WILLEMSTAD – Financial-forensic investigator Luigi Faneyte says the expansion of Random Systems International into Armenia should be examined against a broader series of developments surrounding Curaçao’s gaming regulator, including regulatory delays, changes within the Curaçao Gaming Authority (CGA) and questions about the capacity available to supervise the rapidly changing online gaming industry.
Faneyte has presented a timeline that he believes warrants investigation into the relationship between Curaçao’s gaming reform, former Finance Minister Javier Silvania, consultant Mario Galea and Random Systems International.
According to Faneyte, the developments cannot be viewed separately.
He points to September 2025, when the full Supervisory Board of the CGA stepped down and the gaming portfolio was subsequently removed from Silvania. Silvania resigned as minister the following month.
Faneyte also refers to a November 27, 2025 report from the Board of Financial Supervision (Cft), which, according to him, stated that the Cft understood that the Public Prosecutor’s Office had an ongoing investigation involving the CGA.
On December 23, 2025, the CGA published a letter acknowledging that it was behind schedule in reviewing licenses, according to Faneyte.
He then points to April 2026, when Random Systems began negotiations in Armenia. Faneyte says it has now emerged that the company will establish a system there for monitoring, controlling, analyzing data and integrating gambling products.
“That timeline must be investigated,” Faneyte said.
His statements and interpretation of the events constitute allegations and calls for investigation and do not establish wrongdoing by the individuals or organizations involved.
A central concern raised by Faneyte is whether Curaçao currently has sufficient regulatory capacity to properly supervise its gaming industry while companies involved in the island’s regulatory transformation expand their activities elsewhere.
According to Faneyte, the CGA has acknowledged that the large volume of information it must process, combined with the requirement to conduct proper vetting, has made it difficult to complete assessments of license holders on time.
He is particularly critical of the issuance of provisional licenses while full reviews have not yet been completed, arguing that this could expose Curaçao to unnecessary regulatory and reputational risks.
Faneyte also cited failures of individual gaming businesses as evidence of the financial risks surrounding the industry. He specifically referred to BC.Game, which he said left several parties, including players and Curaçao’s Tax Department, with unpaid claims.
“If implementation in Curaçao is already under pressure, we need to know what it means when a party that plays an important role here simultaneously has to build a new system in Armenia,” Faneyte said.
He wants authorities to establish which personnel and resources Random Systems will use for its Armenian activities and whether its obligations involving Curaçao will remain fully supported.
The issue, according to Faneyte, also raises broader questions about Curaçao’s competitive position.
He wants investigators to establish whether systems, expertise or business relationships developed through Curaçao’s regulatory reform could potentially be used to strengthen another international gaming jurisdiction.
Of particular concern to him is the possibility that operators currently connected to Curaçao could eventually be approached for the Armenian market.
Faneyte therefore argues that the independent investigation previously announced by Finance Minister Charles Cooper should extend beyond payments to foreign consultants.
He wants investigators to examine procurement procedures, contractual relationships, ownership of data and technology, the handling of operator information, local employment commitments and the degree to which Curaçao became dependent on foreign advisers and their companies.
The procurement question is especially important, according to Faneyte, because Random Systems was required to participate in a public tender in Armenia.
He argues that Curaçao should consequently be able to explain the process through which the company and Galea obtained their roles locally, including whether competing suppliers were considered and who authorized the arrangements.
Faneyte says the investigation should ultimately determine whether critical knowledge, systems or relationships developed in Curaçao are now contributing to the creation of a gaming framework that could compete with the island.
For Curaçao, he argues, the matter is no longer simply about past contracts or payments. It concerns the future competitiveness, credibility and regulatory independence of an industry that the government has been attempting to restructure under the new gaming framework.