888 shares plunge after CEO quits amid money laundering failures

888 shares plunge after CEO quits amid money laundering failures

Article brief provided by Bloomberg News
  • Thomas Seal and Sarah Jacob, Bloomberg News
January 30, 2023 8:15 PM
  • Thomas Seal and Sarah Jacob, Bloomberg News

888 Holdings Plc plunged the most in more than 16 years after Chief Executive Officer Itai Pazner stepped down amid a probe into whether some of the British gambling group’s VIP accounts violated money-laundering policies.

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Shares dropped 26% to 76.45 pence [$0.9447] at 12:02 p.m. in London, their biggest intraday decline since 2006, and taking them to their lowest level since March 2020. 888’s junk-rated bonds fell the most on record across their various tranches on Monday, between 5 and 6 cents on the euro, according to CBBT pricing compiled by Bloomberg.

The company suspended VIP customer accounts in the region after it found that “know your client” best practices for its highest-value gamblers weren’t followed, it said in a statement on Monday.