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Media And Gaming Conglomerate Is Leaving Malta Due To Greylisting

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Media and Games Invest SE, a multi-national media and gaming conglomerate, has announced that it will be moving its Maltese registration to Sweden following the country’s greylisting.

In a statement issued on 9th February, MGI said that Malta’s greylisting could result “in an increased risk premium on the Company’s shares” and “may also preclude certain prospective investors from investing in the Company”.

The company’s present operations are not tied to Malta but noted that the move would “significantly reduce” the “administrative complexity” brought on by greylisting.

Since 2018, MGI’s revenues have grown from 45 million to 221 million – while also substantially increasing its workforce – meaning that the requirements for MGI’s governance structure have also changed significantly.

The company, which already has links to Sweden, also has a large number of its shareholders based in Sweden.

MGI expects to complete the relocation by the end of 2022, with an effective date in January 2023.

Malta became the first European Union member state to regulate online betting in 2004 and has become one of the world leaders in the industry. The country’s tax rebate system and regulatory framework became incredibly attractive for key operators, generating billions in tax revenue.

However, the industry is now under threat following Malta’s FATF greylisting, while the rest of the world has caught up with regulation.

Malta’s gaming industry is also under the microscope following the assassination of journalist Daphne Caruana Galizia and the arrest and charge of several gaming officials, including the former MGA CEO.

Have you been affected by greylisting?

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Julian is the former editor of Lovin Malta and has a particular interest in politics, the environment, social issues, and human interest stories.

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