Former owners of the Purple Lounge poker room Mediacorp plc have finally announced that the company is stopping trading. Purple Lounge went offline in April last year and into liquidation shortly afterwards, leaving players with a total loss of their deposits.
Mediacorp plc is a publicly listed company on London’s Alternative Investment Market (AIM). Purple Lounge was a Malta-registered subsidiary which could be liquidated independently of the parent company—which meant players got nothing and had absolutely no recourse against Mediacorp.
Purple Lounge was regulated by the Maltese Lotteries and Gaming Authority (LGA) which did absolutely nothing to assist players and washed its hands of any responsibility for the company’s financial collapse, despite having regulatory requirements which mandated segregated player funds.
The new management quickly discovered yet more financial problems and set about trying to save what they could. Assets which shareholders had assumed to have value were soon discovered to be worth virtually nothing.