MTK Global CEO Bob Yalen resigns due to 'pressure' following Kinahan sanctions
Yalen, who has served as MTK’s President and CEO since 2018, resigned from the position on Tuesday following the “pressure of the last few weeks."
MTK Global chief Bob Yalen has stepped down from his role due to “personal reasons.”
Yalen, who has served as MTK’s President and CEO since 2018, resigned from the position on Tuesday following the “pressure of the last few weeks” after the company’s co-founder Daniel Kinahan was sanctioned by the US Government.
However, MTK Global that they “parted ways with Mr Kinahan in February 2017. He has had no interest in the business since then and will have no future involvement with us.”
Reps for MTK announced Yalen’s departure in a statement, writing: “We regret to announce that Bob Yalen has today stepped down as CEO of MTK Global for personal reasons.
“We would like to thank him for all of his efforts on behalf of the business and his leadership of our team.”
Yalen, who has no involvement in crime, added: “I am incredibly proud of the success of MTK Global and I feel privileged to have served as President and CEO since 2018.
“However, the pressure of the last few weeks has been particularly intense. I need to consider the impact on myself and my family. So after four years leading MTK, I think it’s time for me to step aside to take on new challenges.”
Yalen's resignation comes after MTK founder Daniel Kinahan was hit with worldwide financial sanctions alongside his father Christopher Snr and brother Christopher Jnr by the US Department of Treasury’s Office of Foreign Assets Control.
Authorities issued a $5million bounty for information leading to the arrest or conviction of the three most senior members of the cartel group for smuggling narcotics to Europe, laundering money, and committing murders as part of its criminal enterprise.
Last week, MTK Global said it “will comply fully with the sanctions made by the US government against Daniel Kinahan.”
Bob Yalen is quoted saying at the time: “MTK Global will take every measure to ensure the company, and those who deal with it are fully compliant with the US sanctions announced this week and take this matter extremely seriously.”
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