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INTRALOT delivers steady EBITDA performance at €60.2m and strong Operating Cash Flow generation of €72.2m in 1H25
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the six-month period ended June 30 th, 2025, prepared in accordance with IFRS.
| (in € million) | 1H25 | 1H24 %
Change |
2Q25 | 2Q24 %
Change |
LTM | ||
| Revenues1 | 168.0 | 165.3 | 1.7% | 79.6 | 83.6 | -4.8% | 358.3 |
| OPEX | (47.6) | (55.1) | -13.6% | (19.7) | (28.2) | -30.1% | (110.0) |
| EBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 125.4 |
| AEBITDA2 | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 131.5 |
| AEBITDA Margin (% on Revenue) | 35.8% | 36.0% | -0.1pps | 37.8% | 35.2% | +2.6pps | 36.7% |
| Reorganization expenses | (0.4) | (1.3) | -65.3% | (0.4) | (0.3) | 53.8% | (1.6) |
| D&A | (34.8) | (35.2) | -1.1% | (16.5) | (17.7) | -7.1% | (70.5) |
| EBT | 9.8 | 6.1 | 61.4% | 6.2 | 0.7 | 810.0% | 21.8 |
| EBT Margin (%) | 5.8% | 3.7% | +2.2pps | 7.8% | 0.8% | +7.0pps | 6.1% |
| NIATMI | (0.1) | 4.6 – | 0.5 | 0.7 | -34.0% | 0.2 | |
| Total Assets | 517.2 | 583.2 – | – | – | – | – | |
| Gross Debt | 400.3 | 447.6 – | – | – | – | – | |
| Net Debt | 333.6 | 362.2 – | – | – | – | – | |
| Net Debt (Adjusted)3 | 303.0 | 338.2 – | – | – | – | – | |
| Operating Cash Flow | 72.2 | 45.0 | 60.6% | 23.3 | 17.9 | 30.5% | 114.4 |
| Net CAPEX | (14.2) | (11.7) | 21.7% | (8.6) | (4.8) | 78.0% | (40.0) |
INTRALOT’s Chairman Sokratis P. Kokkalis noted:
1 Revenues are defined as Net Sales after winners’ payouts (GGR). For comparability purposes, 2024 figures have been
adjusted accordingly.
2 Adjusted EBITDA (AEBITDA) is defined as EBITDA excluding the impact from the settlement agreement with the District of Washington DC and all related costs that took place in December 2024.
3 Net Debt (Adjusted) is defined as Net Debt excluding the impact from Restricted cash related to financing activities and Debt repayments.
REVENUES
Reported consolidated revenues posted an increase of 1.7% compared to 1H24, leading to total revenues for the six-month period ended June 30th, 2025, of €168.0m.
- From a contribution perspective, the Lottery Games remain our largest contributor to Group’s revenue with a share of 53.0%, followed by Sports Betting with a share of 22.0%, VLTs monitoring with a share of 12.8% and Technology contracts with a share of 12.2%.
- Reported consolidated revenues for the six-month period is higher by €2.7m year over The main factors that drove top line performance are:
- Higher revenues by €2.9m (+2.4%) from our Technology and Support Services (B2B/B2G) contracts, primarily driven by improved performance in the US. Although service revenue in the US was impacted by lower-scale jackpots compared to prior periods, this was offset by increased equipment sales relatively to 1H24. Additionally, solid results in Argentina and a positive sales trend in Croatia further contributed to the growth.
- Lower revenues by €2.2m (or -5.9%) from our Management (B2B/ B2G) contracts, mainly driven by Turkish Despite the continued growth of the local online Sports Betting market, revenue performance was impacted by adverse accounting effects related to hyperinflation in the Turkish economy, which contrasted with a positive effect in the same period last year. In addition, higher investment in player acquisition and retention activities also weighed on revenues during the period.
- Higher revenues by €2.0m (or +32.0%) from our Licensed Operations (B2C) in Argentina, following the recovery in the economic activity that led to the continued strengthening of the local market. In local currency terms, the results for the current period posted a 91.4% y-o-y increase.
- On a quarterly basis, revenues decreased by 4.8% compared to 2Q24, leading to total revenue for the three-month period that started on April 1st, 2025, and ended on June 30th, 2025, of
€79.6m.
- Total Operating Expenses decreased by €7.5m (or -13.6%) in 1H25 (€47.6m €55.1m in 1H24) mainly due to lower costs in Turkey. On a quarterly basis, Operating Expenses posted a decrease of €8.5m (or -30.1%) in 2Q25 (€19.7m vs. €28.2m in 2Q24).
