Online betting operator Betsson has felt it necessary to publicly refute allegations that there was anything untoward about its $85m acquisition of Georgian betting operator Europe-Bet this July.

The allegations, which Swedish media claim originated via a report prepared for a US hedge fund, accuse the Europe-Bet sellers of using a front person to disguise connections to a man who controlled one-quarter of Europe-Bet’s shares.

The man allegedly behind this front, Khvicha Makatsaria, has been accused of corruption and money laundering in connecction with some Georgian politicians.

On Friday, Betsson released a public statement saying it believes the report was created to benefit a short-seller looking to drive down the company’s stock price for personal financial gain. Betsson said the report contained “false information and fictitious facts” and the company was examining the possibility of pursuing legal action against the report’s anonymous author and the fund for which the report was written.