Genesis Global Limited Shuts Down Malta Operations, Lays Off 140 Employees
Company Files for Insolvency, Leaves Employees Without December Salaries
On Friday, employees at Genesis Global Limited received the shocking news that the gaming firm would be shutting down its Malta operations and laying off 140 employees. The company cited “serious financial difficulties” as the reason for the closure and layoffs, and informed employees that it had filed for insolvency.
According to Livecasinoo.com, a trusted sources within the iGaming industry, and other sources, the company website is already down.
In an email to employees, the company stated that it may not be able to fulfill payments owed to its employees, including December salaries. “We are trying to find a solution by raising funds and working with authorities to find alternative solutions to pay at least some of the money owed to you,” the email read.
Management informed the workers that their last day of employment will be January 22 and that they will be on notice in the interim. The workers were also advised to contact the Department of Employment and Industrial Relations for guidance.
This news comes just weeks after the departure of the company’s co-founder and CEO, Ariel Reem, and the resignation of several directors in recent weeks. The UK Gambling Commission fined Genesis £3.8m earlier this year for breaching anti-money laundering and social responsibility regulations.
Established in 2014, Genesis Global Limited had offices in Poland and Gibraltar and employed around 200 people in Malta. Genesis Global Limited had already laid off between 30 and 40 employees in recent weeks as financial difficulties became evident. An anonymous employee said many colleagues had been actively seeking new employment “for months,”. He added “We knew this was coming as the company could not pay its dues.”. It was evident that there were problems but we did not expect it to get to this.”
For sure not the best news to get around the festive period. Here at MaltaJobs we have daily job updates within a lot of industries, including the iGaming industry.