Gibraltar Chief Justice freezes former Mansion CEO’s assets over damages to the company

Gibraltar’s Chief Justice has issued a GBP 5 million worldwide freezing order for the assets of former Mansion CEO Karel Christian Mañasco. The mechanism, described as a court’s “nuclear bomb”, follows claims for damages by the company to the tune of more than GBP 2.3 million.

Mansion said its former topman dishonestly obtained luxury cars, high-value watches, bonuses and allowances using company money, reports GBC News. Mañasco denies the gaming firm’s claims.  

He was the CEO and de facto CFO of Gibraltar-based Mansion. In September 2021, he was suspended by the company and a disciplinary investigation began. A year later, Mansion filed a claim before the court, stating that the former boss had breached his duties to the company, and claimed damages.  

Among the alleged breaches are unauthorized bonus payments of nearly GBP 330,000 and GBP 430,000, GBP 66,000 in personal expenses, unauthorized payments of more than EUR 2.5 million to a suspicious company in the Marshall Islands, and nearly a quarter million pounds in credit card transactions, recalls the cited source.

The company also alleges he acquired a Ferrari and bought three Range Rovers, a Mercedes Benz, fifteen luxury watches, and GBP 50,000 worth of jewelry, which were not for the company’s benefit. 

Other claims include Mañasco failing to take responsible steps to comply with directions given by the regulatory authority in Gibraltar, which resulted in Mansion having to agree to a regulatory settlement of GBP 850,000. 

Chief Justice Anthony Dudley judged that Mañasco’s actions could be described as involving low standards of morality, and dishonest conduct. He noted that a freezing order is a draconian power, described as a court’s “nuclear weapon,” but said it was a just and convenient power to use in this case.

Mañasco joined Mansion in 2010 and initially took on the role of chief financial officer in 2012, before going on to also become CEO in January 2017. The freezing order against him comes on the basis that there is a risk of the assets disappearing.

Last month, Mansion closed down its UK casino business, with its three brands – Mansion Casino, Slots Heaven and all announcing to customers that the company would be winding down operations. 

This was Mansion’s second wave of brand closures, having also announced it would shut down its sporting betting brand MansionBet in March 2022.