- Other Operating Income ended at €15.3m, posting an increase of 4% y-o-y (or €+1.4m). On a quarterly basis, Other Operating Income increased by 6.9% or €+0.5m.
- EBITDA amounted to €60.2m in 1H25, reflecting an increase of 1.2% (or €+0.7m) compared to 1H24. The Group’s performance was supported by the sustained organic growth across key markets, despite the negative effect from the local currency fluctuations against the Euro.
- On a yearly basis, EBITDA margin on revenues marginally decreased to 35.8%, from 36.0% in
- On a quarterly basis, EBITDA posted an increase of €0.7m (or +2.2%), while EBITDA margin on revenues increased by 2.6pps.
- LTM AEBITDA stands at €131.5m, higher by 6% vs. FY24.
EBT / NIATMI
- EBT in 1H25 amounted to €9.8m compared to €6.1m in 1H24, with the variance stemming from lower interest expenses, higher EBITDA and lower reorganization costs, partially offset by the loss due to the hyperinflation indexation. On a quarterly basis, EBT settles at €6.2m, higher by
€5.5m vs. 2Q24.
- NIATMI in 1H25 concluded at €-0.1m €4.6m in 1H24.
- Operating Cash-flow in 1H25 substantially improved to €72.2m compared to €45.0m in The positive effect was mainly driven by the favorable working capital movement and the lower taxes paid.
- CAPEX in 1H25 was €14.2m, increased vs. €11.7m in 1H24, mostly due to higher capital expenditures in US.
- Adjusted Net Debt, as of June 30th, 2025, stood at €303.0m, reflecting a reduction of €52.7m, while Adjusted Net Leverage Ratio4 improved to 3x from 2.7x at year-end 2024, underscoring the company’s enhanced credit profile. The solid financial performance in the first half is evidenced by the generation of €43.5m in Free Cash Flow5. During this period, principal repayments on funded debt totaled €19.8m, while net interest payments amounted to €14.6m. Furthermore, other debt movements amounted to €24.1m driven by favorable foreign exchange effects on U.S. dollar-denominated debt.
4 Adjusted Net Leverage Ratio is defined as Adjusted Net Debt to Adjusted EBITDA.
5 Free Cash Flow is defined as “Net Cash from Operating activities” adjusted for “Net Dividends”, “Capex”, “Repayment of leasing obligations”, “Exchange differences” and “Return of Capital to minority shareholders of subsidiary”.
With a relentless focus on technological innovation and strategic partnerships, INTRALOT is well positioned to seize growth opportunities and lead the gaming industry’s evolution. Our global presence in key markets, combined with streamlined operations, enables us to quickly adapt to evolving conditions and unlock new growth avenues. By leveraging cutting-edge gaming technologies, we aim to boost player engagement and deliver long-term value to our partners and shareholders, driving the future of gaming worldwide.
Following the acquisition of Bally’s International Interactive’s online division, expected to close in the fourth quarter of 2025, INTRALOT is expected to enter a new era of strategic transformation. This milestone will position the company as a global leader in the lottery and online gaming sectors, combining Bally’s advanced digital and data-driven capabilities with INTRALOT’s proven technological infrastructure and international lottery expertise. Listed on the Athens Stock Exchange, the newly formed entity will benefit from significantly greater financial scale and operational synergies, enabling it to accelerate innovation, enrich player experiences, and deliver long-term value to stakeholders.
The global macroeconomic environment has entered a period of modest stabilization, though it continues to be marked by elevated volatility driven by shifting trade policies, geopolitical tensions, and tariff uncertainties. For INTRALOT, a company with a broad international footprint in the gaming and lottery sector, these macroeconomic shifts present a range of potential risks. While the industry has historically demonstrated above-average resilience to economic cycles, the resurgence of protectionism could impact operating costs. INTRALOT remains proactive in monitoring these developments, continuously adapting its strategy to navigate this complex environment while safeguarding its global competitiveness and long-term growth potential.
- On April 1, 2025, INTRALOT following its announcement on March 28, 2024, regarding the issuance of a Bond Loan of up to €100 million, with organizers Piraeus Bank and National Bank of Greece, and initial bondholders Piraeus Bank, National Bank of Greece, Optima Bank, and Attica Bank (and the merged entity with the latter, Pancreta Bank), with Piraeus Bank acting as the representative of the bondholders, announced that on March 31, 2025, it signed an agreement to extend the maturity of the loan from June 30, 2025, to January 30, It is noted that, following the payments already made as provided in the terms of the Bond Loan agreement, the outstanding principal amounts currently to €90 million.
