BERLIN: Wirecard, the German scandal-hit payments company, said on Saturday it would proceed with business activities after filing for insolvency and expects a provisional administrator to be appointed by judicial authorities shortly.
The insolvency filing did not include the company's Wirecard Bank unit, which holds an estimated 1.4 billion euros in deposits and is already under emergency management by BaFin, the German banking regulator. The company said its bank would continue to carry out payments to merchants and that it was in contact with regulators and credit card companies.Britain's Financial Conduct Authority has imposed a number of requirements on Wirecard, including not to dispose of any assets or funds, and not carry out any regulated activities.