Wirecard’s U.K. Subsidiary Gets Approval to Resume Activity
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Wirecard AG’s British unit will be allowed to resume activities after the subsidiary of the troubled German fintech was able to “meet certain conditions,” the U.K.’s Financial Conduct Authority said.
Wirecard filed for insolvency late last week and the company has faced a management upheaval after investigations revealed that 1.9 billion euros ($2.1 billion) previously reported as cash were missing from its accounts and probably never existed. Since the revelations, Wirecard’s Chief Executive Officer Markus Braun resigned and was arrested.