International edition
September 28, 2021

It is to verify if they continue the original shareholders or if they added new ones

Panama: Casinos will have to present their stock record book

(Panama).- The Gambling Control Committee decided to request all the licensees of casinos and gambling venues to present, in a deadline, the original books of their Stock Record.

T

he measure aims to check if original shareholders registered in the Gambling Control Committee are still so or, in case of sales, transitions or mergers, check if new shareholders were properly registered and, if not so, the corresponding sanctions will be imposed.

The records of the shareholders meetings will also be demanded, with the aim to verify that the chamges in the original Councils of Directors and the entrance of new directors and managers, have been produced according to the law. It was checked that, in the documents of the Gambling Control Committee, many of the changes of directors and shareholders mentioned by the media are not registered.

Besides, it was annulled the administrative act by which it was given the uniformity of conditions, because they did not comply with the norm, which caused that the state stopped receiving between us$ 7 and 10 million from 2007 up to date. This way, casinos will now have to pay the state the 10 % of the bets minus the prizes paid. Last year, there were bets for $850 million and they delivered prizes for $650 million.

The Gambling Control Committee also annulled several resolutions from the former administration, that had extended tenders that had expired, because neither the former Minister of Economy and Finance, Héctor Alexander signed them, nor they were endorsed by the Comptroller, and however, they keep on operating up to date.

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