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ADVERTISEMENT ADVERTISEMENT Wirecard Administrators Sell More Foreign Units Amid Scandal Law360, London (April 16, 2021, 4:45 PM BST) -- Wirecard's insolvency manager said on Friday that it has agreed to sell the Asian and Australian operations of the collapsed German payments company in a move to offload more assets after a €1.9 billion ($2.3 billion) hole in its books was uncovered. Wirecard AG's court-appointed administrator, Munich lawyer Michael Jaffé, said he has reached an agreement on the sale of the company's payment subsidiaries in the Philippines, Malaysia, Thailand and Hong...

Wirecard was placed into insolvency in June last year after an independent audit into the company found a €1.9 billion (Dh8.2bn) hole in its accounts, leading to the arrest of many of its key executives. The company had previously been lauded as a European FinTech star, with its valuation peaking at €24bn in August 2018. The insolvency administrator has since managed the sale of a number of its business units, with Spanish banking giant Santander acquiring the company’s core European business in January. This allowed about 500 Wirecard staff to transfer to Santander’s Getnet business....

The latest sale is part of the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Technologies. In mid-November last year, Banco Santander and insolvency administrator Mr Jaffé signed a contract for the sale of the European technology platform of the insolvent payment service provider and highly specialized technological assets. Santander plans to accelerate the growth of its merchant payments business, Getnet, in Europe and expand it at a pan-European level with the acquisition of Wirecard assets, the statement said. The insolvency administrator has already sold sever...

Press release content from Accesswire. The AP news staff was not involved in its creation. Sale of Wirecard Core Assets Completed - Around 500 Employees Switch to Getnet Platform January 28, 2021 GMT MUNICH and ASCHEIM, GERMANY / ACCESSWIRE / January 28, 2021 / Another important success has been achieved in the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Technologies GmbH: Despite the challenging circumstances the sale of the Wirecard core assets to Banco Santander group was closed today. Around 500 employees will become part of Santander’s Getnet platform. Ther...

Wirecard Technologies GmbH, Aschheim Around 500 Employees switch to Getnet Platform Munich/Aschheim, January 28, 2021.  Another important success has been achieved in the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Technologies GmbH: Despite the challenging circumstances the sale of the Wirecard core assets to Banco Santander group was closed today. Around 500 employees will become part of Santander's Getnet platform. Thereby, almost all of the remaining jobs at the Aschheim site near Munich are preserved. Mid-November 2020, Banc...