Gibraltar Court Hands Out £5M Assets Freeze Order against Mansion Group’s Ex-CEO

The legal battle between Mansion Group, a leading online gambling operator that is globally recognized, and its former CEO, Karel Christian Mañasco, dates back to last year. Back then, the operator filed a claim against Mañasco with the courts in Gibraltar. In its claim, Mansion Group alleged that the former CEO abused his powers and misused company funds.

Mañasco’s tenure with Mansion Group dates back to 2010. In 2012 he was appointed to the role of CFO, while in 2017, Mañasco became CEO. A few years after that, in September 2021, Mansion Group suspended him, launching an investigation into alleged breaches of duty. After that, in December 2021, Mañasco resigned from the company.

“The application of the foregoing principles must be applied in the context that freezing orders  are one of the court’s “draconian  powers,“

reads a judgement released by the Court in Gibraltar

Now, the chief Justice and judge of the Supreme Court in Gibraltar, Anthony Edward Dudley, imposed a global freezing order of £5 million ($6 million) against Mañasco. The court acknowledged that such an order is known as one of its “draconian powers.” Yet, given the allegations against Mañasco and the possible risk of the assets, the Court considered this to be a proportionate measure.

“Mere reliance on the alleged dishonesty of the defendant is not, of itself, sufficient to found a risk of dissipation. The court must scrutinize with care whether what is alleged to have been the dishonesty justifies the inference of a real risk of dissipation,“

explains the recent Court decision

What Do the Allegations against Mañasco Include?

Besides breach of duty, allegations against the former CEO of Mansion Group claim that he used company money for personal expenditures, including six-figure bonuses. Mañasco allegedly paid himself a £427,500 ($514,000) bonus for the 2022 financial year, while in 2019, he received €327,033 ($346,400). Moreover, he allegedly collected a sum of £66,236 ($79,600) which was used for personal expenditures.

Further allegations claim Mañasco authorized or approved the payment of €2,508,035 ($2,656,420) and £127,073 ($152,700) to White Wizard Media Limited, a suspicious company from the Marshall Islands. Mansion claimed that it wasn’t involved in any business with the aforementioned company.

Additionally, Mañasco allegedly obtained multiple luxury vehicles, as well as expensive jewelry at the expense of Mansion. Last but not least, the claims against the former CEO include an accumulation of credit card payments at the expense of the company of some £249,951 ($300,400).