PAGCOR Cancels Gaming License of CGC Technologies Inc
As Inside Asian Gaming reports, the Philippine Amusement and Gaming Corporation (PAGCOR) said that it has cancelled the accreditation of CGC Technologies Inc, a Philippine offshore gaming operator (POGO). According to the Philippine regulatory body, its investigation found that CGC Technologies Inc was involved in illegal activities.
Alleged Criminal Activities:
The source also reports that PAGCOR has imposed a fine to the service provider’s POGO parent, Oriental Game Limited. The regulator alleged that the fine was imposed due to the parent company’s “failure to ensure the legitimate conduct of CGC’s business.” PAGCOR reportedly decided to cancel the CGC’s accreditation after the Philippine regulatory body’s investigation of the allegations that the provider had committed a credit card fraud and engaged in serious illegal detention and human trafficking activities, Inside Asian Gaming reports.
License Terms Breech:
PAGCOR reportedly confirmed earlier today that CGC Technologies Inc was involved in serious criminal activities, therefore it almost goes without saying that the company committed breech of the accreditation terms and conditions along the way. The POGO operator was reportedly also found to have illegally operated four out of its six buildings located inside the Sun Valley Business Hub in Mabalacat. PAGCOR investigation revealed that only two of these facilities were accredited by the national gaming regulator.
License Cancellation and Fees:
As a consequence of the gaming license cancellation, CGC’s Performance Bond will reportedly be forfeited with the measure coming into force immediately. Within the same legislation package, the POGO parent Oriental Game is to pay the fine of US$350,000. Inside Asian Gaming transfers the statement of the PAGCOR Chairman and CEO Alejandro Tengco who said that the latest measure was a reminder for all offshore gaming licensees and service providers that Philippine laws must be obeyed at all times.
Tengco reportedly continued that the operators found to be engaged in illegal operations must immediately terminate their further activities and cease gaming operations. “Continued operations despite the cancellation of their accreditation or licenses shall be considered illegal. Immediate action will be taken against those who are engaging in such,” Tengco reportedly said.
Advocating Responsible Gaming:
AS IAG reports, Tengco added: “PAGCOR strongly advocates responsible gaming to curb all forms of social ills being linked to gaming. This is the reason why we continue to forge close partnership with other government agencies. Through proper regulation and cooperation with our law enforcement agencies, we will continue to ensure that revenues from regulated gaming will be used for more worthy causes, especially nation-building.”