Irish payments company identifies fraud that could cost parent €5.5m

. The deal included an upfront payment of €70 million, with an earn-out component of up to €40 million.

It said it was “taking steps to investigate and understand the circumstances” surrounding the fraud and has “commenced steps to recover any losses”. “EML has transitioned over the years from primarily a gift card company to a company with a diverse revenue base across multiple prepaid products,” said Tom Cregan, EML’s managing director and group chief executive.

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