Who owns Mega after Kim splits with Mona?

Who owns Mega after Kim splits with Mona?

Summary: The Dotcom marriage split comes as a backdoor stock-market listing of privacy company Mega nears.

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Exactly who owns and controls privacy company and website Mega is up in the air after Kim Dotcom announced his separation from wife Mona last week.

Mona Dotcom held the largest shareholding in Mega through a company MD Corporate Trustees until earlier this month when just over 10,000 shares were transferred to Hong Kong resident Zhao Wu Shen.

MD Corporate Trustees is now the third largest shareholder in the company, behind Zao and Wolf Dieter Ortmann, based in Germany.

But with the Dotcom's separation, founder Kim Dotcom's status in the company is unclear.

A news report this morning says shares in other companies held by MD Corporate Trustees were late last week shuffled to other entitites controlled by Kim Dotcom.

Kim replaced Mona as director of MD Corporate Holdings, Kimpire Music and Dotty Media, The New Zealand Herald reported. Shareholdings in those companies also switched from MD Corporate Trustees to Coatesville Trustee Services.

Meanwhile, New Zealand-listed TRS Investments is poised to acquire 100% of the shares on issue in Mega, funded by the issue of TRS shares. The move will effectively list Mega on the NZ Stock Exchange (NZX).

TRS plans to acquire the company by issuing 700 million new shares in TRS to existing shareholders of Mega at NZ30 cents per share. That would value Mega at NZ$210 million.

Following the acquisition, Mega's existing shareholders are to hold around 99% of the shares on issue in TRS. TRS will then change its name to Mega.

The acquisition is conditional upon TRS obtaining all shareholder approvals and consents that may be required and collateral to the transaction on or before 30 May.

Dotcom continues to fight extradition from New Zealand to the US where he faces copyright infringement, money laundering and racketeering charges over his earlier online storage website Megaupload.

Topics: New Zealand, Cloud, Privacy, Security

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