Divestiture Agreement hassles result in $10,000 penalty
The New Jersey Division of Gaming Enforcement has announced that online gambling operator Bwin.Party, which partners in the Garden State online gambling market with the Borgata, has been fined $10,000 for a breach by one of its shareholders of the terms of a divestiture agreement imposed in the licensing process.
The 2013 agreement involved a pledge by major shareholders Ruth Parasol and Russell DeLeon that certain shares would be placed in trusts and divested over a 3 year period commencing when Bwin's licence to operate in New Jersey was granted (see previous InfoPowa reports).
The DGE says that the agreement has been violated, resulting in the imposition of the fine, because the company failed to "…provide notification to the division, which could increase the duration of the disposal period and have the unintended consequences of affecting the independence of the trustees in the performance of their duties."
Online Casino News Courtesy of Infopowa
