genesis Global in Malta and withdrawals were manually processed in Spain. The Spanish regulator requires customer support to be made available during working hours but no customer care was available.

Meydan Group

Genesis Holdings is a portfolio company of Meydan Group registered in Australia.  The group is described as “a diversified high net worth family investment group.”  According to press reports Yaniv Meydan is registered as director legal and judicial representative of Genesis Global and the sole beneficial owner. It is reported that it was his decision to declare the company insolvent.

Fine from the UK Gambling Commission

In February 2021 Genesis Global´s licence was suspended in the UK by the Gambling Commission (UKGC) and the operator received a fine of £3.8 million. The regulator revealed ‘significant social responsibility and money laundering’ by the operator.

Background

Genesis Global was founded in 2014 by Ariel Reem. He announced his departure on 6 December with a post on Linkedin stating that he was moving on to new things. He was succeeded as CEO by Yoav Dotan.

The Directors and management of Genesis Global have been unavailable for comment.

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