Legal & compliance China-facing lottery solutions provider 500.com has announced that its The Multi Group (TMG) subsidiary has temporarily suspended operations in Sweden after failing to renew its licence.Malta-based TMG had been operating its MultiLotto lottery betting brand in Sweden under a year-long licence, but did not renew the permit before its expiration.However, 500.com said TMG is in close communication with Spelinspektionen, the national gambling regulator in Sweden, with a view to renewing its licence as soon as possible.TMG said it expects to renew its licence and resume operations in the country by mid-February.500.com expects TMG’s contribution to group revenue during the first quarter of 2020 to be both materially and adversely impacted by the suspension of operations in Sweden.TMG revenue accounted for approximately 99.1% of 500.com’s total net revenue for the third quarter of 2019, of which around 61.3% was generated in Sweden. The business was acquired in a €49.8m deal in May 2017. In November 2019, 500.com reported a 67.6% year-on-year decline in third quarter revenue, blaming the decline in part on issues related to the migration to a new website in Sweden.The suspension will comes after 500.com last week revealed that its chief executive had stood aside over accusations of bribery in Japan.500.com said that Zhengming Pan, its director and chief executive, requested to temporarily step away from his positions until the conclusion of an internal investigation into alleged illegal money transfers related to the development of integrated resorts in Japan.500.com has formed a special investigation committee to consider its conduct in Japan and the role played by consultants following the arrest of one consultant, who was also a former director of the company’s subsidiary in Japan, and two former consultants by the Tokyo District Public Prosecutors Office. Multilotto halts Swedish activity after licence expires Tags: Online Gambling Email Address Regions: Europe Nordics Sweden Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Strategy China-facing lottery solutions provider 500.com has announced that its The Multi Group (TMG) subsidiary has temporarily suspended operations in Sweden after failing to renew its licence. 8th January 2020 | By contenteditor
2013, the city discipline inspection and supervision organs accepted the petition report 569, prokaryotic clues 111, filing 52, closed 49, 68 party and government discipline, the county level cadres 2 people, 1 million 280 thousand yuan in economic losses. This reporter learned from the municipal government held the twenty-eighth executive meeting on February 12th.
last year, major decisions and arrangements of the Municipal Supervision Bureau closely around the municipal government, the airport expressway (Xining section) along the environmental remediation, stability control prices, Chong City, Wei Jian review, the atmosphere and the comprehensive management of water pollution and other key work of supervision and inspection, cancellation and adjustment of administrative examination and approval items 26. Take the lead in launching the "Yong lazy luxury" special activities in the city, the formation of the 69 inspection teams to carry out a thorough investigation of 271 times, 205 people were accountable, 12 units have been criticized. The city going abroad (border) funds fell 18%, vehicle purchase costs fell by 52%, official hospitality fell by 35.7%.
Municipal Supervision Bureau will continue to work around the municipal government center this year, focus on air and water pollution control, the airport high speed along the landscape renovation, cultivated land protection and conservation of land, benefiting the agriculture policy implementation and supervision and inspection, and officially launched the "clean Xining" construction work