Karel Mañasco, the former CEO of Mansion (Gibraltar) Limited, has been sentenced to 12 months in prison for contempt of court following multiple breaches of asset-freezing orders and the submission of false statements, according to the Supreme Court of Gibraltar.
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- Mañasco transferred over £400,000 to his wife’s account in Spain against court orders.
- A false witness statement concealed nearly £77,000 in spending.
- He failed to appear at key court hearings, including his sentencing.
Chief Justice Anthony Dudley issued the ruling, describing Mañasco’s actions as “egregious” and harmful to both the claimants and the integrity of the judicial process. The former executive moved £400,000 ($534,437) in violation of court undertakings and later submitted a false witness statement that understated personal expenses by nearly £77,000 ($102,879).
Due to the gravity of the violations, Dudley said a custodial sentence was the only suitable response. The court imposed a 12-month sentence, with the possibility of a six-month reduction if Mañasco repays the transferred funds. An additional three-month sentence for the false statement will be served concurrently.
The contempt ruling is part of a wider legal dispute between Mañasco and his former employer, Mansion Group. Along with Onisac Limited, the company has accused Mañasco of misappropriating close to £5 million. The claims include excessive self-approved salaries and bonuses, unauthorized transfers, and use of corporate funds for personal luxury purchases. Mañasco denies all allegations.
Mañasco did not attend multiple court sessions, including the sentencing. A bench warrant for his arrest has now been issued. He can still file an appeal within 14 days without requiring court approval.
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