Purple Lounge Issues Statement on Player Funds

In May, concerns spread online about top rated online casino Purple Lounge and its lack of communication with players about payouts as well as the acceptance of deposits.

Without word from the company throughout the month, concerns from players grew about the possibility of losing their money. This past week, Media Corporation, in charge of handling the case, issued a statement that said it will specifically request that the appointed liquidators look into the financial arrangements within the Purple Lounge group and will review the matter.

The website of Purple Lounge reads, “The Board regrets any corporate failings in the past and seeks to assure shareholders that it is exploring routes to try, in some way, to mitigate the expected player losses. We are sorry to inform you that following a strategic and financial review it has become clear that the Purple Lounge business is no longer tenable due to the historic operational failings and trading losses.”

Statements from the company went on to say, “Accordingly, it is with regret that the board announces that it has made all of the staff within that division redundant and will be instructing lawyers to file the relevant documentation to put the relevant companies into liquidation.”

“The board regrets any corporate failings in the past and seeks to assure shareholders that it is exploring routes to try, in some way, to mitigate the expected player losses, though this is against a background where the group has loaned well over one million pounds to the division since its acquisition in October of 2009.”