Bombs Away

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German authorities have conducted a major crackdown on an alleged illegal online gambling operation suspected of facilitating wagers totalling approximately €5.86 billion over a 30-month period. 

According to the German Press Agency, the Frankfurt public prosecutor’s office, together with the Frankfurt tax investigation unit, the State Office for the Combat of Financial Crime in North Rhine-Westphalia and Frankfurt police, executed coordinated searches across 11 premises on Tuesday.

Over 100 officers participated in the operation. Authorities seized several high-value vehicles, froze numerous bank accounts and imposed an asset restraint order valued at around €82 million. An arrest warrant was also executed.

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Mircheva’s resignation will be effective from Friday, although she will remain with the company until the end of September to “ensure a seamless leadership transition”, with the search for her replacement already under way.

George Papanier has taken on Mircheva’s role as CFO on an interim basis. Papanier will continue in his current roles as Bally’s president and a member of its board of directors.

Papanier has over 40 years of experience in the gaming industry, previously serving as CEO between February 2011 and October 2021 having first joined the company as COO in 2004.

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In the interview, the minister mentioned the tax changes proposed by the Ministry of Finance, and more recently, the ban on beneficiaries of social welfare programmes from gambling.

Durigan recalled that Lula has already made clear his discomfort with the cost and quality of life for people.

“Therefore, we have been having this debate,” he added. “I have been to Congress, the Supreme Federal Court, and the Attorney General’s office to talk about the impact of betting on the lives of Brazilians.