Wirecard Administrators Sell Turkish Subsidiary

Law360, London (March 30, 2021, 6:38 PM BST) -- Wirecard AG's insolvency manager said Tuesday that the collapsed payment company's Turkish unit will be sold to Dutch venture capitalists as it continues to unload assets after a €1.9 billion ($2.2 billion) hole was found in its books.

Wirecard's court-appointed administrator, Munich lawyer Michael Jaffé, said he had reached an agreement to sell Wirecard Ödeme Ve Elektronik Para Hizmetleri to Amsterdam-based Finch Capital. Finch has created a new Irish-registered company, Nomu Pay, to buy the Wirecard subsidiary. 

Jaffé said Tuesday he is "pleased to implement a solution for Wirecard Turkey." The sale must now be approved by local regulators and no...

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