Source: http://tech.onliner.by/2015/01/13/wargaming-10
Thanks to Maiorboltach for this one.
On 13.1.2015, Wargaming was delisted (removed from trades) from the Cyprus Stock Exchange for failing to comply to the Exchange requirements, which include regular publication of financial results, something Wargaming did not do. Trading with WG shares was suspensded as early as spring 2014, with the final decision to delist the shares being taken in December 2014.
Global marketing vice-president of Wargaming, Nikolai Nebyshinec stated that Wargaming has no intention of re-entering the stock exchange for now: “Today, the company continues to grow and the scale and instruments of the Cyprus stock exchange are no longer sufficient to objectively evaluate the economic indicators of the company Wargaming .”
Full Blown dont give a fuck attitude, not sure that it will lead somewhere.
BTW, is there a reputable stock exchange anywhere in the world that doesn’t require quarterly reports?
I imagine even the Somali pirate raids public findings requires financial reporting, lol
Not sure about Somali pirates but as far as WG goes… I think something’s bad happening, usually when a russian institution or company gets in to trouble the become very secretive.
#justrussianthings
I think I reported this was going to happen a few months ago – when they did not supply financial documents – the ruble was crashing hard. As for company strength, it will depend on many things but first I would suggest (others have too) to move HQ and major development to a location with a better financial climate. This probably will not happen with the company’s current workforce. This does mean however that WGs’ sole income, since VC has dried up, is from the game itself and any other investments they have made to this point. My suggestion, keep one hand on your wallet.
YES! Deny, deny at all costs. No wonder they milked EU so hard during the festive period.
I feel it is more like “We don’t want to tell you how much we make.”
It feels more like “We don’t want to pay income taxes” ;)
russian mafia
Given the climate inside Russia and neighbors can’t blame them. Not having their finances visible keeps them safer from governments and competitors vs what they would get from participating in the capital markets in Cyprus. No shame in delisting – only would have been shame if they had lied on a report which they have not. So no biggie.
No shame in delisting –
As they have nor submitted accounts, how do you know there is nothing naughty going on…..which side of the table would you put your bet ?
In the business world, de-listing is a big item. A valid source of funds has now been removed. While there may be no shame, there also is less available funds.
funds are not something WG need to worry about.. they are a pretty much cash only business…
Shame? They have no shame. Their a bunch of greedy, under handed, trifling, non-transparent, manipulating, shell-game, Ponzi, “eastern carpet baggers”
Text book.
They would rob a lolly pop from a baby if no one were looking. They have no shame.
Don’t think they would care if anyone is looking my friend. :)
You dont actually know what a Ponzi scheme is, do you?
^^^ Ponzi scheme? Sure, ===> “Welcome to Wargaming”
Hey, as long as they can still make use of the tax breaks…
^^^ Dude, like their going to do anything for you with it? Get real. Wake up.
Looks like a fox-and-grapes kind of behavior.
Wargaming sucks
that’s a soft word!
“Today, the company continues to grow”
untill one day, kaboom! they will dissapear into the sands of oblivion.
Or it isn’t growing for a year now but they have enough reserves that they don’t need capital. Which is more than likely the reason that they don’t want to disclose fiscal data. Would be interesting to check their pnl/balance sheet.
Totaly bullsh!t. They just dont wanna hear “why your game contant costs 2$, when u earn 20.000$?”. Srly, all their implements in 3rd and 4th quartals were just models and “official” modes, i cant see where all sums of cash have gone.
They just did it on purpose, instead of removing themselves, they arranged it so they are removed – less trouble. And it’s a private company anyway…
Told you…..
They are in “Trouble.”
Well, one day your going to try to sign on and this game will be gone. “Server not found. All your money up in smoke !!”
Then some lawsuits will start flying…..
I think they have played fast, lose, and quick with some numbers, and have over projected some profits estimates. They have gotten themselves in trouble some how, and are throwing around money in some screwball places to cover tax issues, and are finding ways to circumvent tax issues, and are trying to stuff money.
Also, having your own bank, behind you looking for loopholes is a factor too…
yea, tricky Russian Cyprus operations…
Wonder what kind of trouble they have gotten themselves into?
WG is owned by a few individuals that control 99.99% of the stocks. WG produces enough money to fund itself without the need to borrow from banks or stockholders.
Actually being in the stock exchange was a stupid move because they need to publish their earnings and pay taxes accordingly.
If they do not need the stock exchange then the smartest move is what they did: stop presenting their quarterly reports, being kicked from the stock exchange and keep making big bucks (the exact amount only Victor and 2 or 3 other in WG know) and not paying taxes.
Where do you people get this idea that jist because any company is “private” they pay no taxes. Seems you folks have no clue what you are talking about.
Wg is NOT a cash business..it is an electronic currency business which is exceedingly easy to track (govt tax auditors).
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