PartyGaming Founder Dikshit Sells Off Internet Casino Shares
Anurag Dikshit, one of the founders of Internet casino operator PartyGaming, has sold his remaining shares of the company. Dikshit paid a $300 million fine to the US, and has a December sentencing date, for admitting to running illegal online gambling sites taking US customers.Dikshit had previously unloaded about two-thirds of his PartyGaming stock in October. The sale of his remaining ownership, comprising over 9 percent of the company, brought him about $170 million.
A representative for Dikshit said the divestment was simply the final piece in an ongoing process to remove Dikshit from the online gaming industry. The move caused PartyGaming stock to drop by 7 percent, as the massive volume of stock hit the market.
“We have the court hearing and sentencing still hanging over us," said spokesman Shimon Cohen to Bloomberg News. "Anurag voluntarily went to America and pleaded guilty so that he could move on.”
PatyGaming has also resolved its differences with the US government, agreeing to pay a hefty fine in order to avoid future investigations concerning its online casino operations in the past. Industry analysts have suggested PartyGaming officials are preparing to meet any US regulatory requirements if the online gambling market is opened.
Still, Dikshit's plea arrangement, even though many legal scholars would argue he was never charged with a crime nor is there a US statute against online gambling, leaves him with a potential prison sentence. Distancing himself from any appearance of continuing his ownership of online gaming must be a part of Dikshit's legal preparation.
