Wirecard could be sold off piecemeal, says administrator

FRANKFURT: The unprecedented scandal at German payments processor Wirecard could lead to the group being sold off piecemeal, after its insolvency administrator said investors are eyeing profitable business units.

A provisional committee of Wirecard creditors signed off on an international search for buyers Tuesday and confirmed lawyer Michael Jaffe as administrator.

“Many investors from all over the world have already signalled interest in buying the business,” Jaffe said in a statement published late Tuesday.

Still listed on the blue-chip DAX index, Wirecard shares tumbled around 99% last week to trade at around €1 (RM4.80) by Friday, but have rebounded early this week to almost €6 as speculators bet on its break-up.

The group filed for insolvency on Thursday but said it would continue trading.

Former CEO and founder Markus Braun was bailed for €5 million last week after reporting to prosecutors over charges of falsifying accounts.

Meanwhile former chief operating officer Jan Marsalek failed to turn himself in to Munich investigators despite an earlier promise to do so. – AFP