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22nd February 2023, 17:00

Court issues 'nuclear' freezing order on former Mansion CEO

Published by GBC News

The Chief Justice has issued a five million pound worldwide freezing order on 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 £2.3 million and nearly 3 million euros.

Mansion says its former top man dishonestly obtained luxury cars, high value watches, bonuses and allowances using company money.

Mr Mañasco strongly denies the company's claims.

Karel Christian Mañasco was the CEO and de facto CFO of Mansion, the Gibraltar based gaming firm.

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 Mr Mañasco had breached his duties to the company, and claimed damages.

Among the alleged breaches are unauthorised bonus payments of nearly £330,000 and £430,000, £66k in personal expenses, unauthorised payments of more than 2.5 million euros to a suspicious company in the Marshall islands, and nearly a quarter of a million pounds in credit card transactions.

The company also alleges he acquired a Ferrari, and bought three Range Rovers, a Mercedes Benz, fifteen luxury watches, and £50k worth of jewellery which were not for the company's benefit.

It sought the freezing order on the basis that there was a risk of the assets disappearing.

Mr Mañasco strongly denies the company's claims, arguing that as CEO he was authorised to order all transactions and make purchases, and that he was acting in Mansion's interests.

He contested the freezing order.

But the Chief Justice, Anthony Dudley, judged that Mr 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.