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HomeBusinessA result of the financial scandal: Softbank ended the partnership with Wirecard

A result of the financial scandal: Softbank ended the partnership with Wirecard

The manipulation is suspected, the Dax group Wirecard loses because of its accounting scandal, the most important partners for large future projects.

The Japanese Softbank group terminated the cooperation with the on the precipice of the payment service provider of the Munich suburb of Aschheim, like it was said on Thursday in informed circles. In April 2019, announced the partnership had two essential components: A three-digit million investment by the Japanese and the placement of new business opportunities, partners, and customers to Wirecard. An official statement from Softbank it was not.

Unlike the Name suggests, Softbank is not a Bank but a Holding company, which is participating under the direction of their heads of the weapon is metal Son around the globe to Start-ups and technologies of the future. Softbank wanted to be, Wirecard, among other things, the market entry in Japan and South Korea of help.

In addition, business partnerships of Wirecard were planned with at least six companies in which Softbank has invested: the Southeast Asian car service grave, the U.S. mobile operator Sprint, the U.S.-based mobile phone provider Brightstar, the auto-trading platform Auto1 and the tourism platform, GetYourGuide, both resident in Germany, as well as the Indian hotel chain Oyo. Grave, Auto1 and GetYourGuide confirm on request that no cooperation with Wirecard is more planned, the other three companies left the requests unanswered.

Softbank wanted to also invest 900 million euros in Wirecard, with the Option to be in five years, the major shareholder. In the Japanese companies were, however, concerns a short time later, awake, after the British “Financial Times” had reported on the balance sheet falsification is suspected in the case of Wirecard. Softbank financed the announced 900 million investment in Wirecard, therefore, not with the money of the in-house Vision Fund, but with the help of external donors. Therefore, Softbank is threatening according to the information provided, no financial losses.

Meanwhile have logged on to the parent company, Wirecard AG, five subsidiaries in insolvency. As the Munich local court announced on Thursday, is also used for these five companies, the lawyer Michael Jaffé in his capacity as interim insolvency administrator.

All five daughters are like the Wirecard AG, in the Munich suburb of Aschheim resident, these are companies that offer services and Software for the parent company, such as the sales and marketing company, Wirecard, Global Sales and software company, Wirecard Issuing Technologies.

Wirecard had given at the beginning of last week, alleged air bookings in the amount of 1.9 billion Euro, a few days later, the bankruptcy petition followed. The Munich public Prosecutor’s office determined against the first, resigned, and later by the Supervisory Board subsequently summarily fired CEO Markus Braun and other managers.

Matthew Velter
Matthew Velterhttps://etrendystock.com/
With 5 years of experience as an editor, Matthew has been a crucial part of eTrendy Stock since its inception. He looks after the editing of news content published on eTrendy Stock. Apart from investing his time in editing, he also provides well-researched news articles for the U.S. niche. Mathew studied at University of central Florida.

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