SBC News Genesis Global’s Malta business coming to a close as MGA suspends licence

Genesis Global’s Malta business coming to a close as MGA suspends licence

The Malta Gaming Authority (MGA) has suspended the licence of igaming solutions supplier Genesis Global, after the firm closed its business in the country towards the end of last year.

Genesis will no longer be able to carry out gaming operations, register new players or accept any deposits in Malta, but must continue collaborating with the MGA post-suspension. 

Just before Christmas, the Times of Malta reported that Genesis had told its employees that it had filed for insolvency and would be making redundancies as it prepared to ‘permanently close its operations in Malta’.

This reportedly resulted in 140 employees being laid off, whilst in a letter the Times of Malta claimed had been sent to its former workers, the company stated that it “may not be able to pay all or any of the dues that are due” in terms of law.

The dues referenced may include December wages, as well as any outstanding salaries to cover the 30 day period and any outstanding notice due.

Genesis’ notice read: “We are currently trying our best to find a solution to this issue by trying to raise some funds, and in addition, we hope to liaise with the authorities concerned in order to ease the burden and find alternative solutions in order for you to be paid at least some of the money due to you.”

Following the announcement, the Maltese government confirmed the insolvency and that the Minister for the Economy, European Funds and Lands Silvio Schembri, has commissioned Gaming Malta with finding new employment for redundant staff, although some have apparently already found jobs.

The statement revealed that the Ministry, via Gaming Malta, has been in contact with directors of Genesis Global to obtain information on workers whose work was terminated. 

In addition, the iGaming Council, established in December of last year, was also informed with work being done through the entity to provide aid to affected workers.

The news of Genesis’ Maltese exit came shortly after Ariel Reem, company CEO and Co-Founder, would vacate his position at the company, explaining that it was ‘time to move on to the next challenge/adventure’.

“Over the years I saw how ideas were turned into reality and how impossible or extremely hard tasks were overcome with perseverance and passion,” Reem said on LinkedIn.

One of the most rewarding aspects of my role has been witnessing people develop themselves and many times breaking through their own perceived boundaries.”

The start of 2022 also proved to be somewhat turbulent for Genesis, as the firm was hit with a penalty of £3.8m, along with additional licence requirements, from the UK Gambling Commission.

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