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Genesis Global enters insolvency, lays off all staff

| By Daniel O'Boyle
Troubled igaming operator Genesis Global has laid off all of its employees, telling them it may not be able to pay their December wages, and begun insolvency proceedings, just two days before Christmas.
Genesis Global layoffs

As reported by the Times of Malta, Genesis Global sent a letter to all of its 140 employees on 23 December, informing them that they would be made redundant.

“Earlier this week, the company initiated proceedings in the courts of Malta to be declared insolvent,” the letter said. “As a consequence, this has unfortunately resulted in your position being declared redundant.”

The letter added that “the company may not be able to pay all or any of the dues that are due to you in terms of law”. This, it said, included December salaries as well as notice pay.

“We are currently trying our best to find a solution to this issue,” Genesis said.

The letter added that Genesis was working with “the authorities concerned” to “find alternative solutions” that would allow employees to be paid.

Genesis Global CEO departure and UK exit

The announcement comes soon after Genesis Global chief executive Ariel Reem departed as the business announced its exit from the UK gambling market.

Reem did not disclose the reasons for his departure at the time.

“It is time to move on to the next challenge/adventure,” Reem said in a LinkedIn post. “How to summarise eight years when building it from scratch? Over the years I saw how ideas were turned into reality and how impossible or extremely hard tasks were overcome with perseverance and passion.”

Genesis Global previously had its UK licence suspended in 2020, though this was later reinstated.

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