The AFR also has an article about WireCard : "Wirecard's messy...

The AFR also has an article about WireCard : "Wirecard's messy crash leaves Aussie surprise" (https://www.copyright link/rear-window/wirecard-s-messy-crash-leaves-aussie-surprise-20201105-p56bty). You need subscription to access the article though.

Basically, from what I read and understand is that WireCard Australia and NZ has not committed any fraud or wrong doings. Is it going to be a good thing for CCA? This means we are not going to carry much liabilities as some have raised concerns before? I may need others to have opinion on this as I am not sure to understand the article correctly.

Below is an extract from the article.

"The Australian arm was the subsidiary of, and closely intertwined with, Wirecard’s New Zealand business. The Kiwis for some reason were also shouldering the cost of staff in Greece working on products for other Wirecard entities.

So when the Germans filed for insolvency, it meant the New Zealand arm was left naked, without funds to cover accrued Greek employee liabilities. That triggered a domino effect of both trans-Tasman entities calling in voluntary administrators.

The creditors report noted while Australian and New Zealand businesses were involved in software technology, their work “differed from the global payment processing and financial services” of the broader group.

That’s good, because the broader group sounded grubby. The Financial Times, which led the charge uncovering wrongdoing, outlined how Wirecard’s chief operating officer headed a “dirty tricks operation … ranging from a cast of social-media sock-puppets spouting propaganda to physical surveillance to sophisticated eavesdropping kits used to mirror iPhones”.

The administrators have not uncovered any evidence of wrongful transactions in the Australian arm nor of its director Gregory Feutrill, finding he rightly called in insolvency experts once the parent company’s financial support appeared shaky.

The Australian arm had 28 staff when administrators were appointed, and now 20 are with the local and New Zealand businesses bought out by ASX-listed Change Financial for roughly $8 million.

They will likely have a far less mysterious career."