Connect with us

News

Former German Defense Minister Guttenberg’s company advised Wirecard on the acquisition Allscore Payment Services

Wolfgang Holzem

Published

on

Former German Defense Minister Guttenberg's company advised Wirecard on the acquisition Allscore Payment Services

The investment company of former Defense Minister Karl-Theodor zu Guttenberg advised Wirecard and is said to have lobbied with the German Government for the now insolvent payment service provider.

The investment and consulting company Spitzberg Partners from the former German Minister of Defense Karl-Theodor zu Guttenberg (CSU Bavaria) advised the insolvent payment service provider Wirecard according to media reports. The Guttenbergs company worked with Wirecard between 2016 and 2020 and also campaigned for the company with the German Government, reports, among others, the “Spiegel” and the “Bild” newspaper on Wednesday reported.

“At no time did we have access to or knowledge of any discrepancies in the accounting,” Guttenberg told the newspaper.

His company was “horrified and shocked by the latest revelations and developments” and had ended the advisory mandate for Wirecard. “Like many other companies, we advised a DAX company that appeared impeccable, but subsequently deceived everyone, including the German regulatory authorities.”

“German Government informed about the planned China Acquisition”

“As part of our limited mandate, the services only included support in the identification and initiation of new industrial and technological partnerships,” the newspaper quoted from a statement by the former minister. Specifically, Guttenberg’s Wirecard company is said to have advised and supported the purchase of a Chinese payment processor. “We informed the German government in 2019 about the planned acquisition Allscore Payment Services by Wirecard  in China,” Guttenberg continued.

Meanwhile, the European securities regulatory authority ESMA announced that it would like to review the German reporting system for financial regulators in the wake of the Wirecard scandal. An ESMA statement released on Wednesday said that German financial regulators might have failed to investigate Wirecard as irregularities  was raised since 2017.

Wirecard filed for bankruptcy at the end of June after the company had to admit that the 1.9 billion Euros in the balance sheet, which was supposed to be in Asian bank accounts, could not be found.

BaFin President Felix Hufeld described the events as a “shame” for Germany. Federal Finance Minister Olaf Scholz (SPD) has announced a reform of German financial supervision as a consequence of the accounting scandal.

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.

News

Holvi Mastercard temporarily suspended due to Wirecard insolvency

Wolfgang Holzem

Published

on

holvi-1000x600

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.

Continue Reading

News

Wirecard Board wants to continue Business in the UK and discussion are ongoing with the FCA

Wolfgang Holzem

Published

on

wirecard1000x6004

The payment processor struggling to survive a balance sheet scandal Wirecard, continues to do business despite the application for bankruptcy. “The board is of the opinion that a continuation is in the best interest of the creditors,” said the Dax group on Saturday in Aschheim near Munich.

The management board made an application for the opening of insolvency proceedings for Wirecard AG last Thursday.

According to the company, the examination of whether insolvency proceedings will be opened continues.

The business operations of the group companies including the licensed units are currently being continued, it said. It is constantly checked whether bankruptcy applications for subsidiaries of the Wirecard Group must also be made. Group companies, with the exception of a small development branch, have currently not filed for bankruptcy.

The Wirecard Bank is currently not part of the bankruptcy proceedings, the payment transactions of the Wirecard Bank are not affected, the company emphasized. Payments to Wirecard Bank merchants would continue to be carried out without restrictions. They are also “in constant communication with the credit card organizations”.

Wirecard Card Solutions has interrupted business

Wirecard Card Solutions Limited, based in Newcastle, “has interrupted its business due to an order from the responsible Financial Conduct Authority,” it said. However, Wirecard hopes to be able to continue operations in the UK with its current global B2B clients.

Current B2B clients include Payoneer, Hovi, Curve.

Measures for this are discussed currently with both the UK and German authorities.

Continue Reading

News

Thousand’s of Payoneer Mastercard Holders still Affected by Wirecard UK and can’t Access their Funds in Pakistan Bangladesh & Balkan countries

Avatar

Published

on

payoneer1000x600

Many of Payoneer’s millions of Freelancers have their freelance work paid into the card account, which is easier to open than a bank account in countries such as Pakistan, Bangladesh, Venezulea, Argentina and Balkan countries.

According to reports on Facebook, it is assumed that thousands’ of Payoneer Card holders are still unable to access their funds in Pakistan, Bangladesh and in Eastern European countries. Payoneer card holders within the European Union and certain countries outside the European Union face no restriction and AirBNB Host users are also able to withdraw funds, available on their cards.

Ring-fenced cash

Funds held by e-money firms like Wirecard are not guaranteed up to £85,000 as bank deposits are, although they are held in banks such as Barclays and will be safeguarded.

Payoneer has told customers: “Your funds are being held by Wirecard in a ring-fenced designated account with Barclays. This means in the event of Wirecard going bust you are protected.”

Even so, the FCA is anxious to make sure no money is siphoned off because of Wirecard’s collapse in Germany.

Christopher Woolard, the FCA’s interim chief executive, told the BBC’s Today programme the FCA had “imposed very strict conditions” on Wirecard’s UK subsidiary based in Newcastle, which had knock-on effects for about 70 payments firms, including some firms that operate out of the United Kingdom and the European Union.

Mr Woolard said the FCA had spent the last few days making sure money belonging to people in the UK and the European Union was now safeguarded in UK bank accounts with strict conditions.

The auditor of EB (Ernst & Young) signed of the full accounts made up to 31 December 2018 and according to the official Financial Statement, Wirecard Card Solutions Ltd held 465 million GBP in Customer Deposits.

WCSL has not filed the Financial Statement for 2019, but it is assumed that customer deposits of around 600 million GBP was frozen when the FCA suspended last week’s Wirecard operating in the United Kingdom.

Continue Reading

Trending Now

Copyright 1995 - 2020 by Isaan.live. All Rights reserved

Free counters!