Feeds

Pirate Bay suitor shoved off Swedish stock exchange

Global Gaming Factory given marching orders

Top three mobile application threats

The Swedish stock exchange has kicked the proposed buyer of The Pirate Bay off its trading floor.

AktieTorget confirmed (in Swedish) late yesterday that Global Gaming Factory X AB (GGF) had been excluded from the exchange with immediate effect.

It said GGF had “seriously violated AktieTorget’s requirement that listed companies should ensure that the information is accurate, relevant and reliable” under the stock market’s so-called “transparency principle”.

A disciplinary committee reached the decision after suspending trading in the company following GGF’s announcement in June that it planned to buy the notorious BitTorrent tracker site for 60m kronor (£4.7m).

That surprise move came just two months after four men were sentenced to prison and fined £2.4m for their involvement in the operations of The Pirate Bay.

Officials at Sweden’s exchange alleged that GGF was guilty of “serious infringements”.

“They give a systematic impression of a lack of accountability and of an almost casual and unsuspecting approach to including the disclosure requirements,” said the committee.

AktieTorget’s board said it was disappointed that GGF had “misled the market” by failing to adequately disclose details of its business arrangements with traders.

Late last month GGF’s boss Hans Pandeya insisted that the acquisition would go ahead after he won the backing of company shareholders, even though the outfit’s trading had been halted by AktieTorget officials since 21 August.

Over the months since GGF first put forward its ambitious bid to buy The Pirate Bay, some of its investors have walked, after the company failed to explain how it planned to fund the acquisition.

Despite the latest action by Sweden’s stock exchange, Pandeya remains defiant that his firm will indeed buy TPB.

He has already declared that, if necessary, the acquisition will be paid for out of his own pocket if faceless investors, that Pandeya claims have backed the deal, suddenly vanish.

Yesterday he repeated that declaration to the Associated Press. He also branded AktieTorget officials “incredibly scared” and “very weak people.”

Meanwhile, GGF is no longer displaying press releases on its website. ®

Top three mobile application threats

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.