Disposal of Wirecard Subsidiaries in Asia well advanced – Further sale in Indonesia – Transactions completed in Hong Kong and Malaysia

Rechtsanwalt Dr. Michael Jaffé
Insolvency Administrator of Wirecard Sales International Holding GmbH

Disposal of Subsidiaries in Asia well advanced:

Further sale in Indonesia – transactions completed in Hong Kong and
Malaysia

 

MUNICH/ASCHHEIM/DUBLIN/KUALA LUMPUR/HONG KONG/JAKARTA – EQS Newswire – 12
July 2021 – 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.

 

Additional information:

Dr Michael Jaffé is one of the most experienced and renowned insolvency
administrators in Germany. He has been regularly appointed by the courts for
over two decades in large and complex insolvency cases where the aim is to
secure assets for creditors and to realise them in the best possible way. One
special focus of his expertise lies in multi-stage group insolvency proceedings
and proceedings with cross-border issues or assets that are difficult to
realise. Among the most nationally and internationally renowned insolvency
proceedings of Dr Michael Jaffé are the media group KirchMedia of the late Dr
Leo Kirch, the former global memory chip manufacturer Qimonda and the German
subsidiaries of the Petroplus Group. He also successfully completed the
restructuring of caravan manufacturer Knaus Tabbert, Grob Aerospace and
Cinterion Wireless Modules Holding GmbH, among others.

 

As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a
holding company for participations of the city of Gera for public welfare, he
found a permanent solution for all companies. As insolvency administrator of
the insolvent fund company NARAT GmbH & Co. KG, Dr Michael Jaffé sold one
of the largest commercial real estate portfolios in North Rhine-Westphalia. In
the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a
leading provider of closed-end funds in Germany with a total investment volume
of around €4.7 billion, he worked through the complex structures and
successfully liquidated the investments. He is also the insolvency
administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.

 

As the insolvency administrator of three German P&R container management
companies, he realised the worldwide container fleet within the framework of a
complex cross-border structure with the aim of minimising the losses for the
approximately 54,000 investors who have filed for insolvency tables for over €3
billion.

 

Munich Local Court appointed Michael Jaffé as the insolvency administrator
of Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies
GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies
GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH
in a court order given on 25 August 2020.

 

For more than two decades, JAFFÉ Rechtsanwälte Insolvenzverwalter has been
one of the leading law firms in the fields of insolvency administration,
insolvency law and restructuring (in accordance with the German Law on Further
Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung
der Sanierung von Unternehmen or ESUG), especially in complex and cross-border
proceedings. An important basis for this is the many years of experience,
competence and independence that are regularly in demand, especially in complex
proceedings. This is one of the reasons why the firm has enjoyed the trust of
courts and creditors for decades, especially in difficult proceedings where
conflicting interests of the parties involved exist. With its own efficient
structure, which has grown over the years, the firm can accompany proceedings
of any size in the interest of creditors.

 

The issuer is solely responsible for the content of this announcement.