- On April 7, 2025, INTRALOT announced that its subsidiary INTRALOT New Zealand Ltd., has signed with the Department of Internal Affairs (DIA) of New Zealand a six-year contract extension from 2026 to 2032, with a one-year further extension option, for the provision of Electronic Monitoring System (EMS) solution for Class 4 (non-casino) electronic gaming machines. In parallel, DIA has exercised its right to utilize the one-year extension option in the current EMS Service Agreement with INTRALOT New Zealand for continued supply of the EMS, extending the agreement from 10 May 2025 to 10 May 2026.
- On April 16, 2025, INTRALOT announced that its S. subsidiary INTRALOT, Inc. has extended its gaming systems contract with the New Hampshire Lottery Commission for an additional seven years, ensuring continued cutting-edge technology and high-quality services support through September 2033.
- On June 26, 2025, INTRALOT announced that its U.S. subsidiary INTRALOT, Inc., and the Idaho Lottery have agreed to a 10-year contract extension, which will officially take effect in September
- On July 1, 2025, INTRALOT and Bally’s Corporation announced that their respective Boards of Directors approved their entry into a definitive transaction agreement (“Transaction Agreement”) pursuant to which INTRALOT will acquire Bally’s International Interactive business (the “International Interactive Business”) in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of €2.7 billion (the “Transaction”).
- On July 21, 2025, INTRALOT, further to its announcements dated 1 July 2025 regarding the acquisition of Bally’s International Interactive business and dated 3 and 15 July 2025 regarding the granting of permission for the conclusion of the above related party transaction, announced to the investing public that on 18 July 2025 it has signed the definitive transaction agreement with Bally’s Corporation for the above acquisition.
- On August 6, 2025, INTRALOT posted on ATHEX as so as on its website the Reasoned Opinion
of its BoD regarding the mandatory Tender Offer of the company “PE SUB HOLDINGS, LLC”.
- On August 28, 2025, INTRALOT announced that INTRALOT, Inc., has been awarded a new contract to provide the Montana Lottery with a next-generation lottery operating system and related services including continued support for its Sports Bet Montana wagering The new contract award marks the third contract between INTRALOT and the Montana Lottery, extending a nearly 20-year partnership. The new agreement spans seven years with three one- year extension options.
INTRALOT Parent Company results
- Revenues for the period increased by 4%, from €15.3m in 1H24 to €18.0m, with the increase driven primarily by higher recharges to Group subsidiaries.
- EBITDA shaped at €-0.4m from €-2.0m in 1H24, with the positive variance coming mainly from the increased revenues.
- Earnings after Taxes (EAT) at €-8.0m from €-6.8m in 1H24 triggered by lower income from investing activities and higher interest expenses, in part counterbalanced by higher revenues.
| (in € million) | 1H25 | 1H24 | % Change | LTM |
| Revenues | 18.0 | 15.3 | 17.4% | 47.2 |
| Gross Profit | 4.6 | 2.1 | 120.1% | 16.7 |
| Other Operating Income | 0.3 | 0.2 | 52.4% | 0.5 |
| OPEX | (10.0) | (9.5) | 5.8% | (20.3) |
| EBITDA | (0.4) | (2.0) | -82.3% | 6.6 |
| EAT | (8.0) | (6.8) | 17.8% | (12.4) |
| CAPEX (paid) | (2.2) | (5.2) | -58.2% | (5.4) |
Sokratis Kokkalis, Chairman, Nikolaos Nikolakopoulos, Group CEO, Chrysostomos Sfatos, Group Deputy CEO, Andreas Chrysos, Group CFO, Georgios Xanthos, Group Tax & Accounting Director, Antonis Skiadas, Group Finance, Controlling & Budgeting Director and Michail Tsagalakis, Capital Markets Director, will address INTRALOT’s analysts and institutional investors to present the Company’s First Half 2025 results, as well as to discuss the latest developments at the Company.
The financial results will be released on the ATHEX website (www.athexgroup.gr) and will be posted on the company’s website (www.intralot.com) on Friday, August 29th, 2025 (before the opening of the ATHEX trading session).
