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  1. Public register
  2. Regulatory action register
  3. Sanction for Silverbond Enterprises Limited
Sanction

Silverbond Enterprises Limited

Account number:
Decision date:
21 October 2020
Outcomes:
Revoked

Details

After a hearing before the Regulatory Panel, the Commission has decided to revoke the operating licence under section 102(4)(b) of the Gambling Act 2005. This is because the Commission is not satisfied that it would have granted the operating licence to the Licensee had the new controller been a controller of the company when the application for the operating licence was made. 
 

In particular, given the Licensee’s  failure to provide full and proper explanations with supporting evidence timeously the Commission is not satisfied as to the source of funds (SOF) used to acquire and support the Licensee at the time of the change of corporate control or to whom future profits of the Licensee would be paid. 
 

The Commission also identified concerns with the suitability of the new controller because of its unsatisfactory history in providing information requested as part of the Commission’s enquiries.   
 

Subject to appeal the revocation takes effect on 18 November 2020. 
 

17.11.20: We have been informed that Silverbond Enterprises Ltd has appealed against our decision to revoke its licence and therefore licence revocation is stayed until the outcome of that appeal.

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