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(Sharecast News) - Payments company Network International Holdings said it would publish in January a response to criticisms by short seller ShadowFall over its $288m (£213m) acquisition of African business DPO Group and links to collapsed German fintech Wirecard.
"We take any critique of the company seriously. While we believe many of the issues raised have already been addressed, the historical nature of certain statements in the report means that a full response will take some time. Network expects to publish a response by the end of January 2021," the company said on Thursday.
The acquisition was unveiled in July but is yet to complete. ShadowFall has highlighted concerns around a subsidiary of DPO called AconaOnline.
A report circulated among ShadowFall's clients this month, said that while DPO was an Africa-focused business, it was "birthed by the 'back-room boys' to Wirecard UK & Ireland", the Sunday Times reported.
Acona, now dormant and in the process of being liquidated, was sold to DPO by Dietmar Knöchelmann, a German businessman whose companies were bought by Wirecard as part of a €43m deal in 2007. He continued to work for Wirecard as a director of its Irish-registered Wirecard Payment Solutions Holdings until 2009.
Network International on Monday said Acona was used historically to process "negligible volumes in relation to European cardholders purchasing travel services from DPO's merchant customers".
"A process to liquidate Acona was commenced at the end of 2018, prior to our engagement with DPO," the company said.
In 2016, Knöchelmann pleaded guilty in Israel to helping a local credit card firm called ICC-Cal, and its then executives, commit fraud from 2008 to 2010.
Network International said it had hired lawyers at Freshfields to help it look into DPO and its subsidiaries.
"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 LLP to assist it," it said earlier this week.
"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."
17 Jun 2024 15:53
UK shareholder meetings calendar - next 7 days
| Tuesday 18 June | |
| Acceler8 Ventures PLC | AGM |
| Andrews Sykes Group PLC | AGM |
| Anexo Group PLC | AGM |
| ASA International Group PLC | AGM |
| Bay Capital PLC | AGM |
| Bisichi PLC | AGM |
| Blackbird PLC | AGM |
| Darktrace PLC | GM re takeover by Thoma Bravo |
| Gresham Technologies PLC | AGM |
| ICG-Longbow Senior Secured UK Property Debt Investments Ltd | AGM |
| Intelligent Ultrasound Group PLC | AGM |
| Kooth PLC | AGM |
| Red Capital PLC | AGM |
| Science Group PLC | AGM |
| Somero Enterprises Inc | AGM |
| Wednesday 19 June | |
| Argentex Group PLC | AGM |
| Brave Bison Group PLC | AGM; vote on capital reduction |
| Clean Power Hydrogen PLC | AGM |
| HC Slingsby PLC | AGM |
| Maintel Holdings PLC | AGM |
| Octopus Renewables Infrastructure Trust PLC | AGM |
| RBG Holdings PLC | AGM |
| Team17 Group PLC | AGM |
| Videndum PLC | AGM |
| Zinnwald Lithium Ltd | AGM |
| Thursday 20 June | |
| Angling Direct PLC | AGM |
| Anglo Asian Mining PLC | AGM |
| Animalcare Group PLC | AGM |
| ASA International Group PLC | AGM |
| Balanced Commercial Property Trust Ltd | AGM including re views on strategic review |
| Block Energy PLC | AGM |
| boohoo Group PLC | AGM |
| Card Factory PLC | AGM |
| Concurrent Technologies PLC | AGM |
| Cordiant Digital Infrastructure Ltd | AGM |
| Corero Network Security PLC | AGM |
| Cykel AI PLC | GM re acquisition by Mustang Energy PLC |
| Futura Medical PLC | AGM |
| Good Energy Group PLC | AGM |
| Gresham House Energy Storage Fund PLC | AGM |
| Henderson Eurotrust PLC | GM re merger with Henderson European Focus Trust PLC |
| Kingfisher PLC | AGM |
| Likewise Group PLC | AGM |
| LSL Property Services PLC | AGM |
| Marble Point Loan Financing Ltd | EGM requisitioned by Freestone |
| Mustang Energy PLC | GM re acquisition of Cykel AI PLC |
| Northcoders Group PLC | AGM |
| Strix Group PLC | AGM |
| Thor Energy PLC | GM re equity raise |
| Friday 21 June | |
| All Things Considered Group PLC | AGM |
| Monday 24 June | |
| Anglo-Eastern Plantations PLC | AGM |
| Cizzle Biotechnology Holdings PLC | AGM |
| Cobra Resources PLC | AGM |
| Diaceutics PLC | AGM |
| Ithaca Energy PLC | AGM |
| Network International Holdings PLC | AGM |
| Oriole Resources PLC | AGM |
| Oxford Biomedica PLC | AGM |
| Savannah Resources PLC | AGM |
| THG PLC | AGM |
| Trinity Exploration & Production PLC | AGM |
| World Chess PLC | AGM |
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