November 15, 2011 | Online

Major gay Asian website closed for business

One of the biggest Asian-focused gay websites, Fridae.com, has been shutdown.

The site was created in 2003 to "Empower Gay Asians," and boasted over 2 million visitors each month. It had an online presence, but also explored mainstream publishing and created live events, such as NATION (named one of the Top 10 Gay Events in the World by DNA Magazine). 

"Fridae seeks to be gay Asia's leading media and social networking website," says the site's mission statement. "The business community's primary conduit to the Asian gay community; and a respected voice in our advocacy for equality and freedom of choice."

Stuart Koe founded the site, but decided to pull the plug after being unable to resolve ongoing disputes with his board of directors.

"Leaving Fridae has been one of the most difficult decisions I’ve had to make," he wrote on his blog. " Having already devoted more than 10 years of my life to Fridae and the community, steering the company through several business cycles, and on the cusp of another phase of innovation and growth, I was prepared to commit another 20.

"Unfortunately, the biggest obstacle I was faced with was an unsupportive Board, namely Joan Foo Mahony, Peter O’Connor, and Guillaume Levy-Lambert, who did not share the vision I had for Fridae. ... I have tried but failed to resolve outstanding disputes with the existing management. Meanwhile, the Directors have exercised a clause to forfeit all the equity that was supposed to be allocated to the management as sweat equity. As it now stands, I no longer own a single share in the company I have invested most of my working life to build."

That's gotta suck!

An old version of the site is now being hosted on Fridae.asia.

The ex-Fridae.com [Fridae.net]

CEO of LGBT Asian Website Fridae.com Departs, Shuts Down Domain  [Towleroad]