Genesis Global Limited Closes Malta Operations and Lays Off All Employees After Insolvency Proceedings
The gaming company, Genesis Global Limited, has permanently shut down its Malta operations. Their websiet is also down, displaying an 404, page not found error. The company has also laid off all of its employees after initiating insolvency proceedings in court.. In recent weeks, the company had already laid off several workers, causing concern among remaining staff about receiving their December salary. According to IGaming NEXT, employees were instructed to take all outstanding vacation leave.
Impact on Employees
The layoffs at Genesis Global Limited will no doubt be a difficult blow for the affected employees. Losing one’s job is never easy, especially during the Christmas season. Being made redundant just two days before Christmas must be extremely difficult for the employees. It’s always a stressful experience, but having it happen so close to a holiday adds to the emotional toll. The uncertainty surrounding the company’s financial situation likely added to the stress and anxiety of the affected workers. The company must ensure that it treats all employees fairly and pays any outstanding wages or benefits in a timely manner.
Genesis Global Limited’s Regulatory Troubles
The company faced regulatory challenges in the past. In 2020, the UK Gambling Commission suspended the company’s operations in Britain, but lifted the suspension three months later following “significant compliance improvements.” The UK Gambling Commission fined Genesis Global Limited £3.8 million and added an auditing requirement to its license. The company suspended its operations in Britain in January of this year.
Very recently, on December 6th, Genesis Global Limited’s co-founder and CEO, Ariel Reem, announced his departure from the company.