Cyprus Justice Minister Kostas Fitiris stated that the suspension and non-renewal of gambling licences may become one of the key instruments used by the state in the fight against organised crime.
His comments came after the National Betting Authority refused to renew the licence of betting company “BookieCo.”
The company is owned by Larnaca-based businessman Lazaros Philippou, who is currently in custody. The minister noted that he does not have information regarding the specific reasons behind the regulator’s decision, but recalled that Philippou was arrested last month in connection with a shooting investigation in central Larnaca, as well as on suspicion of interference in judicial proceedings.
The investigation into Philippou intensified after police discovered video recordings allegedly documenting incidents of abuse involving several individuals at a casino in the Pyla area. According to investigators, the materials were seized from suspects who were already under arrest.
Earlier, in July last year, Philippou survived an attempted assassination after several shots were fired at him while he was cycling in the Dromolaxia industrial area.
As of this week, “BookieCo” and its agents have been prohibited from providing betting services, effectively resulting in the company ceasing operations in Cyprus.
Under the Betting Law adopted in 2019, regulatory authorities have the power to revoke or refuse to renew licences if company directors or shareholders fail to meet the required standards of professional and business integrity. The justice authorities are expected to review any potential appeals.
Grounds for refusing to renew or suspending a licence may include:
- an ongoing criminal investigation involving company management
- established links between the company and criminal activity
- Source: Google News