AGENDA: Brief Presentation – Question and Answer Session CONFERENCE CALL DETAILS
| Date: Friday, August 29th, 2025
Time: Greek time 17:00 – UK time 15:00 – CET 16:00 – USA time 10:00 (East Coast Line) |
|||
| Conference Phone GR | + 30 211 180 2000 | ||
| Conference Phone GR | + 30 213 009 6000 | ||
| Conference Phone GB | + 44 (0) 203 059 5872 | ||
| Conference Phone GB | + 44 (0) 800 368 1063 | ||
| Conference Phone US | + 1 516 447 5632 | ||
| We recommend that you call any of the above numbers 5 to 10 minutes before the conference call is scheduled to start. | |||
LIVE WEBCAST DETAILS
The conference call will be available via webcast in real time over the Internet and you may join by linking at the internet site:
DIGITAL PLAYBACK
There will be a digital playback on August 29th, 2025, at 19:00 (GR Time).
This Service will be available until the end of the business day September 9th, 2025.
Please dial the following numbers and the PIN CODE: 059 # from a touch-tone telephone: Digital Playback UK: + 44 (0) 203 059 5874
Digital Playback US: + 1 631 257 0626
Digital Playback GR: + 30 210 946 0929
In case you need further information, please contact Intralot, Mr. Antonis Mandilas, at the telephone number:
+30 213 0397000 or Chorus Call Hellas S.A., our Teleconferencing Services Provider, Tel. +30 210 9427300.
Group Statement of Comprehensive Income
| (in € million) | 1H25 | 1H24 | %
Change |
2Q25 | 2Q24 | %
Change |
LTM |
| Revenues | 168.0 | 165.3 | 1.7% | 79.6 | 83.6 | -4.8% | 358.3 |
| Gross Profit | 57.7 | 65.6 | -12.0% | 25.6 | 32.7 | -21.7% | 133.5 |
| Other Operating Income | 15.3 | 13.9 | 10.4% | 7.7 | 7.2 | 6.9% | 31.4 |
| OPEX | (47.6) | (55.1) | -13.6% | (19.7) | (28.2) | -30.1% | (110.0) |
| EBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 125.4 |
| AEBITDA | 60.2 | 59.5 | 1.2% | 30.0 | 29.4 | 2.2% | 131.5 |
| AEBITDA Margin % | 35.8% | 36.0% | -0.1pps | 37.8% | 35.2% | +2.6pps | 36.7% |
| Reorganization expenses | (0.4) | (1.3) | -65.3% | (0.4) | (0.3) | 53.8% | (1.6) |
| D&A | (34.8) | (35.2) | -1.1% | (16.5) | (17.7) | -7.1% | (70.5) |
| EBIT | 25.0 | 23.0 | 8.5% | 13.1 | 11.4 | 15.4% | 53.3 |
| Interest and related expenses (net) | (14.4) | (22.0) | -34.6% | (6.6) | (12.9) | -49.3% | (33.5) |
| Exchange differences | 0.0 | 0.5 | -90.1% | (0.4) | 0.4 | – | 0.1 |
| Other | (0.9) | 4.5 | – | 0.1 | 1.8 | -96.5% | 1.8 |
| EBT | 9.8 | 6.1 | 61.4% | 6.2 | 0.7 | 810.0% | 21.8 |
| NIATMI | (0.1) | 4.6 | – | 0.5 | 0.7 | -34.0% | 0.2 |
Group Statement of Financial Position
| (in € million) | 1H25 | FY24 |
| Tangible Assets (incl. investment properties) | 71.6 | 86.8 |
| Intangible Assets | 159.3 | 179.5 |
| Other Non-Current Assets | 59.0 | 62.0 |
| Inventories | 20.8 | 26.4 |
| Trade and Other Short-term Receivables | 139.8 | 155.3 |
| Cash and Cash Equivalents | 66.7 | 64.3 |
| Total Assets | 517.2 | 574.3 |
| Share Capital | 181.2 | 181.2 |
| Share Premium | 122.4 | 122.4 |
| Other Equity Elements | (278.3) | (274.1) |
| Non-Controlling Interests | 22.3 | 25.9 |
| Total Shareholders’ Equity | 47.6 | 55.4 |
| Long-term Debt | 280.6 | 310.5 |
| Provisions/ Other Long-term Liabilities | 20.4 | 22.3 |
| Short-term Debt | 119.6 | 133.6 |
| Other Short-term Liabilities | 49.0 | 52.5 |
| Total Liabilities | 469.6 | 518.9 |
| Total Equity and Liabilities | 517.2 | 574.3 |
| (in € million) | 1H25 | 1H24 |
| EBT | 9.8 | 6.1 |
| Plus/less adjustments | 49.7 | 54.4 |
| Decrease/(increase) of inventories | 3.0 | (5.6) |
| Decrease/(increase) of receivable accounts | 11.4 | 1.9 |
| (Decrease)/increase of payable accounts | (1.1) | (8.9) |
| Income tax paid | (0.5) | (3.0) |
| Net Cash from Operating Activities | 72.2 | 45.0 |
| CAPEX | (14.2) | (11.7) |
| (Purchases) / Sales of subsidiaries & other investments | – | (3.1) |
| Interest received | 1.1 | 2.1 |
| Dividends received | – | 0.2 |
| Net Cash from Investing Activities | (13.1) | (12.5) |
| Restricted cash related to financing activities | (6.4) | (24.0) |
