Deals
SoftBank Support for Wirecard Under Scrutiny After Meltdown
The Wirecard AG headquarters in the Aschheim district of Munich, Germany, on June 19.
Photographer: Michaela Handrek-Rehle/BloombergThis article is for subscribers only.
The meltdown at Wirecard AG is raising questions about the company’s complicated relationship with the troubled SoftBank Group Corp.
The Japanese conglomerate signed a strategic cooperation agreement with the payments firm last year and agreed to buy $1 billion of Wirecard convertible bonds, although that exposure was later cut through a complex transaction. This month, a partner at SoftBank’s investment arm was on track to become a supervisory board member at Wirecard.