How Wargaming Accessed Their Own Money

Source: http://cyprus-mail.com/2014/06/04/third-point-vote-of-confidence-in-hellenic/

Thanks to Vahakn for this piece of info.

Hello everyone,

just a small tidbit of information, that is interesting nonetheless. The abovelinked post about the state of the Cypriot Hellenic bank (co-owned by Wargaming) wouldn’t be too interesting (although it suggests that WG is doing fine, which is good), but it has one interesting short passage in the end:

A Russian business publication reported at the time that Wargaming probably had funds in the bank that got frozen and needed to buy into the bank to be able to withdraw them.

This confirms that during the last year’s Cypriot account government and EU-sanctioned robbery (it wasn’t anything else), Wargaming actually couldn’t access its funds and so they bought into the bank to do so. When you think about that, that’s kinda badass.

32 thoughts on “How Wargaming Accessed Their Own Money”

Meh… can’t reach money… why don’t we just buy the bank? But with what money they did that?

deveen23 on June 4, 2014 at 9:05 am said:

With the money they have at the bank.
- Gunhedo on June 4, 2014 at 9:07 am said:
  
  And they didn’t even need to transfer anything. :)
  
  Nice bank you have, would be a shame, if somebody would buy it! :P
- UNDEAD_DC on June 4, 2014 at 9:07 am said:
  
  But that got frozen
  - deveen23 on June 4, 2014 at 12:53 pm said:
    
    Withdrawals are frozen, they still have receivables from the bank which they can convert into equity.
Galya2107 on June 4, 2014 at 9:13 am said:

They made an O.P. WT auf E100. Player all around the world spent millions of dollars/euro/rubles converting X.P. to get it.

Then they buy a bank.
- Alexander Yordanov on June 4, 2014 at 9:14 am said:
  
  This was before the WT E 100
  - Galya2107 on June 4, 2014 at 10:03 am said:
    
    Yes but the principle the same (T57 maybe?)
Nya-chan Production on June 4, 2014 at 9:23 am said:

You think such big companies have all money in one bank? No way.

It’s called splitting your investment portfolio, to avoid losing it all in one place.
- Nefertum on June 4, 2014 at 9:31 am said:
  
  its called allocating asset btw if you want to talk in economic terms :)
  - Nya-chan Production on June 4, 2014 at 10:33 am said:
    
    Thanks for clarification, English is not my mother tongue :)

You will be surprised what has been going on on this small island I live on. soon I will be sending Silentstalker the latest pics of the new and modern Wargaming office building being built here. it was covered on FTR in the past based on some schematics and developer graphics, but its time to get up to speed :)

Skarakien on June 4, 2014 at 3:17 pm said:

You will only get a Maus.
And it will be stationed in Akrotiri.
And it will purge everything that is not russian.
:)

surprised? not at all
WG buying into a bank .. suspicious – wonder why their assets got frozen in the 1st place

UNDEAD_DC on June 4, 2014 at 9:47 am said:

Prob cuz it was winter XD
Jukelo on June 4, 2014 at 9:55 am said:

Their assets got frozen because everybody’s assets go frozen to prevent capital flight and to help keep the bank afloat.
- UNDEAD_DC on June 4, 2014 at 10:09 am said:
  
  http://en.m.wikipedia.org/wiki/Sarcasm
  - tenshin111 on June 4, 2014 at 10:38 am said:
    
    I think he was replying to zMeul.
    - E.T. on June 4, 2014 at 11:09 am said:
      
      Nonetheless, it is very informative and useful to many people who would like to comment on the Internet. :)
- Joost on June 4, 2014 at 1:20 pm said:
  
  This, obviously. I’m glad the EU did it this way btw. Better then letting the taxpayers from other EU countries bear the brunt …AGAIN.
  - GL on June 4, 2014 at 2:07 pm said:
    
    Cyprus is full of dirty russian companys who are trying to avoid paying taxes in the world.
    - Kellomies on June 4, 2014 at 3:39 pm said:
      
      http://en.wikipedia.org/wiki/Tax_haven
      Questions?
    - zapatista on June 4, 2014 at 3:42 pm said:
      
      So is Netherlands (and other tax havens) full of dirty western companies who are trying to avoid paying taxes.
      
      http://www.expatica.com/pt/finance_business/tax/US-targets-_tax-haven_-Netherlands_14039.html
      
      “The Netherlands is a corporate tax haven for US multinationals and, together with Ireland and Bermuda, it is sheltering companies’ earnings from the American tax authorities, a US Treasury Statement suggested on Monday.”
      - Doddy on June 7, 2014 at 1:01 am said:
        
        Most places are a tax haven from the USA these days, i can’t think of any countries that have as high corporation tax, kinda ironic really.

Meh… Not an interesting piece of news, because everybody knows that WG has shitload of money. :|

It’s good to mock WoT when you’re playing StarCraft II… ;)

“We make tanks, we buy banks.”

Oh, man, I wish I was Viktor Kisly. ;)

Politx_killer on June 4, 2014 at 12:58 pm said:

35% of shares… (I think)

Not a bad way to live…..

” EU-sanctioned robbery”

No, it’s simple risk. The Cyprus banks offered insane interest rates. High interest rates are nothing else than recompensation for taking a risk that one may lose the money or a part thereof.

In case of the Cyprus banks that risk materialized and those people who were willing to take it to benefit from the high interest rates had to suffer their losses.

They gambled, they lost.

So… they need RU 251 info, so they will buy whole Munchen Museum? :)

So i think WarGaming next hit must be “WORLD OF BANKS”! :D

Bank freezes your account? Buy the bank.
Nice move, WG.