| Return of Capital to minority shareholders of subsidiary | (0.2) | (0.3) |
| Cash inflows from loans | – | 235.4 |
| Repayment of loans | (19.8) | (235.3) |
| Bond issuance costs | – | (6.2) |
| Repayment of leasing obligations | (3.7) | (3.3) |
| Interest and similar charges paid | (15.7) | (17.8) |
| Dividends paid | (3.9) | (5.9) |
| Reorganization costs paid | (0.2) | (0.6) |
| Net Cash from Financing Activities | (50.0) | (58.0) |
| Net increase / (decrease) in cash for the period | 9.1 | (25.6) |
| Exchange differences | (6.7) | (1.0) |
| Cash at the beginning of the period | 64.3 | 111.9 |
| Cash at the end of the period from total operations | 66.7 | 85.4 |
| Cash at the end of the period from total operations including restricted cash for financing activities and debt repayments | 97.3 | 109.4 |
The post INTRALOT delivers steady EBITDA performance at €60.2m and strong Operating Cash Flow generation of €72.2m in 1H25 appeared first on European Gaming Industry News.
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Nagoshi Studio Unveils GANG OF DRAGON, a New Action-Adventure Game from Director Toshihiro Nagoshi
Steam page: store.steampowered.com/app/4146000/
GANG OF DRAGON
is a new action-adventure game set in Kabukicho, Shinjuku, Tokyo’s iconic nightlife district. Protagonist Shin Ji-seong is a high-ranking member of a Korean crime syndicate, and is portrayed by celebrated Korean actor Ma Dong-seok (Don Lee).This new story will engage players in an exciting way and showcase increadible graphics for an action packed adventure. Viewers of The Game Awards were the first to get a look at the new footage!
About Toshihiro Nagoshi
The post Nagoshi Studio Unveils GANG OF DRAGON, a New Action-Adventure Game from Director Toshihiro Nagoshi appeared first on Gaming and Gambling Industry Newsroom.
Gamblers Connect, the award-winning iGaming affiliate and media platform, is proud to announce a new media partnership with Blask, a leading AI-powered analytics ecosystem dedicated to the iGaming industry.
This collaboration marks a pivotal step in the company’s mission to provide the most accurate, transparent, and data-backed content. Under the terms of this agreement, Blask will provide Gamblers Connect with complete access to its cutting-edge market intelligence platform.
This suite includes the Blask Index and real-time data tracking across more than 100 jurisdictions, allowing for granular analysis of market dynamics, brand performance, and player behaviour. By integrating these professional-grade tools into the editorial process, Gamblers Connect will elevate the depth and precision of its industry reporting.
The cornerstone of this partnership is a commitment to sharing knowledge with the wider iGaming community. Gamblers Connect will produce four exclusive case studies throughout 2026. Released once per quarter, these comprehensive reports will utilise Blask’s advanced analytics to uncover emerging trends, benchmark operator performance, and provide actionable insights for industry stakeholders.
This alliance represents a shared vision for a more transparent iGaming sector. By combining Blask’s technological prowess with Gamblers Connect’s editorial expertise, the aim is to set a new standard for data-driven journalism.
Max Tesla, Blask CEO, commented: “Partnering with Gamblers Connect is a natural step for Blask. We are building an ecosystem of transparent analytics that empowers the industry, and GC is one of the few media partners that truly values data and knows how to work with it. I’m confident this collaboration will strengthen both sides and deliver more accurate, trustworthy, and insight-driven content to the iGaming community.”
Gjorgje Ristikj, Founder & CEO at Gamblers Connect, added: “Partnering with Blask allows us to combine their strong analytical framework with our media expertise. It’s a collaboration grounded in trust and mutual respect, with the shared goal of delivering meaningful and measurable results to the industry.”
