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Global Gaming Factory Delisted From Swedish Stock Exchange For Fraud, CEO Claims "Check is in the mail"

Posted by Daniel Shain

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9945_main_ThePirateBayLogo.jpg

And just when everything was looking rosy for GGF's acquisition of The Pirate Bay... oh, wait, that was never the case. GGF has been under investigation for weeks and the delisting is a serious roadblock to any plan to actually purchase the famed torrent site. Oh, and also, people might go to jail. Who knows? And who's surprised?

More trouble for Global Gaming Factory and The Pirate Bay. After recent reports of investigations into whether GGF had the funds it alleged to broker its initial sale went public, many of us smugly donned our "I always thought this was kind of fishy" smirks and waited for the bomb to drop. Yes, CEO Hans Pandeya was continuing to talk the talk, but it was hard to tell whether he was a foolhardly idealist or a sleazy shyster. If the data coming to light in recent days is any indication, it's a little more of column B than column A.

AktieTorget, the Swedish stock exchange on which GGF was formerly listed, has found that the company had given "false information," had displayed a total "lack of accountability," and "seriously violated" transparency rules. The disciplinary commission looked over various press releases, including ones where Global Gaming said it had the funds to purchase TPB lined up (it didn't), or that it was in the final stages of signing a major content deal (it wasn't), or that it had mysterious Russian investors who were also interested in purchasing TPB (no evidence of such shifty Russians found).

In an interview with Wayne Rosso, who was recruited by Pandeya to help negotiate deals with the film and music industry but needed only 3 weeks see he'd just boarded a sinking ship, some telling details emerged. Apparently, budgets he was supposed to work with kept getting changed, Pandeya kept pushing for press releases before it was legally ok to make them, and, according to Rosso, "The check was always in the mail" for him and his staff, whose payment was frequently delayed.

Hans Pandeya Debt

Pandeya has maintained the deal would go through and that, if he needed to, he would use his own money and his own GGF stock to finance it. However, the latter is now potentially useless since nobody trades in delisted stocks. As to the former, debt collection agencies have famously carted away motorcycles, boats, and other personal items of Mr. Pandaya, photos of which have made front page news in Sweden. Rosso even recalls that when he flew to London to talk with entertainment execs, Pandeya's credit cards kept getting refused. And he was supposed to be paying all expenses.

In a satement given to CNet news, Pandeya said "It will be difficult for Aktietorget to explain when we close the deal in two weeks since the funding is not supposed to be in place." Given all that's come to light in recent days, it's beginning to look like talk is all Mr. Pandeya has left.

Via cnet

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