The Spanish media is shedding light on the intricate situation involving the and its alleged connections to Gibraltar’s former Finance and Gaming Minister, Albert Isola CBE. This revelation has sparked considerable debate within Gibraltar’s business sector and has led to intense scrutiny of the jurisdiction’s regulatory practices and corporate governance standards.
Between 2011 and 2021, a time rife with misconduct allegations, the Mansion Group was linked to Albert Isola CBE. The group’s legal matters in Gibraltar, including litigation against its former , were handled by Isolas, a law firm co-managed by Albert Isola and his brother Peter Isola.
In 2020, the UK Gambling Commission launched an investigation into the Mansion Group, which culminated in AFC Bournemouth ending its sponsorship agreement with the group. The probe examined a range of the company’s operations. By September 2023, Mansion had systematically shut down its main business lines, effectively ending its suite of casino brands.
The actions taken by the Gibraltar Gambling Commission—or what is being seen as "the lack of"—in response to these events have come under scrutiny. Unlike the UK Gambling Commission, which actively investigated the Mansion Group, the Gibraltar regulator does not appear to have taken similar steps, even in the face of comparable allegations. This contrast in regulatory action raises questions about the consistency and efficacy of the jurisdiction's gambling regulation.
Grey area gaming
Mansion Group, an online gaming conglomerate known for its high-profile sponsorships of Premier League football clubs is embroiled in a legal battle. Former CEO Karel Manesco, 43, has accused Mansion Group of conducting unauthorized online gambling operations across multiple jurisdictions. The case, currently unfolding in the pits the remnants of Mansion against Karel Manasco, the firm’s former CEO. Manasco’s allegations paint a picture of a now-inoperative iGaming giant deeply engaged in the contentious practice often referred to as ‘grey area gaming’—a term that suggests operating on the fringes of legality.
Manesco has made further claims that Mansion Group’s activities involved undisclosed earnings in Europe, which the company has denied. The list of purported illegal activities is extensive, including operating without valid licenses, bypassing regulatory standards, evading taxes, and conducting online gambling in nations where it is forbidden. Additionally, it is alleged that in 2011, Mansion Group established untraceable shell companies in Curacao, some of which were linked to the notorious Mossack Fonseca law firm, infamously associated with the Panama Papers scandal.
Core of the controversy
In this landmark case, the Gibraltar Supreme Court is reviewing a request from two companies within the Mansion Group for a £5 million global asset freeze against former CEO Karel Manesco.
Manesco's professional journey with Mansion began in 2010, leading to his appointment as CFO two years later. By the end of 2016, he had ascended to the position of CEO after the previous executive stepped down. The case also involves KM Accountants, a firm allegedly owned and directed solely by Manesco, which has been part of the legal proceedings. The backdrop of this case paints a picture of intertwined corporate and personal interests, with significant implications for the integrity of business practices in the gaming industry.
Manesco contends that the accusations against him by the company emerged only after he initiated whistleblowing efforts against Mansion House’s alleged corrupt activities. The claims surfaced when Manasco, a native of Gibraltar, was openly charged with receiving substantial bonuses and extravagantly spending the company’s funds on luxury vehicles and premium watches. Manasco maintains that these allegations are baseless fabrications. He asserts that Mansion’s actions are a vindictive attempt to discredit and ruin him in retaliation for exposing the company’s questionable business conduct.
In 2023, Mansion succeeded in securing a worldwide freezing order (WFO) against Manasco, amounting to €5 million.
Manasco’s claims regarding Mansion are still awaiting formal inquiry by the Gibraltar Gambling Commission. Commissioner Andrew Lyman, upon receiving these claims in July 2023, communicated to Manasco’s legal representative that the allegations, as presented, did not warrant an immediate investigation.
This inaction has led to dissatisfaction among certain quarters, particularly when contrasted with the decisive actions of regulatory bodies in the UK and France. The situation could potentially prompt deeper scrutiny into how Gibraltar regulates its substantial online gaming industry, which is reported to contribute to 28 percent of the jurisdiction’s GDP.
Entain's Gibraltar connection
Registered in Gibraltar since 2004, the Mansion Group operated out of the Europort building, a property owned by Isolas, which gained notoriety after its acquisition from Rifaat al-Assad in 2018. This purchase, approved by Chief Justice Anthony Dudley—who is also presiding over the Mansion-Manasco case—raised eyebrows due to Rifaat’s controversial background.
Fiduciary, a sister company to Isolas, played a pivotal role in managing the Mansion Group’s opaque ownership structure. Peter Isola, who was also on the board of gaming giant Entain, served as Fiduciary’s chairman.
, faced shareholder backlash over executive compensation, leading to Peter Isola’s resignation from its remuneration committee. Despite this, Fiduciary’s executive Joey Imossi, when approached for comment, directed inquiries to the Supreme Court of Gibraltar’s published judgments, citing an inability to discuss the case.
reported that Joey Imossi, who is also Consul for Greece in Gibraltar, refuted any conflict of interest regarding Albert Isola’s dual role as Finance and Gaming Minister and senior partner at Isolas, noting that Albert was on sabbatical during his ministerial tenure. He emphasized that Fiduciary’s services to Mansion were provided at arm’s length, in line with standard corporate service practices.
In 2023, Entain faced criminal charges in the UK related to historical bribery allegations at its Turkish subsidiary. The company agreed to a substantial fine of £615 million, yet the Gibraltar Gambling Commissioner did not pursue an investigation, despite Entain holding a Gibraltar gaming licence.
Casino Midas and Mansion's Asian roots
Casino Midas is said to have been established by Mansion in 2011 to cater to the French market, following France’s ban on offshore online casinos. As regulations became increasingly stringent worldwide, the online gaming industry faced heightened scrutiny.
The former CEO of Mansion has made allegations that the company engaged in illegal profit-making activities across numerous countries. According to these claims, Mansion covertly continued these operations until 2015. That year, Casino Midas was abruptly closed after being blacklisted by French authorities, who also signalled a potential investigation into the company’s practices
The Mansion Group, first emerged as the European branch of the Asian M88 brand, managed well-known online platforms such as Casino.com, Mansion Casino, and Slots Heaven from its Gibraltar headquarters. Presumed to be under the ownership of Indonesian tycoon Putera Sampoerna and Kathleen Chow Liem, the group has also previously attracted media attention for less than favourable reasons.
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