Pirate Bay suitor targeted in police probe

By AFP

June 18, 2010 Updated Aug 24, 2009 at 11:31 AM EDT

Police in Sweden said Monday they were investigating Global Gaming Factory, the Swedish online games firm looking to buy illegal download site The Pirate Bay, as doubts surfaced about the sale.

"I have received a complaint about Global Gaming Factory but I can't say more than that because the preliminary investigation is classified," the head of the investigation, Anne-Marie Helander of the Swedish Economic Crime Authority, told AFP.

She said the Swedish Financial Supervisory Authority "in early July" alerted police to potential irregularities concerning Global Gaming Factory.

According to the Swedish media, the company is suspected of insider trading in connection with its June 30 announcement of its acquisition of The Pirate Bay.

A week earlier, on June 22, "trading in the (Global Gaming Factory) share was suspended because of the rise in the share price before the announcement" of the acquisition, the deputy head of equities marketplace Aktietorget, Peter Goenczi, said.

Trading was suspended a second time last Friday, after Aktietorget said it had received insufficient information from Global Gaming Factory about how it planned to finance the 60-million-kronor (5.9-million-euro, 8.5-million-dollar) purchase of The Pirate Bay, Goenczi said.

Swedish media have suggested that the acquisition announcement was merely a bluff to boost Global Gaming Factory's share price.

The chief executive of Global Gaming Factory, Hans Pandeya, meanwhile insisted on Monday that the investors financing the takeover would be presented on Thursday at the company's board meeting.

"We will complete the sale on Thursday. Nothing can stop it," he told AFP.




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