(Alliance News) - Network International Holdings PLC on Monday reported no evidence of wrongdoing by Nairobi-based online commerce platform Direct Pay Online Group with regards to DPO subsidiary AnconaOnline GmbH's connections with failed German digital payments provider Wirecard AG.
Network International is in the process of buying DPO.
Acona, which "processed negligible volumes in relation to European cardholders purchasing travel services from DPO's merchant customers", has been in liquidation since the end of 2018. It was purchased from former Wirecard executive Dietmar Knoechelmann and others in 2013.
The Middle East-focused payment solutions provider said it appointed Freshfields Bruckhaus Deringer LLP to investigate DPO following the collapse of Wirecard, which admitted in June to a EUR1.9 billion hole in its accounts. Top Wirecard executives were arrested on fraud suspicions soon after.
Freshfields Bruckhaus Deringer said it has not found any evidence 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."
Network International unveiled plans to acquire DPO for around USD288 million back in July to "help accelerate growth in Africa through online payments and mobile money." The transaction is expected to complete in the first quarter of 2021.
Shares in Network International were up 0.1% at 278.09 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Network International (NETW)