Private Equity company being sued by two former gambling execs.


GBP 6 million sought after GBP400 million plan shelved

If you were wondering what happened to former Party Gaming CEO Richard Segal after he left the group some years ago, The Times newspaper in London provides the answer this week.

Segal and another erstwhile online gambling chief exec – Stephen Hill, formerly of Betfair – have been involved in the world of high finance and private equity.

The newspaper reports that the duo are suing Britain’s oldest private equity company, 3i, for more than GBP 6 million over the closure of a fund that the pair were brought in to run.

Hill and Segal were apparently asked to set up and run a GBP 400 million 3i fund to invest in small to mid-cap listed equities.

The establishment of the business in 2006 was a departure for Europe’s biggest listed investment group, as it had previously concentrated on taking stakes in private companies.

The Times reports that the two men joined 3i as consultants; they began investing the fund, which was listed on the London Stock Exchange as 3i Quoted Private Equity.

The Times reports that in February last (2009) year 3i told Segal and Hill that it intended to close the fund, and that the duo would lose “…certain outstanding performance payments.”

The end result is that Hill and Segal are suing 3i in the High Court in London, claiming that they are owed the equivalent of GBP 3.06 million each in shares and two years of undisclosed cash performance bonuses.

In legal documents seen by The Times, both men claim that, before joining 3i, they had “…each established themselves as highly successful businessmen with a strong track record of delivering excellent financial results in the management of a variety of large complex businesses”.

Hill, who prior to his Betfair career was a former chief executive of Financial Times Group, said that he was approached directly by Philip Yea, the former 3i chief executive, who asked him to join the fund. Hill previously worked at the private equity firm Permira and as a director of Channel 4.

Segal spent two years running the Gibraltar-based, UK-listed PartyGaming internet gambling group, where he was paid about GBP 11 million a year. He left after refusing to move to Gibraltar and shortly before the company’s shares plunged amid concerns over the legality of internet gambling in the US.

General Gambling News

Login to post a comment:


 
 

Click Here to register a new account

What's going on right now!

2mins ago someone from Poland read Vegas Casino Online review

Casino Of The Month

Casino of the Month

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

In the last 24h

Totals

  • New Members
    29
  • Members Online
    421
  • Guests
    1,537
Highest Community Rated Online Casinos
Guts Casino
  (258 Ratings)
32 Red Casino
  (500 Ratings)
Club USA Casino
  (368 Ratings)
Mr Green Casino
  (364 Ratings)
Buzzluck Casino
  (236 Ratings)
Lucky Red Casino
  (285 Ratings)
Videoslots.com
  (231 Ratings)
Nexxedge
  (105 Ratings)
Bet365 Games
  (237 Ratings)
CasinoRoom
  (227 Ratings)
Unibet Casino
  (211 Ratings)
NextCasino
  (229 Ratings)
Raging Bull
  (158 Ratings)
CasinoLuck
  (302 Ratings)
SlotsMillion
  (151 Ratings)
Betsson Casino
  (301 Ratings)
TradaCasino
  (89 Ratings)
Redbet Casino
  (216 Ratings)
Betsafe Casino
  (278 Ratings)
Spin Palace Casino
  (154 Ratings)
Vera John Casino
  (239 Ratings)
ComeOn Casino
  (332 Ratings)
Casino Extreme
  (249 Ratings)
Thrills Casino
  (221 Ratings)
Ladbrokes Casino
  (193 Ratings)
Slotland
  (404 Ratings)
InterCasino
  (187 Ratings)
Bet365 Casino
  (479 Ratings)
Slotty Vegas
  (161 Ratings)
Win A Day Casino
  (434 Ratings)


Follow LCB on Facebook Follow LCB on Twitter Follow LCB on Pinterest Follow LCB on Google plus