The Supreme Court of Gibraltar has sentenced former Mansion Group CEO Karel Mañasco to 12 months in prison for contempt of court. This follows a series of violations involving court orders, financial undertakings, and sworn testimony.
In the verdict delivered by Chief Justice Dudley earlier this week, Mañasco was found guilty on multiple counts of contempt. The charges are based on his intentional disregard for a worldwide freezing order, including unauthorized transfers of funds, overspending beyond permitted limits, and submitting a false witness statement under oath.
Court Orders Breached
The proceedings were initiated by Mansion Limited and Onisac Limited, both accusing Mañasco of misappropriating nearly £5 million, though he denies these claims. A key piece of this case is the breach of a global asset freeze, prohibiting him from transferring assets without the court’s approval.
Despite these restrictions, Mañasco allegedly moved over £400,000 to an account in Spain registered in his wife’s name. The court called this act “egregious,” underscoring damage to the companies involved and the legal process’ credibility.
In addition, the defendant violated weekly spending caps set by the court and submitted a statement misrepresenting his spending by £77,000.
Continued Absence From Court
The former CEO failed to appear in court repeatedly, including for his sentencing hearings on 9 April and again on 14 May. This prompted the Gibraltar Supreme Court to issue a bench warrant for his arrest in April.
Despite his failure to attend, the court proceeded with sentencing. Chief Justice Dudley stressed the importance of upholding court authority, stating that no one is above the law and that personal disagreement does not justify non-compliance with legal orders.
Details of Mañasco’s Sentencing
Karel Mañasco received a concurrent custodial 12 months sentence, which includes three months for providing a false statement and 12 months for violating court orders. But 6 months can be remitted if he returns the £400,000.
The judge acknowledged his prior good character as a mitigating factor but refused to suspend the sentence due to persistent defiance.
Mañasco has 14 days to file an appeal without needing the court’s permission and his legal representative confirmed that plans were in motion.
This case highlights the increased scrutiny of executives to promote accountability within the iGaming sector. There is a growing willingness among the courts to enforce compliance in cross-border financial disputes and the former CEO is currently under fire.
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