Dikshit to sell entire PartyGaming stake

20/10/2009 12:10
Type Online Report
Theme poker

Partygaming founder Anurag Dikshit is to walk away from the company completely by selling his entire stake, according to EGRmagazine.com.

Dikshit earlier announced he would sell two thirds of his 28% stake in the British company to focus on his charitable work in south Asia.

However when speaking later to eGaming Review, a spokesman for Dikshit, who pleaded guilty to charges under the US Wire Act last December and as a result received a $300m fine, confirmed that Dikshit will sell his remaining stake too.

Shimon Cohen stated, "Anurag has paid the US$300m fine that he was asked to pay by the US authorities and has decided it is time to move away from the company. When the time is right, his remaining shares will be sold as well. There will be another announcement related to the sale of the rest of the shares, although we can't yet say when."

Cohen confirmed all proceeds from the sale of today's shares, estimated by broker Daniel Stewart to amount to a net share sale income of £188m at 250p, would go into a charitable foundation.

"Anurag has a charitable foundation that has been running for a number of years that he would like to be able to transfer the proceeds into, and to continue to do the works of the charitable foundation." Cohen said.

Although PartyGaming is so far the only major operator to have settled with the US authorities for its activities prior to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) in October 2006, Dikshit's fellow PartyGaming founders Ruth Parasol and Russ DeLeon, who together also hold roughly 28% of the business, have yet to follow Dikshit and settle for activities there prior to PartyGaming pulling out of the US market in 2006.

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