Red faces at AIM as app developer MySquar powers down after key backer pulls the plug

An app maker that crashed off AIM last year has closed its doors after a key backer keeping it afloat pulled the plug.

Indonesian payments company Achiko decided against buying former London-listed games app maker MySquar.

Achiko had hoped to float in Switzerland and raise cash to acquire the firm — behind mobile games like Wushu King and MyFish — but the IPO was delayed.

This week MySquar’s employees in Myanmar were dismissed and the website taken down.

Non-executive director Stephen Austin said that it is unlikely that any money for creditors would now materialise.

It marks a sorry end for MySquar, which listed on AIM in July 2015. Trouble began last October when it was found that £1 million had gone missing.

MySquar believes ex-boss Eric Schaer had made inappropriate expenses claims and unauthorised payments to third parties — although this has never been proven. A spokesman for Schaer said: "All expenses or payments to third parties were properly incurred and approved by the company."

Late last year chairman Piers Pottinger — formerly of bust PR outfit Bell Pottinger — stepped aside amid an internal probe.

It was forced to delist in December in yet another embarrassment for AIM’s reputation.