12/20/11 : Sale of online casual gaming company includes settlement of legal dispute with former CEO
GigaMedia Limited (GigaMedia) has announced the sale of its 67.087 percent interest in casual gaming firm T2CN Holding Limited (T2CN) to Hornfull Limited for a cash consideration of $ 4 738 588.
Hornfull Limited additionally compensated GigaMedia China Limited $ 789 765 in cash for legal fees incurred by GigaMedia in connection with T2CN legal disputes.
To facilitate the sale, GigaMedia entered into a settlement agreement to resolve its civil legal disputes with the former head of its Asian online game and service business in the PRC and former chief executive officer of T2CN, Wang Ji, whom it believed retained sensitive company property following his removal from position.
GigaMedia made its strategic investment in T2CN, who at the time operated China's largest online sports game, in May 2006.