The Gibraltar High Court has ruled against former Mansion Group CEO Karel Manasco, who was accused of extorting funds from the company’s accounts and abusing his position.
As a result, Manasco was ordered to pay Mansion Group in excess of $2.7 million, which was illegally obtained from a company based in Gibraltar.
Manasco was found to have allegedly paid consulting fees from Mansion Group to White Wizard Media (WWML), but Mansion claims the company provided “no services” to the operator, calling the relationship a “sham.”
Between August 10, 2018 and June 13, 2019, Mansion issued 14 invoices totaling $2,751,220 on behalf of WWML. Mansion alleges that Manasco used these payments to move money to offshore jurisdictions for personal gain. At the same time, the former CEO denies these accusations.
This case was heard in parallel with another case against Manasco, in which the court also found in favor of Mansion Group regarding fees paid to the consulting company KM in the amount of $159,651.
The court noted that Manasco’s explanations regarding the payments were insufficient.
The long legal battle between employer and executive has been ongoing since a Gibraltar court froze $6.5 million of Manasco’s assets last February.
This began after it was discovered that Manasco had been paying himself bonuses and personal allowances that should not have been paid.
Last October, Mansion Group announced it was closing its B2C operations, including its core brands Casino.com and MansionCasino.com.
In early 2023, Mansion Group announced its exit from the UK gambling market, deciding to cease operating its portfolio of online casinos, including Casino.com, MansionCasino.com and SlotsHeaven.com.
The exit comes after the group sold its flagship betting company MansionBet in the UK market in 2022.
After streamlining its business, Mansion said it would focus on “the profitable markets in which it currently operates.”
Founded in 2004, Mansion launched as a sports betting and online casino brand with big ambitions, aiming to take market share from established rivals such as William Hill, Ladbrokes, Betfred and Coral.
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