Disposal of Subsidiaries in Asia well advanced
The insolvency administrator has achieved further success in completing additional divestitures as part of the insolvency proceedings regarding the assets of Wirecard AG and Wirecard Sales International Holding GmbH. Specifically, this week the shares of two of four subsidiaries in the Asian-Pacific region were sold and transferred to Finch Capital. This was achieved in spite of the difficult circumstances for the consummation of the transaction due to the current lockdown in Malaysia and hence the insolvency administrator Dr Michael Jaffé was successful in completing the first portion of the transaction with Finch Capital’s subsidiary Nomu Pay Ltd.
Pursuant to the sales contract executed in mid-April, the shares in the other entities, which have been sold to Finch Capital, Wirecard e-Money Philippines, Inc. and Wirecard (Thailand) Co., Ltd., shall be transferred as well. With the completion of the first part of the transaction, almost 90 employees will find a new home and substantial proceeds can be distributed to the German insolvency estates.
Furthermore, the insolvency administrator has previously sold all of the shares in PT Prima Vista Solusi/Indonesia together with its nearly 670 employees to the technology holding company of an Indonesian company group, thus achieving yet another successful sale in South East Asia amidst strict limitations due to the pandemic. The completion of this transaction is still subject to customary closing including the necessary approval by the Indonesian banking control authority.
„With the sale of PT Prima Vista Solusi in Indonesia and the completion of the sale of subsidiaries in Hong Kong and Malaysia, we have largely completed the disposal of the portfolio companies. Overall, we were able to achieve the best possible solutions for employees and creditors and to safeguard around 2,800 existing jobs in the course of the disposals “, said insolvency administrator Dr Michael Jaffé.
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