Monstermob Locked out of its Philippines Offices

Almost perpetually troubled UK mobile content provider, Monstermob has run into more problems with the Philippines based Dragon Impact Assets (DIAL) over MonsterMob's 2005 acquisition of Upper Mobile and its subsidiary Information Gateway.

Under the purchase agreement, the accountants of both Monstermob and Information Gateway were to produce a joint report stating the profit before tax for the earn-out period by no later than 30 June 2007. Monstermob has for this purpose appointed a 'Big Four' accountancy firm and DIAL has appointed a local firm of accountants. These two firms have produced an independent report each, which draw significantly different conclusions.

Monstermob has now received notification from DIAL claiming that it is in breach of its agreement to buy the company. On 2 July 2007 the Company received a notice of breach from DIAL, alleging that the Company was in breach of the terms of the SPA, an allegation the Company refutes, and demanding recision of the SPA.

At a court hearing last week, Monstermob staff were barred from entering Information Gateway's premises and the company was blocked from making any changes to the staff or directors of the company.

In a separate dispute, Monstermob was recently been denied financial reports from its Chinese subsidiaries."

Posted to the site on 9th July 2007