Before getting shut down, Kim Dotcom’s empire was preparing to “take over” the American stock market with a multi-billion dollar IPO. The cyberlocker willingly told about its project.
Before its closure, MegaUpload was guarded by a group of devoted lawyers having the only purpose to ensure the legitimacy of the service. Kim Dotcom was saying that his firm was getting ready to enter the American stock market via one of the biggest tech IPOs ever. Prior to the raid of American authorities, cyberlocker hold negotiations with the world’s largest accountancy companies, offering them to become auditors, while international banks were interested in underwriting the public offering. MegaUpload was also looking into becoming publicly listed through a reverse merger by purchasing a listed company.
According to one of the corporate advisors from Hong Kong who was helping MegaUpload with this goal, the preparations started in early 2011. The company’s management had negotiations with the largest international professional accountancy companies handling most of audits for publicly traded companies. The firms were invited to become the company’s auditor and to work together with management to help cyberlocker with an IPO. Their job was to prepare management and corporate restructuring in order to improve efficiency and management of the group, as well as to review and improve internal controls and corporate governance processes within the service.
Aside from audit, MegaUpload was also trying to convince some of the largest investment banks to help them with the IPO plan. Those were quite interested about the proposal, because as long as the cyberlocker provided the commitment and flexibility to follow the recommendations of the professional companies to get ready for an IPO, there shouldn’t have been any problems.
Indeed, the online service was growing at a fast rate and was a definite leader in its field, but in early 2012 the US government for some reason decided to shut the service down, arresting people connected to the site. However, the company’s preparations for IPO don’t fit with the “Mega-Conspiracy” concept that company’s management was accused of. These facts make industry observers wonder whether the American government even knew about MegaUpload’s plans or not. Nevertheless, the company’s plans for the future can be considered a testimony that the service truly believed in a transparent and legitimate business.
Before its closure, MegaUpload was guarded by a group of devoted lawyers having the only purpose to ensure the legitimacy of the service. Kim Dotcom was saying that his firm was getting ready to enter the American stock market via one of the biggest tech IPOs ever. Prior to the raid of American authorities, cyberlocker hold negotiations with the world’s largest accountancy companies, offering them to become auditors, while international banks were interested in underwriting the public offering. MegaUpload was also looking into becoming publicly listed through a reverse merger by purchasing a listed company.
According to one of the corporate advisors from Hong Kong who was helping MegaUpload with this goal, the preparations started in early 2011. The company’s management had negotiations with the largest international professional accountancy companies handling most of audits for publicly traded companies. The firms were invited to become the company’s auditor and to work together with management to help cyberlocker with an IPO. Their job was to prepare management and corporate restructuring in order to improve efficiency and management of the group, as well as to review and improve internal controls and corporate governance processes within the service.
Aside from audit, MegaUpload was also trying to convince some of the largest investment banks to help them with the IPO plan. Those were quite interested about the proposal, because as long as the cyberlocker provided the commitment and flexibility to follow the recommendations of the professional companies to get ready for an IPO, there shouldn’t have been any problems.
Indeed, the online service was growing at a fast rate and was a definite leader in its field, but in early 2012 the US government for some reason decided to shut the service down, arresting people connected to the site. However, the company’s preparations for IPO don’t fit with the “Mega-Conspiracy” concept that company’s management was accused of. These facts make industry observers wonder whether the American government even knew about MegaUpload’s plans or not. Nevertheless, the company’s plans for the future can be considered a testimony that the service truly believed in a transparent and legitimate business.
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