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Crisis in e-Games

nicolechristnicolechrist Member Posts: 4
in RAN Online

 omg, l saw it on the edge daily, do you all believe it???

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_7546c3a9-cb73c03a-16f70a40-36e921f8#


29-06-2007: Crisis in e-Games

By Toh Mei Ling

Email us your feedback at [email protected]

 

A crisis appears to have been brewing at online games publisher e-Games Global Sdn Bhd, in which government-owned funding vehicle Malaysia Debt Ventures (MDV) had invested RM61 million four years ago.

Even with the large amount of money, e-Games did not succeed in its plan to set up the planned first English online multi-game portal.

Sources alleged that following the disbursement by MDV to e-Games in late 2003, RM41 million was taken out of the company within two months.



The money went to its major stakeholder, Terra Corp, in return for a binding contract for 60 game titles, while while the remainder was then used to set up the online game portal.

Things took a turn for the worst when Terra Corp failed to deliver the promised game titles, resulting in a breach of contract. It is not known if e-Games had taken any action to recover its losses. Questions sent to e-Games' chief executive officer Chua Jin Boon remain unanswered as of press time.

Aside from this, e-Games has lost the publishing right of its money-spinning online game "RAN Online" to another online game publisher Gonzo Rosso Malaysia.

Gonzo Rosso is the local arm of Japanese digital content powerhouse Gonzo Digimation Holdings KK.

Formerly known as Terra ICT Sdn Bhd, e-Games is a joint-venture between Japanese technology-and-Internet-based solutions provider Terra Corp and Main Board-listed turnkey contractor Bintai Kinden Corp Bhd.

Terra Corp and Bintai Kinden hold 30% and 21% stake in e-Games, respectively. The remaining stake is collectively held by e-Games adviser and Terengganu exco member Datuk Abdul Latiff Awang and other individuals.

The content development industry in Malaysia is still in its early stages; hence, the investment received by e-Games is still one of the highest in the country to date.

Amid the problems, it is also learnt that cyber crime allegations are being made against four of e-Games' ex-senior management staff.

The eventual termination of the "RAN Online" publishing rights contract between e-Games and the game's South Korean developer Min Communications had raised eyebrows.

e-Games' former chief operating officer CS Chin is currently employed as the CEO of Gonzo Rosso. Chin refuted the allegations made against him and the other three former e-Games managers as "baseless and without foundation" when approached for comments.

At present, the key question is if the RM61 million is recoverable, because e-Games will need to repay MDV for the loan.

MDV has a loan portfolio of RM1.6 billion, which the government borrowed from the Japan Bank of International Cooperation (JBIC).

It is understood that calls for action have previously been made internally for MDV to withdraw from e-Games, but it has not done so.

MDV's CEO Zubir Ansori Yahaya said that it has been monitoring the account closely, since disbursement of funds and the process includes collection and recovery.

For full coverage, read the coming issue of The Edge weekly.

Comments

  • junkroomjunkroom Member Posts: 82

    I see you started other threads with pretty much same thing about e-games and rosso RAN online

    Rumors or not, it's easy to find out~~ At the end of the day you will know when if you can or can't log in e-games RAN Online~~ If it's true sooner or later, they're going to have to take it down just like Martial Heroes that they're no longer running anymore.

    so, we shall see~~

  • Darkfire310Darkfire310 Member Posts: 24

    Originally posted by nicolechrist


     omg, l saw it on the edge daily, do you all believe it???
    http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_7546c3a9-cb73c03a-16f70a40-36e921f8#

    29-06-2007: Crisis in e-Games

    By Toh Mei Ling

    Email us your feedback at [email protected]
     
    A crisis appears to have been brewing at online games publisher e-Games Global Sdn Bhd, in which government-owned funding vehicle Malaysia Debt Ventures (MDV) had invested RM61 million four years ago.
    Even with the large amount of money, e-Games did not succeed in its plan to set up the planned first English online multi-game portal.
    Sources alleged that following the disbursement by MDV to e-Games in late 2003, RM41 million was taken out of the company within two months.



    The money went to its major stakeholder, Terra Corp, in return for a binding contract for 60 game titles, while while the remainder was then used to set up the online game portal.
    Things took a turn for the worst when Terra Corp failed to deliver the promised game titles, resulting in a breach of contract. It is not known if e-Games had taken any action to recover its losses. Questions sent to e-Games' chief executive officer Chua Jin Boon remain unanswered as of press time.
    Aside from this, e-Games has lost the publishing right of its money-spinning online game "RAN Online" to another online game publisher Gonzo Rosso Malaysia.
    Gonzo Rosso is the local arm of Japanese digital content powerhouse Gonzo Digimation Holdings KK.
    Formerly known as Terra ICT Sdn Bhd, e-Games is a joint-venture between Japanese technology-and-Internet-based solutions provider Terra Corp and Main Board-listed turnkey contractor Bintai Kinden Corp Bhd.
    Terra Corp and Bintai Kinden hold 30% and 21% stake in e-Games, respectively. The remaining stake is collectively held by e-Games adviser and Terengganu exco member Datuk Abdul Latiff Awang and other individuals.
    The content development industry in Malaysia is still in its early stages; hence, the investment received by e-Games is still one of the highest in the country to date.
    Amid the problems, it is also learnt that cyber crime allegations are being made against four of e-Games' ex-senior management staff.
    The eventual termination of the "RAN Online" publishing rights contract between e-Games and the game's South Korean developer Min Communications had raised eyebrows.
    e-Games' former chief operating officer CS Chin is currently employed as the CEO of Gonzo Rosso. Chin refuted the allegations made against him and the other three former e-Games managers as "baseless and without foundation" when approached for comments.
    At present, the key question is if the RM61 million is recoverable, because e-Games will need to repay MDV for the loan.
    MDV has a loan portfolio of RM1.6 billion, which the government borrowed from the Japan Bank of International Cooperation (JBIC).
    It is understood that calls for action have previously been made internally for MDV to withdraw from e-Games, but it has not done so.
    MDV's CEO Zubir Ansori Yahaya said that it has been monitoring the account closely, since disbursement of funds and the process includes collection and recovery.
    For full coverage, read the coming issue of The Edge weekly.

    Total Fake!!!! I'm still able to log on and get new patches and others!

    Should get yo facts right...

  • maggie88maggie88 Member Posts: 1

    welll...eventually... they didnt just took the game down...i think they even took down the whole company?    or....they are really doing some maintaining....hummm...had to wait and see.... personally...i felt that it's a waste~ the games egames hosted is not bad~ just that.... their servers is bad~ always dc and bug and stuff....even after open beta~ welll~ nvm about egames having loads of bug problems~ now my  rosso also having loads of buy problems~ sigh~ i really love playing ran online... but with all this things happening....sigh~

    image

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