The Supreme Court of Gibraltar has issued a 12-month custodial sentence to Karel Mañasco, former CEO of Mansion Group, after he was found guilty of multiple counts of contempt of court.
Chief Justice Dudley ruled that Mañasco had knowingly violated court orders, including a global asset freeze, and provided false information under oath.
The charges brought by Mansion (Gibraltar) Limited and Onisac Limited, stem from Mañasco’s alleged misuse of roughly £5 million in company funds, a claim he denies. Offences included unauthorized overseas transfers, breaching financial conditions set by the court, and submitting a false sworn statement.
The court highlighted a specific instance where Mañasco moved over £400,000 to a bank account solely in his wife’s name in Spain, despite explicit prohibitions. He also exceeded his allowed spending limits and underreported his expenses by nearly £77,000.
Mañasco failed to appear for several hearings, including his sentencing dates in April and May. As a result, the court issued a bench warrant and proceeded in his absence.
Chief Justice Dudley stressed that in a democratic system, court orders must be respected, regardless of personal views. The 12-month sentence includes a three-month term for false testimony and a 12-month term, partially remittable by six months if the £400,000 is repaid. While acknowledging Mañasco’s previously clean record, the judge declined to suspend the sentence due to repeated noncompliance and the severity of his actions.
Mañasco has 14 days to appeal without needing prior court approval. His lawyer told NEXT.io that he intends to file an appeal.
