Wirecard Fraud

Business • Economy
Spanish bank Santander buys Wirecard's core business after bankruptcy
Spanish bank Santander buys Wirecard's core business after bankruptcy
Credit: Kaethe17 / via Wikimedia Commons (Creative Commons Attribution ShareAlike 4.0)

Wirecard's insolvency administrator Michael Jaffé has stated in a press release that they have "been able to successfully conclude the investor process for Wirecard's core business despite the most unfavorable conditions" by selling Wirecard's core business to the major Spanish bank Santander, They have acquired the European core business of the payment service provider Wirecard specifically the technology platform in Europe and all the assets necessary for it.

Business • Economy
Insolvency administrator considers Wirecard not capable of being restructured
Insolvency administrator considers Wirecard not capable of being restructured
Credit: Leo Molatore (Creative Commons Attribution ShareAlike 2.0)

According to a progress report of the insolvency administrator Michael Jaffé the situation is too desolate for resturcturing, after years of reporting profits, but in reality accumulating losses.

Following the report a mountain of debt of more than 3.2 billion euros is offset by usable assets of only 428 million, which means that the company is over-indebted by around 2.8 billion euros. In liquid assets there are only 26.8 million euros left. These figures are the result of a long series of losses.