Summary
- The Isle of Man Gambling Supervision Commission has announced that it has taken action against Phua Cheng Wan, the ultimate beneficial owner of Boldwood Software Limited.
- The regulator has decided to ban Wan from participating in any position or activity within the island's regulated gambling sector.
- The Commission's decision is a result of an investigation and allegations pointing to possible connections between Wan and criminal elements.
A man, formerly the ultimate beneficial owner of a gambling operator that held an Isle of Man license before surrendering it this year, has recently been banned from holding any position within the island's gambling sector.
The jurisdiction's gambling regulator takes action against Phua Cheng Wan
The case concerns Phua Cheng Wan, the ultimate beneficial owner of the former Isle of Man licensee, Boldwood Software Limited. On November 21, 2022, Boldwood successfully secured a license from the Isle of Man Gambling Supervision Commission. However, an investigation and subsequent public reports linked Wan to questionable individuals and alleged crimes such as money laundering. As a result, the Commission issued Boldwood a Notice and an Enforcement Report. Consequently, the company surrendered its license on May 14, 2025. In light of the allegations against Wan, the Isle of Man Gambling Supervision Commission recently confirmed its decision to restrict his involvement in the regulated gambling sector on the island. On Tuesday, the Commission released a statement confirming its actions: Accordingly, the Commission finds it appropriate to prohibit him from performing any role or functions within the regulated gambling sector in the Isle of Man. The prohibition will remain in effect indefinitely until such time as Mr. Phua successfully applies to the Commission to have it varied or revoked.
Gambling executives need to uphold their integrity at all times, says the regulator
In response to the allegations against Wan, the Commission initiated an investigation to assess his integrity and determine if he is a fit and proper person concerning his ownership of Boldwood. According to the Isle of Man's Online Gambling Regulation Act 2001 (OGRA), licenses must be managed by individuals of integrity. Regarding the investigation into Boldwood's owner, the Commission elaborated: Our investigation uncovered a variety of open-source materials implying Mr. Phua's association with 'bad actors'. The Commission's Guidelines on Integrity indicate that a person's integrity may be reconsidered if there is evidence of association with criminal elements. Despite the evidence suggesting Wan's connections to criminal elements, the gambling authority emphasized that he has not been convicted of any crime. The Isle of Man Gambling Supervision Commission stressed the importance of integrity for the owners or controllers of operators it regulates. Lastly, the Commission reiterated its commitment to preventing anyone lacking integrity from holding any positions within the regulated gambling sector on the island.
