Feeds

Pirate Bay suitor shoved off Swedish stock exchange

Global Gaming Factory given marching orders

Designing a Defense for Mobile Applications

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. ®

Using blade systems to cut costs and sharpen efficiencies

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.