Wirecard NZ severs relationship with beleaguered parent

Wirecard NZ severs relationship with beleaguered parent
Denise McNabb
As multi-billion dollar fraud allegations mount against beleaguered German digital payment processor Wirecard AG, the New Zealand business along with its Australian subsidiary have been placed in voluntary administration so they can continue providing services to customers and possibly be sold. The local board made a decision to enter administration yesterday even though its immediate parent, Wirecard Technologies GmbH is yet to follow the global parent into insolvency.Andrew Grenfell, one of the administrators from insolvency firm McGrath...

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