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Bari judge frees bar owner but bars him from business for one year

Enforcement & compliance

A Bari investigating judge revoked a bar owner's house-arrest order in a case concerning alleged money laundering linked to gambling, reportedly. The judge found no continuing need for the precautionary measure, but barred him from conducting business for one year; the prosecutor supported the defence request.

The ruling lifts house arrest but leaves the bar owner unable to conduct business for a year.

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Regulation

Delaware bankruptcy judge bars Papaya Gaming offshore asset transfers

US Bankruptcy Judge Mary Walrath ordered Papaya Gaming Inc. on 27 October to stop transferring assets from US accounts to offshore holdings. The court also requires ordinary-course transactions to be reported to the US trustee and pre-funded at 115%, and bars payments to affiliates and insiders. Papaya is due to present a revised payment outline in the coming days, before a temporary stay expires on 25 November.

On Oct. 27, US Bankruptcy Judge Mary Walrath told Papaya to stop shifting assets from its US accounts into offshore holdings. A Delaware federal bankruptcy judge has barred Papaya Gaming from sending assets abroad while the company restructures its debt in Israel.

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