The Supreme Court of Gibraltar sentenced Karel Mañasco, former CEO of Mansion Limited, to 12 months in prison for contempt of court. He had breached multiple court orders and submitted false statements under oath. The court issued the ruling last week. Chief Justice Anthony Dudley stated that Mañasco, 44, had seriously violated court undertakings.
Among the offenses, the former CEO transferred over £400,000 (approximately $534,000) to a bank account in his wife’s name in Spain. This action directly violated an asset-freezing order. He also submitted a false witness statement that understated his personal expenses by nearly £77,000 ($103,000).
The court handed down a 12-month sentence for these breaches. Mañasco could receive a six-month remission if he repays the transferred amount. A separate three-month sentence for the false statement will run concurrently.
The court sentenced him to 12 months for these breaches. He could receive a six-month reduction if he repays the transferred amount. The companies allege Mañasco misappropriated around £5 million while serving as CEO. The court sentenced him to 12 months for these breaches. If he repays the transferred amount, he could receive a six-month reduction. Mañasco denies all allegations.
Notably, Mañasco has repeatedly failed to attend court hearings, including the recent sentencing session. As a result, the court has issued a bench warrant for his arrest. Despite this, he has the right to appeal the decision within 14 days without needing permission from the court.
