Global’s Swedish licence revocation becomes legally binding
Global subsidiary SafeEnt’s Swedish operating licence was withdrawn in June last year, after Spelinspektionen uncovered serious failings in its responsible gambling and anti-money laundering controls.
The operator then challenged the decision in the Swedish courts, though its efforts ended in defeat, save for Global being granted leave to launch a new appeal in the Administrative Court of Appeal in Jönköping in January this year.
However, after this appeal was rejected in October, the operator’s reshaped board said that it would stop challenging the decision.
At the time it was subject to an offer from Enlabs, which has since acquired a 95.8% stake in Global, with the board saying that continuing to fight the licence revocation could put the acquisition in jeopardy.
It explained that it had “inherited” the legal case from previous management, and there was therefore no reasonable opportunity for it to withdraw the challenge.
Furthermore, it added, the business had carried out extensive work to ensure regulatory compliance had become a high priority and raise standards across all areas of the business.
Shares in the business are set to be delisted from the Nasdaq First North stock exchange following its acquisition by Enlabs.