'Star Citizen' Financial Trouble: Cloud Imperium Games Clears Money Problems
"Star Citizen" developer Cloud Imperium Games is not having financial troubles. The company was forced to issue a statement following reports it is having money problems.
Co-founder Ortwin Freyermuth downplayed fears from the gaming community after it was revealed that the company took out a massive loan from Coutts. Unfortunately, this was in a public online record. The principals listed Cloud Imperium Games as collateral, hence many gamers thought the company was in a bind.
Freyermuth, however, said in a statement posted on the "Star Citizens" forum that this filing was a Government Game tax credit rebate and is a standard process for many companies in the U.K. "These rebates are payable by the U.K. Government in the fall of the next following year when we file our tax returns," Freyermuth wrote. "[We] have elected to partner with Coutts, a highly regarded, very selective, and specialized U.K. banking institution, to obtain a regular advance against this rebate," he added. Freyermuth also said "Star Citizen" was not included as collateral.
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"Star Citizen," which first began as a crowd-funded venture in 2012, achieved to raise millions of dollars for Cloud Imperium Games since its inception. What made gamers assume the worst was because the company has since failed to deliver the promised game updates.
"Star Citizen" was supposed to be completed and released in 2014. Developers have since released different builds and modules, much to the disappointment of its funders and followers.
One player sued the company and asked for a $2500 refund from the crowd-fund in 2016. The gamer said "Star Citizen" was a scam. Gaming experts compared the potential of "Star Citizen" to "No Man's Sky," but according to Polygon, this was a venture that was "wrapped inside a dream buried inside a few layers of controversy."
