Philweb Chairman Resigns Following Attack By Philippines National President (update)

Troubled chairman departs after stock price falls by more than half

In a fast-moving sequel to Philippines president Rodrigo Duterte's unprecedented attack on "oligarchs" in general and Roberto Ongpin in particular, Ongpin has resigned as chairman of online gambling provider Philweb.
His resignation comes after the company's share price plunged 63 percent in the wake of presidential threats against online gambling and vows to remove what he claimed were "oligarchs" from the public scene.
In a widely published tirade Thursday President Duterte named Ongpin as an example of an oligarch he said he wanted to "destroy".
PhilWeb advised the Philippine Stock Exchange on Thursday afternoon that Ongpin was leaving the company and its subsidiaries to focus on his real estate business.
Philweb remains on a temporary provisional licence following the recent expiration of its full licence last month; the temporary licensing itself expires later this month. The company operates over 300 electronic gambling cafes in the Philippines, and has subsidiaries in Cambodia, Guam, and East Timor.

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.
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