SiGMA

Genesis Global suspended by Malta Regulator

Posted: Jan 18, 2023 09:44 Category: Casino , Europe , Regulatory , Posted by Lea Hogg

The Malta Gaming Authority (MGA) has suspended the licence (MGA/CRP/314/2015) granted to Genesis Global Limited.

This means that Genesis Global Limited must cooperate with the Authority under Chapter 583 of the laws of Malta. The suspension is subject to appeal however the operator is no longer authorized:

  • to carry out any gaming activity
  • to register new players
  • to accept new customer deposits

Directors, judicial representatives and company secretary

Genesis Global is a subsidiary of Genesis Holdings Limited which is a portfolio company of Meyden Group registered in Australia. Yaniv Meydan is registered as director legal and judicial representative of Genesis Global and the sole beneficial owner. According to the Malta Business Registry other directors and the company secretary resigned from the company. Employment legal expert Dr Andrew Borg Cardona said that under employment law, the DIER is able to take action against the directors personally provided they can find them to serve them the documents.

Background of Genesis Global 

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.

The Company informed around 150 Malta-based employees of the termination of employment on 23 December.

Employees of Genesis Bluebird based in Poland were also made redundant after the closure of the office in Malta.

CEO Ariel Reem announced his departure on 6 December.

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

Related Articles:

Malta’s gaming future is buoyant says CEO of Gaming Malta (sigma.world)

“The situation is not favourable for former employees of Genesis Global” says Dr Andrew Borg Cardona – SiGMA News

Former Genesis employee says “management gave us a false sense of security” – SiGMA News

Genesis Global employees claim compensation – SiGMA News

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