The company behind one of the world's most successful online games has filed
criminal charges against its founder, accusing him of pocketing millions of
dollars of company revenue.
Nasdaq-listed
Gravity
Corporation, the Korean developer of
Ragnarok Online, which
claims millions of subscribers worldwide,
claimed
yesterday that Jung-Ryool Kim had siphoned off more than $9.1m from its
coffers over the past three years.
Kim, who picked up $380m last year by selling his stake in the company, has
already repaid some of the missing money.
Gravity will revise its financial statements for 2002 to 2005 to include the
missing income, the company said, and may face additional tax charges or even
civil penalties as a result.
Prior to that restatement, the company
reported
revenue of about $101m in 2004, the most recent period for which it provides
data.
Founded in 2000 with $500,000 of Kim's cash, Gravity enjoyed a meteoric rise.
Its signature game, Ragnarok Online, claimed over 700,000 simultaneous players
in
65
countries worldwide during peak hours.
There are over 33 million Ragnarok accounts registered, according to media
reports, although it is unclear how many of these are currently in use.
Ragnarok is a massively multiplayer role-playing game set in a fantasy world
based loosely on a popular Korean comic book of the same title. It began life as
a free game in 2001.
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