The billionaire co-founder of PartyGaming is to sell two-thirds of his stake in the online gambling firm.Anurag Dik will sell up to 75 million shares, reducing his stake to 9.5% from 28%.
In December 2008, Mr Dik**** pleaded guilty to violating US internet laws and agreed to forfeit $300m (approximately £192m at the time).
He is due to be sentenced in December, but is unlikely to go to prison because of a plea agreement with prosecutors.
US gambling law reforms in 2006 effectively made it illegal for PartyGaming to trade there.
Mr Dik****, who is estimated to be worth $1bn by Forbes magazine, will continue to hold 39 million shares, remaining the company’s second-biggest shareholder.
The sale price is yet to be announced. The 75 million shares are worth about £213m based on Monday’s closing price of 284.5p.