Party Poker Founder Dumps Shares
Written by Renee K | Sunday, October 25th, 2009
Anurag Dikshit, one of the founders of top gaming group Party Gaming, has decided to split from the company by selling at least two thirds of his 28% stake in the group.
Party Gaming was launched in 1997 after a very young Dikshit was approached by Ruth Parasol deLeon to turn her idea of a gambling company into a reality by creating the right software.
Party Gaming soon rolled out Party Poker and Party Casino and become one of the biggest names in the industry.
Over the years, there has been contention between Dikshit and Parasol deLeon and her husband Russell deLeon.
The conflict came to a head when Dikshit decided to come clean with the US authorities and reached a plea deal over charges relating to Party Gaming’s activities in the US from 1997 until 2006 (the year the Unlawful Internet Gambling Enforcement Act) was passed.
In a bid to end all liability hanging over him, Dikshit agreed to forfeit $300 million of his own personal fortune (which is estimated to be worth billions today). The money was paid, and formal sentencing will take place next year.
Dikshit’s admission of guilt was not looked upon kindly by the deLeon husband-wife team, which owns a further 28% stake in the company, with both arguing that they did nothing illegal during the years before the UIGEA and immediately left the US when proper laws were passed.
With the news that Dikshit was dumping his stock to make a clean break from the company, Party Poker shares plummeted on the London Stock Exchange – as much as 16% at one point. Dikshit continues to hold a 9% share in the group.
A spokesman for the Gibraltar based Dikshit said that the money earned on the sale would be directed to the billionaire’s charity fund that helps the needy in South Asia.
Party Poker continues to remain one of the most sought after sites in the industry, offering players a generous $100 welcome bonus on their first deposit. The site is also running its Million $ Hand promotion that allows players to win up to a cool $1 million by building a poker hand.
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· Written by Renee K · Filed Under Poker News · Comments Off
