• Sweden's news in English

Stock exchange gives Pirate Bay suitor the boot

TT/The Local · 10 Sep 2009, 11:03

Published: 10 Sep 2009 11:03 GMT+02:00

Facebook Twitter Google+ reddit

Aktietorget, an equity exchange for smaller companies not listed on the Stockholm stock exchange, decided to immediately halt trading in GGF shares, claiming that the company and its CEO, Hans Pandeya, have misled the market.

“Pandeya hasn’t been able to back a number of claims in the press releases he’s sent out since the deal became known at the end of June. Among other things, GGF can’t prove the promised loans from investors or the informal offers from Napster-founder John Fanning or Russian interests, among others” said Akietorget vice president Peter Gönczi to the TT news agency.

As a result, Aktietorget claims, several investors have made decisions based on faulty information.

“We’re sorry for the small investors who made trades based on bad information. They are the ones who are affected most,” said Gönczi.

Aktietorget previously halted trading in GGF shares at the end of August after the company’s board formally decided to go ahead with the purchase of The Pirate Bay without proof that investors or funding were in place.

The announced purchase price for the popular file sharing site was 60 million kronor ($8.5 million).

Despite having his company tossed out of Aktietorget, GGF’s CEO remains adamant that the deal will take place.

Story continues below…

“This doesn’t affect the purchase at all. The decision is just weird,” Pandeya told the Svenska Dagbladet (SvD) newspaper.

TT/The Local (news@thelocal.se)

Facebook Twitter Google+ reddit

Your comments about this article

13:59 September 10, 2009 by Jan M
'The decision is just weird'. How is asking for proof that someone is telling tall stories and then penalising them when they fail to provide it 'just weird'. Some juveniles need to become adults quickly.
16:10 September 10, 2009 by eZee.se
I (almost) always support TPB, but the fact is this moron is not TPB and had he got his hands on it he would have ruined it in spirit and in every other way.

He's been constantly lying and side stepping major questions, i think he's just reaping what he sowed.

The best thing is, TPB is the same....

(A note of safety to my fellow 'pirates': Use a VPN when accessing the bay now, just to be safe from the turds from the antipiracy organizations like the IFPI etc)
10:54 September 11, 2009 by ikki
hahahah... lol

entering the stockmarket and selling shares for say 100 millions, manages to pay the 60 millions for the site... or even forgets about buying the site at all...

Just straight profit.

Wouldnt be the first time nonexostant companies gather up capital, but this is quite unique in its publicity!
Today's headlines
Sweden could be allowed to keep border controls: EU
Police ID checks at Hyllie station in southern Sweden. Photo: Stig-Åke Jönsson/TT

Sweden could be allowed to keep ID controls on its border with Denmark beyond the current end date of November, following discussions among EU leaders in Brussels last night.

Why women in Sweden will work for free by November
File photo of a woman working in a Swedish office. Photo: Anders Willund/TT

A new study into the gender pay gap suggests Sweden still has some work to do.

Look familiar? Meet your jawbone's ancestor
Thank God for evolution, eh?

There's something fishy about the human jawbone – it has its origins in the placodermi, a jowly species of fish that lived 400 million years ago, Swedish and Chinese researchers say.

Isis claims unremarked arson attack in Malmö
The arson attack took place on Norra Grängesbergsgatan in Malmö. File photo: Emil Langvad/TT

An arson attack in Malmö that caused only minor damage and was barely reported in the media has been claimed by terror group Isis.

How to make autumnal Swedish apple cake
Photo: SwedishFood.com

This tasty cake is an autumn staple in Swedish cafés. Why not make it yourself!

Facebook slammed for cutting Swedish breast cancer video
File photo of the landing page of the Swedish version of Facebook. Photo: Christine Olsson/TT

The social media giant removed a breast cancer awareness video because it deemed the images "offensive," according to the Swedish Cancer Society.

Pastor rapped for depicting rival as Nazi in church play
A different pastor. Photo: Christine Olsson/TT

The pastor allegedly found it funny.

In Pictures: Look inside this perfect Swedish island home
This modern Gotland home was designed and built by two Swedes. Photo: United Frog Studios/AB

Anna-Lena and Johan designed and built their home with tall beautiful windows, a smart heating system, and a separate section for their greyhounds.

Cannabis worth millions seized at Swedish port
A file photo of a Swedish police cannabis find not related to the story. Photo: Polisen

The 300kg haul was found by in a truck which drove off a ferry in Karlskrona.

Roll over Volvo: there’s a new Swedish car in town
Photo: Björn Olsson

Car developers in Gothenburg have given Volvo a new sibling.

Sponsored Article
This is Malmö: Football capital of Sweden
Analysis & Opinion
Are we just going to let half the country die?
Sponsored Article
Where is the Swedish music industry heading?
Angry elk chases Swede up a lamp post
The Local Voices
'Alienation in Sweden feels better: I find myself a stranger among scores of aliens'
Blog updates

6 October

10 useful hjälpverb (The Swedish Teacher) »

"Hej! I think the so-called “hjalpverb” (auxiliary verbs in English) are a good way to get…" READ »


8 July

Editor’s blog, July 8th (The Local Sweden) »

"Hej readers, It has, as always, been a bizarre, serious and hilarious week in Sweden. You…" READ »

Sponsored Article
7 reasons you should join Sweden's 'a-kassa'
People-watching: October 20th
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
A layover at Qatar airport brought this Swedish-Kenyan couple together - now they're heading for marriage
Swede punches clown that scared his grandmother
Fans throw flares and enter pitch in Swedish football riot
Sponsored Article
Stockholm: creating solutions to global challenges
Could Swedish blood test solve 'Making a Murderer'?
Sponsored Article
Swedish for programmers: 'It changed my life'
Property of the week: Linnéstaden, Gothenburg
Swedish school to build gender neutral changing room
Sponsored Article
Top 7 tips to help you learn Swedish
People-watching: October 14th-16th
Sponsored Article
How to vote absentee from abroad in the US elections
Man in Sweden assaulted by clowns with broken bottle
Nobel Prize 2016: Literature
Sponsored Article
'There was no future for me in Turkey'
Watch the man who discovered Bob Dylan react to his Nobel Prize win
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Record numbers emigrating from Sweden
Sponsored Article
Stockholm: creating solutions to global challenges
People-watching: October 12th
Sponsored Article
Why you should 'grab a chair' on Stockholm's tech scene
The Local Voices
'Swedish startups should embrace newcomers' talents - there's nothing to fear'
Sponsored Article
'There was no future for me in Turkey'
How far right are the Sweden Democrats?
Sponsored Article
Where is the Swedish music industry heading?
Property of the week: Triangeln, Malmö
Sponsored Article
Last chance to vote absentee in the US elections
Sweden unveils Europe's first elk hut
People-watching: October 7th-9th
The Local Voices
Syria's White Helmets: The Nobel Peace Prize would have meant a lot, but pulling a child from rubble is the greatest reward
Missing rune stone turns up in Sweden
Nobel Prize 2016: Chemistry
People-watching: October 5th
Must-watch: Incredible time-lapse video of Northern Lights in Sweden
The Local Voices
Why this Russian developer is committed to helping refugees - with tech
jobs available