Gambling group 888 Holdings Plc suspended VIP customer accounts in the Middle East after discovering that its anti-money-laundering protocols weren’t followed and said its chief executive officer will step down.
GAMBLING group 888 Holdings Plc suspended VIP customer accounts in the Middle East after discovering that its anti-money-laundering protocols weren’t followed and said its chief executive officer will step down.
CEO Itai Pazner will leave the company immediately, 888 said in a separate statement. Pazner, who’s been at 888 for more than 20 years and CEO for four, didn’t respond to requests for comment. The company didn’t expand on the reason for his departure and representatives for 888 didn’t immediately respond to requests for comment. Shares dropped 28 percent at 10:20 a.m. in London, their biggest intraday decline since 2006, and taking them to their lowest level since March 2020.
Chairman Jonathan Mendelsohn will assume the role of executive chair on an interim basis while the board searches for a permanent CEO. Chief Financial Officer Yariv Dafna, who’d planned to leave the company in March, will now stay until the end of 2023, the company said.
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