Magnus Bergman submitted his resignation to the Swedish Companies Registration Office (Bolagsverket) on Friday, according to a report in Svenska Dagbladet (SvD).
Bergman’s resignation is the latest in a series of setbacks to befall GGF after the previous departures of board member Johan Sällström and adviser Wayne Rosso.
According to Peter Gönczi, the CEO of market exchange Aktietorget, where GGF stock is listed, the resignation of the chairman is an additional obstacle for the resumption of trading in the company’s shares.
GGF will remain on the exchange’s observation list and trading will not be resumed on Monday, despite previous comments to the contrary by CEO Hans Pandeya.
“Aside from the money there are obviously a series of other questions that need to be straightened out,” Gönczi told SvD.
The Local reported on Friday that trading in GGF stock had been suspended after reports that Pandeya was being pursued by the Swedish enforcement service for mounting unpaid debts.
Johan Sellström confirmed that he considering suing Pandeya for money he alleges he is owed.
Furthermore Pandeya is also reported to have outstanding tax debts of around 780,000 kronor ($111,155).