The Gaming Authority of Malta (GAM) has rescinded the operating permit of Arab Millionaire Limited, citing the firm’s inability to remit licensing dues for two successive months as the principal cause.
The GAM initially disseminated a communication on August 4, 2022, granting Arab Millionaire Limited a 23-day window to contest the decision. However, rather than pursuing an appeal, the enterprise requested a temporary halt to its license to resolve pending matters.
Despite numerous infractions by Arab Millionaire Limited, which constituted sufficient grounds for license annulment, the GAM acquiesced to the company’s plea and suspended its license on October 12, 2022, to afford the company a chance to elucidate its circumstances.
Despite the period of leniency, Arab Millionaire Limited neglected to rectify its actions or engage cooperatively, and attempts to establish communication after November proved futile. In addition to the overdue licensing payments, Arab Millionaire Limited was also obligated to settle its license charges for 2023 by June 13, 2023, signifying the company was effectively 24 months in arrears on payments to the regulatory body.
Consequently, the GAM resolved to nullify Arab Millionaire Limited’s license.
The business is in deep trouble! They’ve been instructed to be transparent with their users and provide a method for them to reclaim their funds. Apparently, they haven’t met their monetary commitments and have received a strict time limit to produce €50,000 (approximately $52,820!).
Although they can contest the decision, they are in a precarious position. Failure to adhere to the directive could result in even more severe repercussions.
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