February 9, 2010
Pirate Bay buyer faces criminal investigation
Published: 24 Aug 09 16:31 CET
Online: http://www.thelocal.se/21660/20090824/
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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.
- Pirate Bay buyer suffers new setback (24 Aug 09)
- Debt collector hunts Pirate Bay buyer (21 Aug 09)
- Music body cautions Pirate Bay suitor (7 Aug 09)
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.
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