The post Blask & Gamblers Connect Enter A New Media Partnership appeared first on Gaming and Gambling Industry Newsroom.
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Law enforcement officers from Kazakhstan eliminated the organized financial criminal group organized by Vadim Gordievsky, Larisa Ivchenko, and Alyona Suvorova from Ukraine
The law enforcement agencies of Kazakhstan have effectively eliminated the organized criminal group created by Vadim Gordievsky from Ukraine and his accomplices, Larisa Ivchenko and Alyona Suvorova. Even though the law enforcement agencies managed to block accounts and payments of the Marginplus Company, key employees and management are still hiding.
According to the media, just a few days ago, the Financial Monitoring Agency of the Republic of Kazakhstan revealed a large-scale shady scheme of cross-border transfers that involved numerous payment organizations and providers. The funds were disguised as legal transactions and withdrawn to the accounts of online casinos. The total volume of illegal transactions exceeded more than $1 billion.
According to law enforcement authorities in the Republic of Kazakhstan, the key organizer of the miscoding scheme, which involved bookmakers, online casinos, payment organizations, and bank employees, is Vadim Ivanovich Gordievsky from Ukraine, who was born in 1974. He was the leader of the organized criminal group and used the local Marginplus Company for these purposes (official website: marginplus.kz). In addition to companies from Kazakhstan, Gordievsky also worked with illegal Russian online casinos while helping them to facilitate illegal payments.
According to new information from law enforcement agencies in the Republic of Kazakhstan, banks and bookmakers, including the local PIN-UP bookmaker, have already terminated all cooperation with Gordievsky’s Marginplus company.
According to informburo.kz, the local licensed Pin-Up.Kz bookmaker (legal entity: Bonami LLP) declares that it has nothing to do with transactions carried out by individual payment organizations. Judicial and criminal proceedings have already been initiated against these structures, and the company itself is fully cooperating with law enforcement agencies to establish all the circumstances and identify fraudulent, shady schemes.
According to unofficial information, the Pin-Up management provided the law enforcement agencies of the Republic of Kazakhstan with all the data related to the Marginplus company belonging to Vadim Gordievsky.
As of today, all financial activities of Marginplus have been paralyzed. In addition, large amounts of money have been blocked in its bank accounts. This money should have been paid to partners, contractors, and providers, including the local Parimatch betting company. Ordinary employees of Vadim Gordievsky’s company are already looking for new work while its management, including Larisa Vladimirovna Ivchenko (listed as the head of Gordievsky’s FC Alta Capital from Ukraine), is still hiding. Alyona (Elena) Suvorova has already closed and renamed her social media profiles a few days ago. In addition, she does not respond to messages and is trying to evade responsibility.
We would like to remind the audience that Alyona Suvorova positions herself “as an entrepreneur, investor, and a crypto trader with 5+ years of experience.” According to Suvorova herself, she has been developing payment technologies in the field of FinTech for 10 years. In 2021, she opened her own business for international crypto transfers. In addition, she is the founder of the Lemoncoin Crypto Academy.
According to investigators, Gordievsky’s partner, Mikhail Kovalev (Mykhaylo Kovalov), who is a citizen of both Ukraine and Israel, as well as an owner of a number of companies in the EU, in particular, in Poland, and who has a residence permit in Spain, was closely working with Gordievsky. By using the STABLEX SOLUTION Sp. z o. o fictitious company (official website: solvexs.pl) in Poland, he was engaged in illegal payments and withdrawal of cryptocurrencies into fiat money.
At the same time, as the source notes, the mentioned management and the people involved in the money laundering of Marginplus Company will be added to the wanted list of Interpol in the nearest future. The National Security Committee of the Republic of Kazakhstan has also announced that it’s going to closely monitor this case. According to local laws, participants of this shady scheme face up to nine years in prison. Information on Vadim Gordievsky’s companies and connections in other countries is also being checked.
After the initiation of criminal cases for financial crimes, fraud, and the announcement of his wanted list by the Ministry of Internal Affairs, Vadim Gordievsky left Ukraine on forged documents. Before diving into the world of financial fraud, he was involved in land and property issues in the Kyiv region. As of today, numerous criminal cases have been initiated.
The post Law enforcement officers from Kazakhstan eliminated the organized financial criminal group organized by Vadim Gordievsky, Larisa Ivchenko, and Alyona Suvorova from Ukraine appeared first on Gaming and Gambling Industry Newsroom.
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