Sold subsidiaries: Wirecard’s revenue is 600 million euros

Sold subsidiaries: Wirecard's revenue is 600 million euros

sold subsidiaries
Wirecard’s revenue is 600 million euros

1.9 billion euros – so much missing from Wirecard’s balance sheet when the group collapsed. Following the sale of the Asian subsidiaries, 600 million euros have now been raised – only a fraction of what creditors and shareholders are demanding.

Following the sale of several Asian Wirecard companies, proceeds from the collapse of the collapsed conglomerate rose to €600 million. Insolvency Administrator Michael Jaffe announced the successful sale of PT Prima Vista Solusi, an Indonesian company with approximately 670 employees, to a local company in a Southeast Asian country. In addition, two previously agreed sales were concluded by Wirecard companies in Hong Kong and Malaysia.

“With the completion of the sale of PT Prima Vista Solusi in Indonesia and the sale of subsidiaries in Hong Kong and Malaysia, we have largely completed the exploitation of affiliated companies. Overall, we have achieved the best possible solution for employees and creditors were able to do so, and so far 2,800 jobs would be saved during the exploitation,” said insolvency administrator Jaffa.

Achieved an income of 600 million euros

According to reports, sales brought in the mid-two digits in the million amount. So the total income is now 600 million euros. Creditors and shareholders have filed claims of more than twelve billion euros in bankruptcy proceedings.

The former DAX Group collapsed in June 2020 after the board accepted fantasy bookings worth €1.9 billion. Meanwhile, parent company Wirecard AG has ceased business. The company basically exists only as a shell, which is required for insolvency proceedings. Former CEO Marcus Braun is in custody for a year on suspicion of fraud, while former sales director Jan Marslake is still on the run.

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