Party Poker Founder Sells Shares

October 22 - One of  the founders of Party Gaming, Anurag Dikshit, has announced that he has sold his stake in the company, and raised himself GBP 188 million in the process.

There are mixed reports as to whether Dikshit sold 2/3 of his 28% share in the company, or all of it.

A filing to the London Stock Exchange this week showed that the amount stood at two thirds at present.

Dikshit helped found Party Gaming, parent company of major online poker site, Party Poker, at the age of 25 and went on to become a billionaire in his own right.

Last year, Dikshit reached a plea bargain with the United States authorities over charges of unlawful gambling activities from 1997 until 2006 when the Unlawful Internet Gambling Enforcement Act was signed into law by the Bush government.

After the UIGEA was passed, Party Gaming left the US shores, but authorities maintained that the group needed to face charges for gambling activities prior to the law.

As part of the guilty plea, Dikshit agreed to pay the government a $300 million forfeiture fee.

After news of the shares sale broke this week, a spokesperson for the 36 year old Dikshit said: "Anurag has paid the $300 million fine that he was asked to pay by the US authorities and has decided to move away from the company."

Share prices closed low in London on Tuesday, dropping by 15%.

Dikshit's spokesman said that the money raised will be directed to the billionaire's charity fund.