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Cyan AG affected by Wirecard insolvency – Cyan shares fall by more than 30 percent

Wolfgang Holzem

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Cyan AG has receivables from a Wirecard AG subsidiary, Wirecard Technologies GmbH, in the amount of EUR 5.0 million

A total of 4.8 million euros were booked as sales in the financial year 2019 in accordance with the IFRS accounting regulations, the specialist for technology security solutions said.

If Wirecard Technologies GmbH, like the parent company, went bankrupt and the receivables became uncollectible, this would likely have an impact on EBITDA 2020, Cyan said . However, there are no effects on operational development and sales in 2020.

Due to the pandemic, management has already adjusted growth investments to the shifted sales revenues. Thanks to the available cash and other financing commitments, the company sees itself as solidly financed despite COVID-19 and Wirecard.

In the afternoon, the CYAN share fell 31.82 percent to 7.50 euros via XETRA.

Cyan AG provides information technology security solutions. The Company offers solutions for virtual network operators, governments, and financial service sectors. Cyan serves customers in Germany.

Former founder of Asiarooms.com and now reporting mainly on the Asia Pacific region and the global Coronavirus crises in countries such as Thailand, Germany & Switzerland. Born near Cologne but lived in Berlin during my early teenage years. A longterm resident of Bangkok, Udon Thani, Sakon Nakhon and Phuket. A great fan of Bali, Rhodes & Corfu. Now based on Mallorca, Spain.

Myanmar

Myanmar Diplomat in US Seeks Asylum After Military Coup

Wolfgang Holzem

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A key diplomat in the Myanmar embassy in Washington said Thursday he is seeking asylum in the U.S. in protest of the military coup in his homeland.

Maung Maung Latt, a first secretary in the embassy, told VOA’s Burmese Service “I decided to seek asylum in this country because I cannot accept the illegitimate takeover of power by the military.”

“It is total injustice that I can’t stand,” he said, “and I am also concerned especially for the future of the younger generations of our country.”

Maung Maung Latt said that since President Joe Biden “gives priority to human rights, I hope they will grant me asylum,” although there was no immediate response from the U.S. government. The Myanmar envoy said he was “concerned about [his] safety at this moment.”

Maung Maung Latt said that “among the Myanmar diplomats around the world, there are those who welcome the coup and those who do not welcome it.” But he urged fellow diplomats “to join civil disobedience against the military.”

He said the military takeover “will cause serious damage and unthinkable disaster for the country, I’m afraid.”

Maung Maung Latt said he thinks that high-ranking civilian officials will be replaced by military officers.

Prior to his posting in Washington, Maung Maung Latt had served in the country’s embassies in Malaysia, Pakistan, Philippines and Thailand. He had been set to return to Myanmar in the next month and retire.

Myanmar’s military, the Tatmadaw, seized power Monday, declaring a yearlong state of emergency and detaining de facto leader Aung San Suu Kyi and President U Win Myint, among others.

The coup took place following days of tension between the military and the ruling National League for Democracy, which won the November elections. The Tatmadaw has refused to accept the results, alleging massive election fraud.

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Germany

Holvi Mastercard temporarily suspended due to Wirecard insolvency

Wolfgang Holzem

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Holvi Mastercard has been temporarily suspended due to recent events in connection with the insolvency of Wirecard AG

How did this happen?

The UK Financial Conduct Authority (FCA) has suspended service for Wirecard Card Solutions Ltd (WDCS) earlier today. WDCS is a subsidiary of Wirecard AG and issues the Holvi Business Mastercard. This decision was taken by the FCA without any prior notice.

What does this mean for you?

All other functions of your Holvi account are still fully available. You can still invoice, receive and transfer funds. Please be assured that all Holvi customer accounts and funds remain safe, secure and accessible at all times – no Holvi accounts have been impacted by this event. This is because all Holvi customer funds are segregated and held in separate accounts in European banks in Finland, Sweden, Denmark, the UK and France.

No customer funds are held by Wirecard AG. Your money and Holvi account are safe.

Your trust is our top priority. We’re actively working on a solution and will continue to update as soon as possible.

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Germany

Wirecard : Informs Clients & B2B Partners about current Business Operations

Wolfgang Holzem

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As announced on Thursday, 25 June 2020, the Management Board of Wirecard AG has filed an application for opening of insolvency proceedings on behalf of Wirecard AG with the competent Munich Local Court. With the filing of the insolvency application, Wirecard’s business activities will be continued. The Management Board is of the opinion that continuation is in the best interests of the creditors.

As a first step, the court has commissioned the Munich lawyer Dr. Michael Jaffé as an official expert. Whether insolvency proceedings will be opened is still under review. The Management Board of Wirecard AG expects a provisional insolvency administrator to be appointed for Wirecard AG shortly.

The business operations of the Group companies (https://www.wirecard.com/contact/worldwide) including the licensed units are currently ongoing. The parent company performs some central functions for the subsidiaries. As previously reported, it is being continuously reviewed whether insolvency applications also have to be filed for subsidiaries of the Wirecard Group. With the exception of a small development branch office, no insolvency applications have been filed by Group companies at present.

Wirecard Bank is currently not part of the insolvency proceedings. the electronic funds transfer of Wirecard Bank are not affected. Payouts to merchants of Wirecard Bank will continue to be executed without restrictions. Further information on Wirecard Bank AG can be found at wirecardbank.com. The licensed legal entities, and where appropriate, Wirecard AG, remain in close contact with the respective regulators. Furthermore, we are in constant contact with the credit card organizations.

Wirecard Card Solutions Limited, headquartered in Newcastle, UK, has suspended its business operations due to an order issued by the competent supervisory authority, Financial Conduct Authority. The company has discussed measures with the authorities. The measures are being undertaken and will hopefully enable it to continue operations.

The TPA business in question is still under review. The newly appointed CEO of Wirecard AG, James H. Freis, Jr., took a new approach to investigating the known allegations immediately upon taking office. Among other measures, a number of new advisors were commissioned to ensure neutrality and, in particular, independence from the former Management Board members of Wirecard AG. The clarification efforts will, of course, continue even after the filing of the application for the opening of insolvency proceedings.

Contact:
Iris Stöckl
VP Corp.Com./IR
Tel.: +49 (0)89-4424-1424
e-Mail: iris.stoeckl@wirecard.com
http://www.wirecard.com
ISIN DE0007472060
Reuters: WDI.GDE
Bloomberg: WDI GY

Document pulled via Reuters Terminal by Wolfgang Holzem on behalf of Dr. Robert Bowitz, accredited by the German BDP
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