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Rechtsanwalt Dr. Michael Jaff\u00e9<\/b>
Insolvency Administrator of Wirecard Sales International Holding GmbH<\/b><\/p>\n
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Disposal of Subsidiaries in Asia well advanced: <\/b><\/p>\n
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Further sale in Indonesia – transactions completed in Hong Kong and
\nMalaysia<\/b><\/p>\n
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MUNICH\/ASCHHEIM\/DUBLIN\/KUALA LUMPUR\/HONG KONG\/JAKARTA – EQS Newswire – 12
\nJuly 2021 – The insolvency administrator has achieved further success in
\ncompleting additional divestitures as part of the insolvency proceedings
\nregarding the assets of Wirecard AG and Wirecard Sales International Holding
\nGmbH. Specifically, this week the shares of two of four subsidiaries in the Asian-Pacific
\nregion were sold and transferred to Finch Capital. This was achieved in spite
\nof the difficult circumstances for the consummation of the transaction due to
\nthe current lockdown in Malaysia and hence the insolvency administrator Dr
\nMichael Jaff\u00e9 was successful in completing the first portion of the transaction
\nwith Finch Capital’s subsidiary Nomu Pay Ltd.<\/p>\n
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Pursuant to the sales contract executed in mid-April, the shares in the
\nother entities, which have been sold to Finch Capital, Wirecard e-Money
\nPhilippines, Inc. and Wirecard (Thailand) Co., Ltd., shall be transferred as
\nwell. With the completion of the first part of the transaction, almost 90
\nemployees will find a new home and substantial proceeds can be distributed to
\nthe German insolvency estates.<\/p>\n
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Furthermore, the insolvency administrator has previously sold all of the
\nshares in PT Prima Vista Solusi\/Indonesia together with its nearly 670
\nemployees to the technology holding company of an Indonesian company group,
\nthus achieving yet another successful sale in South East Asia amidst strict
\nlimitations due to the pandemic. The completion of this transaction is still
\nsubject to customary closing including the necessary approval by the Indonesian
\nbanking control authority.<\/p>\n
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“With the sale of PT Prima Vista Solusi in Indonesia and the completion
\nof the sale of subsidiaries in Hong Kong and Malaysia, we have largely
\ncompleted the disposal of the portfolio companies. Overall, we were able to
\nachieve the best possible solutions for employees and creditors and to
\nsafeguard around 2,800 existing jobs in the course of the disposals “,
\nsaid insolvency administrator Dr Michael Jaff\u00e9.<\/p>\n
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Additional information:<\/b><\/p>\n
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Dr Michael Jaff\u00e9 is one of the most experienced and renowned insolvency
\nadministrators in Germany. He has been regularly appointed by the courts for
\nover two decades in large and complex insolvency cases where the aim is to
\nsecure assets for creditors and to realise them in the best possible way. One
\nspecial focus of his expertise lies in multi-stage group insolvency proceedings
\nand proceedings with cross-border issues or assets that are difficult to
\nrealise. Among the most nationally and internationally renowned insolvency
\nproceedings of Dr Michael Jaff\u00e9 are the media group KirchMedia of the late Dr
\nLeo Kirch, the former global memory chip manufacturer Qimonda and the German
\nsubsidiaries of the Petroplus Group. He also successfully completed the
\nrestructuring of caravan manufacturer Knaus Tabbert, Grob Aerospace and
\nCinterion Wireless Modules Holding GmbH, among others.<\/p>\n
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As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a
\nholding company for participations of the city of Gera for public welfare, he
\nfound a permanent solution for all companies. As insolvency administrator of
\nthe insolvent fund company NARAT GmbH & Co. KG, Dr Michael Jaff\u00e9 sold one
\nof the largest commercial real estate portfolios in North Rhine-Westphalia. In
\nthe insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a
\nleading provider of closed-end funds in Germany with a total investment volume
\nof around \u20ac4.7 billion, he worked through the complex structures and
\nsuccessfully liquidated the investments. He is also the insolvency
\nadministrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.<\/p>\n
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As the insolvency administrator of three German P&R container management
\ncompanies, he realised the worldwide container fleet within the framework of a
\ncomplex cross-border structure with the aim of minimising the losses for the
\napproximately 54,000 investors who have filed for insolvency tables for over \u20ac3
\nbillion.<\/p>\n
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Munich Local Court appointed Michael Jaff\u00e9 as the insolvency administrator
\nof Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies
\nGmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies
\nGmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH
\nin a court order given on 25 August 2020.<\/p>\n
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For more than two decades, JAFF\u00c9 Rechtsanw\u00e4lte Insolvenzverwalter has been
\none of the leading law firms in the fields of insolvency administration,
\ninsolvency law and restructuring (in accordance with the German Law on Further
\nFacilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung
\nder Sanierung von Unternehmen or ESUG), especially in complex and cross-border
\nproceedings. An important basis for this is the many years of experience,
\ncompetence and independence that are regularly in demand, especially in complex
\nproceedings. This is one of the reasons why the firm has enjoyed the trust of
\ncourts and creditors for decades, especially in difficult proceedings where
\nconflicting interests of the parties involved exist. With its own efficient
\nstructure, which has grown over the years, the firm can accompany proceedings
\nof any size in the interest of creditors.<\/p>\n
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