The battle for Jagex continued apace with Monday’s filing of an amended complaint by Plutos Sama Holdings Inc., which is not yet giving up its fight to take control of the RuneScape developer. The new complaint follows the one filed by PSH on Jan. 21, the major points of which we outlined in the wake of the announcement of Jagex’s sale to the Carlyle Group last Monday.
In this new document, PSH makes the lion’s share of accusations against Yan Jinggang, who fled China in 2018, calling him “the ‘poster child’ of the corruption that China is so desperately trying to stop under its current political leadership.” PSH calls Yan the true owner of Jagex who has prevented the sale of the company to PSH “by whatever means necessary,” including “direct violations of the Federal Corrupt Practices Act, including, at a minimum, bribery and wire fraud.”
PSH detailed several of the illicit transactions it alleges Yan made to governmental officials in its complaint. One alleges that Yan bribed a Chinese official to provide false claims against PSH’s lender when it attempted to purchase Jagex outright in early 2020, thus stopping the transaction and leading to Jagex’s “purchase” by Platinum Fortune and MacArthur a short time later. The stated reason is because Yan owed $100 million to Jagex’s holding company, SHNT, and that its new owners would attempt to collect that debt from him, as well as shut him out from continuing to operate Jagex.
The suit also has unkind words for Platinum Fortune and The Carlyle Group, whom PSH says “for their own financial gain, purchased a stolen asset” (Jagex) and “aided and abetted the other defendants in receiving and/or concealing stolen property in a manner of theft” and “with full knowledge of their partner Yan’s means by which they were obtained.”
As for Jagex itself, PSH accuses some senior personnel of Jagex as accepting “a clear bribe,” totaling 5 million British pounds, “to ‘keep quiet’ about the facts that Platinum never had the money” to purchase the developer.
A Jagex spokesman told us, “We confirm that The Carlyle Group has acquired Jagex regardless of any claims made by third parties in relation to the deal. The allegations are meritless in all respects.” We also reached out to the Carlyle Group but did not receive a response at press time.
Plutos Sama still maintains that it holds 55% of Jagex, which it won as the sole bidder in an auction last year; the company issued a press release alongside the amended complaint, which you can read here. Given Plutos Sama’s aggressive stance, it’s likely going to be a long time before everything is sorted out.