City Of London
888 Shares Plunge After CEO Quits Amid Money Laundering Failures
- VIP customer accounts in Middle East have been suspended
- Further internal investigations are underway, the company said
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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.
Shares dropped 26% to 76.45 pence 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.