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Network International appoints advisor to review DPO links to former Wirecard exec
StockMarketWire.com
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Payments company Network International said it had appointed an advisor to assist in a review of connections between DPO, which it recently agreed to acquire, and former Wirecard executive Dietmar Knoechelmann.
Network International said it had noted recent press commentary regarding DPO's ownership of AconaOnline and the latter's connections with Knoechelmann.
'Knoechelmann was convicted for wrongdoing unrelated to DPO, as was another individual, who had, prior to his conviction, become a minority shareholder of DPO in or around 2012 and currently owns 1.24% of DPO,' Network International said.
'In advance of completion, Network is continuing to take additional steps to provide further assurance including in relation to the related entities and has appointed Freshfields Bruckhaus Deringer to assist it.'
'We have not found any evidence to date of any wrongdoing by DPO or its management and can confirm that no Wirecard directors or executives, past or present at any time, have ever been involved in the management of DPO.'
Acona was a DPO group company, currently in liquidation, which was used historically to process negligible volumes in relation to European cardholders purchasing travel services from DPO's merchant customers, Network International said.
It added that Acona was purchased from Dietmar Knoechelmann, among others, in 2013 and had been dormant for several years. A process to liquidate Acona was commenced at the end of 2018, prior to Network Interntional's engagement with DPO.
Network International said annual volumes processed by the relevant entities were 'immaterial in the context of the DPO group.'
'We understand annual volumes were less than 2% in 2019 and reducing further in 2020.'
'In anticipation of completion of the acquisition, DPO intends to transfer all European originated transaction volumes to its existing acquirers in Africa. The relationships with the relevant entities have either been terminated or are in the process of being terminated.'
Story provided by StockMarketWire.com
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