(AsiaGameHub) –   Malta-based B2B tech firm River Tech is reported to have made roughly 30 staff redundant following a French court’s order to freeze a subsidiary’s bank account, severely hampering its business activities. Reports state that some employees allege they are still awaiting their final pay.

The St Julian’s-headquartered company confirmed it issued redundancy notices to workers throughout all its entities, encompassing the senior leadership team, CEO, and CFO. On March 13th, an investigative judge at the Paris Court mandated the freezing of the firm’s operational bank account, holding up to €51.2 million.

On March 20th, River Tech’s subsidiary, with board approval, voted to commence winding up and dissolution procedures in accordance with Maltese law. The company stated that the account freeze has substantially prevented the subsidiary from meeting its financial duties.

The board of River Tech adopted a parallel resolution for the parent company and initiated legal proceedings in a Maltese court to wind up and dissolve the parent entity.

Upon appointment, the liquidator for both the parent and subsidiary will oversee the winding-up process and decide on creditor repayments, adhering to the legal payment hierarchy. Additionally, the company has sought the nomination of a provisional administrator to take on temporary management responsibilities pending the case’s final outcome.

River Tech stated that the account freezing is connected to a matter brought forward by France’s Central Racing and Gaming Service, a division of the National Police, adding that it pertains to a criminal probe involving a former client of River Tech.