“The directors believe that the potential intrinsic value of Multiply can be realized if the plan to rescue Multiply is successful,” the report said. Apart from the online industry, the group focuses on fabric and clothing trading, money lending, and securities investments. In its latest financial report last month, Co-Prosperity said the deal with Multiply could help the group diversify its business. He added that Multiply now had a cash flow of HK$10 million to be paid to other creditors as well as assets worth over HK$40 million. “I hope they will support its restructuring with Multiply.” “Star Platinum needs to negotiate with the remaining creditors,” he said. The High Court on June 17, 2013, its liquidation proceedings and removed accounting firm Deloitte from its role as the firm’s provisional liquidator.ĭerek Lai, the vice-chair of Deloitte China, said on Tuesday that since Star Platinum had already resolved the major debts Multiply incurred, it was unlikely the internet company would go into liquidation despite still owing smaller debts to other creditors including HSBC. It was also reported that about HK$35 million in unpaid wages of 640 former employees and HK$18 million of Insolvency Fund were also paid after the company has acquired its majority stake.
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Multiply Investor Secretary Rong Rongbin pledged shares of Star Platinum Corporation, which holds 99% of its shares, to borrow HK$300 million from Xiesheng Xiefeng to save the Multiply website but did not repay on time therefore, Xiesheng Xiefeng in July 2013, it acquired the full equity of Star Platinum. The Labour Department said earlier that around 3,000 former Multiply staff had applied for compensation through the Protection of Wages on Insolvency Fund, a safety net for employees affected by business closures. On June 12, 2013, they had put in place Rp 8.9 billion for wages owed to former Multiply staff. Multiply CEO Stefan Magdalinski acknowledged that the total change of the Multiply business model from social networking to e-commerce sites was unsuccessful.
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The cause of the closing of the Multiply site is because Multiply is expected to fail to reach the leading position in the e-commerce industry with a sustainable business model. All business activities of Multiply will be terminated on May 31, 2013. On April 26, 2013, Multiply announced it will close Multiply Indonesia and Multiply International website as of May 6, 2013. It transferred to Jakarta, Indonesia in 2012 when it switched from a social networking site into an e-commerce site.
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Launched in March 2004 in Boca Raton, Florida, Multiply had around 11 million registered users. The promise of Multiply to make a repayment of Premium account holders was never kept. In March 2013, the Multiply International site has been completely closed and inaccessible, after previously Multiply only blocked access to from the IP address of Indonesia. Users feel betrayed, especially since the previous Multiply management ensures that the service will not be eliminated even with the changing focus to e-commerce. Closing the blog service and sharing files are protesting from Multiply users.