The board of directors of 5050 Poker Holding AB has taken the decision to shut down its subsidiary 5050 poker ltd. The company said that the Lotteries and Gaming authority has asked for too high level of assurance and for saving the assets so that they can pay back the players, the Board of Directors had taken such a harsh decision. A posting on the site published for the shareholders and the players says that liquidation is the only option to serve the players interest in this current condition.
The post also says that the board of directors will prosecute the possibility to sell their company with the purpose of saving as much share holder value as they can. 5050poker site darned microgaming for the reason why the players are not been paid and it is a vital reason for which the poker network has recently dropped the site without any warning and leading mass of players withdrawing their hard earned money. This resulted in negative balance. It is just after that the LGA suspended the operation of the site.
The site claimed that the assets will be used as paybacks without any exact figure and is estimated that the ratio of the payback will be no higher than that of the 15 percent balance of the player’s funds. Cem Yeter and Olle Langenius, directors of 5050 poker are been assigned to look after the situation. Further proceeding is going on to investigate the whole situation and we hope very soon the directors will detect the fault.