Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News

 

Funcom Offices Raided for Shady Bookkeeping, Delisted From Oslo Stock Exchange

Jan 30 2014, 6:20am CST | by

10 Updates
Funcom Offices Raided for Shady Bookkeeping, Delisted From Oslo Stock Exchange
 
 

Comments

Recommend Your Tweet as Top Tweet:

Full Story

Funcom Offices Raided for Shady Bookkeeping, Delisted From Oslo Stock Exchange

Officers from Norway’s economic crime unit Økokrim raided the offices of The Secret World developer Funcom today as part of an investigation into allegations of shady bookkeeping.

Funcom is accused of sharing false financial information and breaching disclosure requirements, and has been temporarily delisted from the Oslo Stock Exchange.

According to information on the OSE’s website , the government “has charged Funcom N.V. based on suspicion of infringement of the provisions of the Securities Trading Act with regards to the financial information given to the market regarding The Secret World from August 2011 until the launch of the game in July 2012 and the two months following the launch. In the view of Økokrim, there also exists a probability that the company has not maintained the required log of information within the company during that time.”

According to the OSE Funcom is fully cooperating with the investigation. Meanwhile, employees have been sent home.

After disappointing sales of The Secret World, Funcom saw a sharp decline in its share value leading to studio closures and the layoff of half the company’s staff, including the MMO’s lead designer.

The company is currently developing the licensed MMO LEGO Minifigures Online.

In 2012 former CEO Trond Arne Aas was investigated for insider trading after he sold 650,000 shares of the company following his resignation one day before the launch of The Secret World and just months prior to the huge dip in Funcom share prices.

The Norwegian company also holds the rights to Dreamfall Chapters , the Kickstarter-backed title currently under development by Red Thread Games. Whether that game is at risk due to the current investigation remains to be seen. But the larger picture for Funcom is decidedly bleak.

Follow me on Twitter  or Facebook Read my Forbes blog here .

Source: Forbes

 

You Might Also Like

Updates


Sponsored Update

Update: 10

MRCB, Nusa Gapurna and PKNS settle suit over RM3 billion PJ Sentral project

Source: Malaysia Today

(The Malaysian Insider) – Malaysian Resources Corp Bhd (MRCB), Nusa Gapurna Development Sdn Bhd (NGD) and PKNS Holdings Sdn Bhd have reached an out-of-court settlement over the ownersh ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 21 2014, 2:53am CDT
 


Advertisement


Update: 9

Story behind Syed Mokhtar’s ‘RM2.25 billion tax-exempt’ Bernas deal revealed, says PKR MP

Source: Malaysia Today

(The Malaysian Insider) – An innocuous written reply in Parliament has provided a peek into the cosy relationship between the Najib administration and Malaysia’s best-known businessman, Tan Sri ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 15 2014, 12:56pm CDT
 

More From the Web

Update: 8

Constitutional monarchy still murky concept

Source: Malaysia Today

After the RM4.5 billion land sale, the Sultan of Johor secured a 15% stake in MOL Access Portal (MOL) for RM396 million and took a 20% stake in Berjaya Times... R ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 14 2014, 12:37am CDT
 

Update: 7

Sultan of Johor’s RM4.5 bil backlash?

Source: Malaysia Today

49th Karlovy Vary International Film Festival
Has Sultan Ibrahim of Johor’s succession of big money deals over the last six months caused the tide of public opinion to turn against Johor’s royal palace? KiniBiz examines th ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 11 2014, 8:49am CDT
 

Update: 6

Putrajaya denies carpet dealer given interest-free loan

Source: Malaysia Today

Eileen Ng, The Malaysian Insider Putrajaya today refuted allegations that Bank Rakyat had allowed carpet dealer Deepak Jaikishan to repay a RM32 million loan without interest following intervention fr ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 11 2014, 5:44am CDT
 

Update: 5

Malaysia Spends Over $9 million on MH370 Hunt: Report

Source: NDTV

49th Karlovy Vary International Film Festival
Malaysia has so far spent about RM27.6 million (over $9 million) on search operations for missing Malaysia Airlines flight MH370, an official said on ...
Source: NDTV   Full article at: NDTV Jun 9 2014, 3:12am CDT
 

Update: 4

Bill for Kidex likely to soar to RM3.4b

Source: Malaysia Today

The original RM2.4 billion tag on the proposed highway did not take into account the cost of acquiring the land mostly in the urban areas, claims an assemblywoman Fa ...
Source: Malaysia Today   Full article at: Malaysia Today Jun 9 2014, 2:51am CDT
 

Update: 3

MACC: No elements of graft in Bank Rakyat’s loan to businessman

Source: Malaysia Today

BET AWARDS '14 - Red Carpet
(Bernama) – The Malaysian Anti-Corruption Commission (MACC) found no elements of corruption in Bank Rakyat’s RM32 million interest free loan to a businessman. MACC in a state ...
Source: Malaysia Today   Full article at: Malaysia Today May 31 2014, 9:33am CDT
 

Update: 2

IHH Healthcare posts 25% rise in 1Q earnings to $62 mil

Source: The Edge Singapore

IHH Healthcare Berhad announced that revenue grew by 8% y-o-y to RM1.8 billion ($703 million) for 1Q2014 ended March, as earnings grew 25% YoY to RM159 ...
Source: The Edge Singapore   Full article at: The Edge Singapore May 29 2014, 11:29am CDT
 

Update: 1

Hasan Malek evades media over RM32 million Bank Rakyat loan scandal

Source: Malaysia Today

Elizabeth Zachariah, The Malaysian Insider The minister embroiled in the RM32 million Bank Rakyat loan scandal refused to take questions from the press today at an event in Kuala Lumpur. ...
Source: Malaysia Today   Full article at: Malaysia Today May 28 2014, 11:42pm CDT
 

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

 

Comments

blog comments powered by Disqus

Latest stories

 
Emmy Nominations 2014: Ups and Downs
Emmy Nominations 2014: Ups and Downs
At the Emmy nominations 2014, there were both some ups and downs for the actors and actresses who got voted for the awards.
 
 
Rosie O&#039;Donnell Not Happy with Elisabeth Hasselbeck&#039;s Remarks
 
 
Christina McLarty Proposed Twice by David Arquette
Christina McLarty Proposed Twice by David Arquette
Christina McLarty is now happily engaged to David Arquette. But Arquette had to propose Arquette twice for a "yes."