Gambling Mogul Marcel Boekhoorn Ordered to Divest His Novum Bank Shares

Dutch billionaire Marcel Boekhoorn, a major investor in the gambling sector, has been directed by the Malta Financial Services Authority (MFSA) to divest his shares in Novum Bank after losing his “fit and proper” status.

MFSA Orders Boekhoorn to Divest His Shares 

Boekhoorn, who has significant investments in casino game developer Habanero Systems, is among the Netherlands’ most prominent businessmen, with an estimated worth of over EUR 1.9 billion (about $2.2 billion). However, according to Times of Malta, MFSA has granted him a six-month deadline to divest his ownership stake, pending the resolution of ongoing legal proceedings in Italy. The order will remain in effect until the “proceedings currently underway” against Boekhoorn are concluded.

While the MFSA did not specify the nature of these proceedings, Times of Malta previously reported that Boekhoorn is facing criminal charges in Reggio Calabria related to the alleged use of “money, goods or assets of illicit origin.” Boekhoorn and his associates are accused of using funds obtained through a business partner’s mafia-linked criminal activities to acquire an 80% stake in a casino game design company via his private equity firm, Ramphastos Investments.

In statements to Times of Malta, a spokesperson for Ramphastos Investments said the company would fully comply with the MFSA’s directive and was already at an advanced stage of implementing the required measures. The spokesperson stressed that the decision had no impact whatsoever on the operations or stability of Novum Bank Limited, either in Malta or internationally.

Meanwhile, a spokesperson for Novum Bank echoed this position, stating that the MFSA’s decision and its implementation would not affect the bank’s operations, governance, or financial stability. The spokesperson added that the bank operates under a robust governance framework that fully complies with the regulatory standards for licensed credit institutions and ensures strong institutional independence in its activities.

All strategic and operational decisions, they noted, are made by the bank’s board of directors, which is composed of a majority of independent non-executive members.

Novum Bank Is under Scrutiny Again

This recent development is not the first time Novum Bank has come under the scrutiny of Maltese regulators. In 2022, the Financial Intelligence Analysis Unit (FIAU) imposed a fine of EUR 89,000 (approximately $94,300) on the bank for shortcomings in its anti-money laundering controls.

A prior inspection in 2019 revealed that the bank failed to identify the purpose behind a EUR 16 million (around $17 million) transfer made by a client and had insufficiently examined transactions ranging from EUR 400,000 to EUR 2 million (roughly $424,000 to $2.12 million).