• Sweden edition
 

Pirate Bay buyer faces criminal investigation

Published: 24 Aug 2009 16:31 GMT+02:00
Updated: 24 Aug 2009 16:31 GMT+02:00

Swedish police have launched an investigation into allegations of financial irregularities surrounding Global Gaming Factory X, the firm planning to purchase file-sharing site The Pirate Bay.

"I have received a complaint about Global Gaming Factory but I can't say more than that because the preliminary investigation is classified," the head of the investigation, Anne-Marie Helander of the Swedish Economic Crime Authority, told AFP.

She said the Swedish Financial Supervisory Authority "in early July" alerted police to potential irregularities concerning Global Gaming Factory.

According to the Swedish media, the company is suspected of insider trading in connection with its June 30th announcement of its acquisition of The Pirate Bay.

A week earlier, on June 22nd, "trading in the (Global Gaming Factory) share was suspended because of the rise in the share price before the announcement" of the acquisition, the deputy head of equities marketplace Aktietorget, Peter Gönczi, said.

Trading was suspended a second time last Friday, after Aktietorget said it had received insufficient information from Global Gaming Factory about how it planned to finance the 60-million kronor ($ 8.5 million) purchase of The Pirate Bay, Gönczi said.

Swedish media have suggested that the acquisition announcement was merely a bluff to boost Global Gaming Factory's share price.

The chief executive of Global Gaming Factory, Hans Pandeya, meanwhile insisted on Monday that the investors financing the takeover would be presented on Thursday at the company's board meeting.

"We will complete the sale on Thursday. Nothing can stop it," he told AFP.

AFP/The Local (news@thelocal.se)

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Your comments about this article

17:03 August 24, 2009 by juanman79
It looks almost as if they publicized the whole PB deal just to inflate the shares of the company, and then one by one leave the company (with the proceeds in their pockets maybe?)... Classical case of Enron-itis
06:17 August 25, 2009 by crunchy2k
I didn't think a corporation from my country, the U.S.A., was powerful enough to influence a small country like Sweden. I'm impressed by the RIAA. Training judges how to circumvent their own laws, getting the right judge to fudge the trial. Those things are done here in the US everyday. Which is why the US has layers upon layers of judiciary. I wouldn't be surprized if juanman79 isn't a shrill from the RIAA and MPPA.
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