29 C
Jaipur
Saturday, October 31, 2020

Wirecard lays off more than half of remaining staff in Germany – Latest News

Must read

Tesla Model S Plaid Vs Lucid Air Dream Edition: Which One Is Better?

Today, we have two of the most awaited electric cars, Tesla Model S Plaid and Lucid Air Dream Edition, up for a head-to-head comparison....

Apple Loses 10-Year Long Legal Battle, Will Pay $503 Million To VirnetX

A decade-long lawsuit between Apple and VirnetX has concluded with a Texas jury ordering Apple to pay the Nevada-based software company. Earlier this year,...

iPhone 12 No Charger In Box: The Good, The Bad, And Future Explained

The recently launched iPhone 12 lineup with a refreshed design, 5G, and a more durable screen. What it didn’t come with is a charger...

The collapsed payments company Wirecard has let go more than half of its remaining staff in Germany and terminated the contracts of its management board members, its insolvency administrator said.

News of the layoffs came as Wirecard’s demise amid an accounting scandal entered a new phase, with the official opening of insolvency proceedings on Tuesday.

Michael Jaffe, the insolvency administrator, said “far-reaching” cuts were needed to keep Wirecard’s core business operational.

The company is laying off around 730 staff, while retaining 570 at its base in Aschheim, Germany.

The three remaining board members whose contracts were terminated included Chief Executive James Fries, who joined Wirecard only recently to succeed Markus Braun, who remains in custody.

“The economic situation of Wirecard AG was and is extremely difficult in light of the lack of liquidity and the well-known scandalous circumstances,” Jaffe said.

Wirecard was a rising star in corporate Germany, earning a spot as one of 30 blue chips, but in a dramatic fall from grace, Wirecard filed for insolvency owing creditors 4 billion euros ($4.73 billion) after disclosing a 1.9 billion euro hole in its accounts.

Prosecutors suspect Wirecard executives of masterminding a criminal racket to fake the company’s accounts and defraud creditors of billions of euros.

Jaffe is working to sell Wirecard’s global assets. The first deal to sell its operations in Brazil was agreed last week.

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Tesla Model S Plaid Vs Lucid Air Dream Edition: Which One Is Better?

Today, we have two of the most awaited electric cars, Tesla Model S Plaid and Lucid Air Dream Edition, up for a head-to-head comparison....

Apple Loses 10-Year Long Legal Battle, Will Pay $503 Million To VirnetX

A decade-long lawsuit between Apple and VirnetX has concluded with a Texas jury ordering Apple to pay the Nevada-based software company. Earlier this year,...

iPhone 12 No Charger In Box: The Good, The Bad, And Future Explained

The recently launched iPhone 12 lineup with a refreshed design, 5G, and a more durable screen. What it didn’t come with is a charger...

Google Meet Now Supports Custom Backgrounds on the Web

As announced in August, Google Meet is getting support for custom backgrounds. The feature offers Google’s default set of default images including office...