AML Authorities in Philippines Identify People of Interest Affiliated with Wirecard, Meanwhile Sale of Subsidiaries Show Progress

Wirecard (WDI:DE) and bankruptcy proceedings are inching forward for a Fintech that was once valued in the billions of dollars. Meanwhile, anti-money laundering authorities in the Philippines have uncovered 57 individuals of interest affiliated with the firm, according to a report.

Bloomberg states that the Executive Director of the Anti-Money Laundering Council, Mel Georgie Racela, held a virtual briefing regarding these “persons of interest.” Simultaneously, the Philippino officials believe that Wirecard’s e-Money unit had no connection to the alleged fraud but they are building a case against both domestic and foreign nationals with links to Wirecard.

A mysterious twist is the death of former Wirecard executive Christopher Bauer who apparently passed away in the Philippines in July.

A report from the German administrator handling the insolvency of Wirecard indicates there is some progress on sales of various subsidiaries.

Several investors are said to be competing in the auction process for the acquisition of all shares in Wirecard Romania SA. The insolvency administrator expects final bids next week.

Strong interest is being reported for PT Wirecard Technologies Indonesia, PT Prima Vista Solusi (both Jakarta, Indonesia), and Wirecard (Vietnam) Company Limited. Several bids have been received. Other sales of Asian subsidiaries are in the works.

A separate report claims that Change Financial (ASX:CCA) has won the bid for both the New Zealand and Australian operations of Wirecard.  Change Financial is a banking as a service Fintech. The company is said to have paid $7.8 million for the two subsidiaries.

An earlier statement reported that Railsbank had picked up UK operations.

Meanwhile, former Wirecard COO Jan Marsalek still cannot be found. Marsalek was added to Interpol’s most-wanted list in August to no avail. Germany authorities have asked the public to help in the search as apparently the trail has gone cold.

As one may expect, class action lawsuits are piling up as aggrieved investors look for solace from the courts as shared in Wirecard trade below one dollar.

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