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Trouble for the Pirate Factory
Did TPB pick the wrong factory?
STOCKHOLM (Radsoft) -- Global Gaming Factory and Hans Pandeya are both on the hot seat today, jeopardising the planned acquisition of The Pirate Bay. GGF are accused of insider trading, have had their stock frozen, and GGF CEO Pandeya is being chased for a half million dollar debt.
As a part of their normal supervision of corporate information the bourse Aktietorget demanded GGF demonstrate their entire financing is at hand as they've been claiming.
GGF have namely not provided the information and consequently their stock was frozen. At the same time and in an unrelated action Aktietorget have begun a probe into possible insider trading.
'There's uncertainty whether the financing of the acquisition is complete and whether the business purchased will be legal', says Aktietorget's Peter Gönczi. 'This is a signal to small investors to research before investing.'
At the same time former GGF director Johan Sellström has demanded a personal payment of SEK 4.7 million from GGF CEO Hans Pandeya. Sellström has also demanded a payment of $50,000 from the corporation GGF. At the same time Pandeya has a tax debt of SEK 782,000, something he denied knowing anything about only a few weeks earlier.
There have been concerns all along about GGF; these developments can only make matters worse.
SvD: Pirate Bay-köpare jagas av Kronofogden
SvD: Insiderhandel misstänks hos Pirate Bay-köpare