PKR surrenders UK licence; asks Microgaming to curtail operations
Two statements from Microgaming today advised that due to “financial difficulties” it has been requested by licensee PKR Ltd and PKR Technologies Ltd to stop all gameplay for PKR players from Wednesday 3 May 2017 due to the operator companies experiencing “financial difficulties”.
Later advisories and news reports noted that the veteran online poker companies have surrendered their UK Gaming Commission licenses and applied to the court for an administration order. Such orders act as a protection mechanism for insolvent companies, the primary objective being to rescue the company as a going concern.
Microgaming should be commended for shouldering the responsibility for keeping players advised of developments, and later in the day the MPN blog published a detailed explanation of the issue, along with player FAQs regarding their account balances and other pertinent matters.
The blog can be accessed in full here: https://www.mpn.poker/blog/pkr/
One of the most urgent player questions will probably be regarding their funds, and Microgaming advises:
“PKR has repeatedly assured us that player funds are held in a segregated client account, for the express purpose of storing such funds, in accordance with their licence obligations in the United Kingdom and Alderney. We believe this to be true.
“Microgaming does not hold any player funds whatsoever. Player funds are held only by PKR and it is now the duty of PKR’s administrator to return the funds to players.
“It is important to note that simply maintaining a segregated bank account for player funds does not automatically mean that player funds will be returned immediately or at all. PKR’s administrator will ultimately decide how to return money to players.”
Microgaming has also given a commitment that it will do everything reasonably possible to ensure that PKR returns money to players and will assist in this process however it can. The software company pledges to:
* Provide updates at least once a fortnight on the MPN blog;
* Answer questions from the public and press honestly, and as fully as possible, with the proviso that in some cases there may be information it is not possible to disclose…for example confidential information that might prejudice the administration process. However the company will cleary state whenit is unable to answer;
* Co-operate fully with PKR, their administrator, and the legal and regulatory bodies involved;
* Commits to reviewing Microgaming policies and procedures in this case to confirm its belief that it has done everything possible as a network and software provider to give PKR the opportunity to succeed.
Launched in 2006 as a 3D poker room, PKR has become a high profile operator in the online poker field; a year ago the company migrated to Microgaming’s online poker network (see previous InfoPowa reports).
UPDATE: The Alderney Gaming Control Commission has confirmed that it suspended the PKR licence on May 5 for failing to pay its annual renewal fees.