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100 jobs go as Taiwan developer Gamemag Interactive closes

Unable to pay staff as shareholder urges staff to seek new employment

100 jobs go as Taiwan developer Gamemag Interactive closes

Taiwan-based developer Gamemag Interactive has shut down after facing financial difficulties.

A report in Taipei Times claims the closure of the online and mobile games company will affect around 100 employees.

According to the firm's largest shareholder Chiang Pao-chia, the company is unable to pay employee wages for the month and has suggested staff seek new job opportunities rather than wait for a possible job at XPEC.

The Gamemag website has been closed although the company is still listed as in business.

Out of money

“The company has run out of funds amid poor demand," the company said in a letter to employees.

"As the chairman is no longer able to run the company, the shareholders cannot support the firm anymore."

Gamemag Interactive specialised in developing online games, server engines and mobile titles. Its portfolio included MMORPG Weapons of Mythology and mobile title Tales of Brave.

The company was an affiliate of developer XPEC Entertainment, which is also facing troubles after its trading on the Taipei Exchange was suspended on November 17th for failure to resubmit financial statements for Q2 and Q3 in 2016.

Taipei Times reports that former XPEC chairman Aaron Hsu, former acting chairman Peter Lee and a number of others were indicted on January 24th 2017 for allegedly trying to manipulate XPEC’s stock price after an attempted deal with Japanese firm Bai Chi Gan Tou Digital Entertainment Co.

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Craig Chapple is a freelance analyst, consultant and writer with specialist knowledge of the games industry. He has previously served as Senior Editor at, as well as holding roles at Sensor Tower, Nintendo and Develop.