Rechtsanwalt Dr. Michael Jaffé
Insolvency Administrator of Wirecard Sales International Holding GmbH

Disposal of Subsidiaries in Asia well advanced:

Further sale in Indonesia – transactions completed in Hong Kong and Malaysia

MUNICH/ASCHHEIM/DUBLIN/KUALA LUMPUR/HONG KONG/JAKARTA – EQS Newswire – 12 July 2021 – The insolvency administrator has achieved further success in completing additional divestitures as part of the insolvency proceedings regarding the assets of Wirecard AG and Wirecard Sales International Holding GmbH. Specifically, this week the shares of two of four subsidiaries in the Asian-Pacific region were sold and transferred to Finch Capital. This was achieved in spite of the difficult circumstances for the consummation of the transaction due to the current lockdown in Malaysia and hence the insolvency administrator Dr Michael Jaffé was successful in completing the first portion of the transaction with Finch Capital’s subsidiary Nomu Pay Ltd.

Pursuant to the sales contract executed in mid-April, the shares in the other entities, which have been sold to Finch Capital, Wirecard e-Money Philippines, Inc. and Wirecard (Thailand) Co., Ltd., shall be transferred as well. With the completion of the first part of the transaction, almost 90 employees will find a new home and substantial proceeds can be distributed to the German insolvency estates.

Furthermore, the insolvency administrator has previously sold all of the shares in PT Prima Vista Solusi/Indonesia together with its nearly 670 employees to the technology holding company of an Indonesian company group, thus achieving yet another successful sale in South East Asia amidst strict limitations due to the pandemic. The completion of this transaction is still subject to customary closing including the necessary approval by the Indonesian banking control authority.

“With the sale of PT Prima Vista Solusi in Indonesia and the completion of the sale of subsidiaries in Hong Kong and Malaysia, we have largely completed the disposal of the portfolio companies. Overall, we were able to achieve the best possible solutions for employees and creditors and to safeguard around 2,800 existing jobs in the course of the disposals “, said insolvency administrator Dr Michael Jaffé.

Additional information:

Dr Michael Jaffé is one of the most experienced and renowned insolvency administrators in Germany. He has been regularly appointed by the courts for over two decades in large and complex insolvency cases where the aim is to secure assets for creditors and to realise them in the best possible way. One special focus of his expertise lies in multi-stage group insolvency proceedings and proceedings with cross-border issues or assets that are difficult to realise. Among the most nationally and internationally renowned insolvency proceedings of Dr Michael Jaffé are the media group KirchMedia of the late Dr Leo Kirch, the former global memory chip manufacturer Qimonda and the German subsidiaries of the Petroplus Group. He also successfully completed the restructuring of caravan manufacturer Knaus Tabbert, Grob Aerospace and Cinterion Wireless Modules Holding GmbH, among others.

As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a holding company for participations of the city of Gera for public welfare, he found a permanent solution for all companies. As insolvency administrator of the insolvent fund company NARAT GmbH & Co. KG, Dr Michael Jaffé sold one of the largest commercial real estate portfolios in North Rhine-Westphalia. In the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a leading provider of closed-end funds in Germany with a total investment volume of around €4.7 billion, he worked through the complex structures and successfully liquidated the investments. He is also the insolvency administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.

As the insolvency administrator of three German P&R container management companies, he realised the worldwide container fleet within the framework of a complex cross-border structure with the aim of minimising the losses for the approximately 54,000 investors who have filed for insolvency tables for over €3 billion.

Munich Local Court appointed Michael Jaffé as the insolvency administrator of Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH in a court order given on 25 August 2020.

For more than two decades, JAFFÉ Rechtsanwälte Insolvenzverwalter has been one of the leading law firms in the fields of insolvency administration, insolvency law and restructuring (in accordance with the German Law on Further Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen or ESUG), especially in complex and cross-border proceedings. An important basis for this is the many years of experience, competence and independence that are regularly in demand, especially in complex proceedings. This is one of the reasons why the firm has enjoyed the trust of courts and creditors for decades, especially in difficult proceedings where conflicting interests of the parties involved exist. With its own efficient structure, which has grown over the years, the firm can accompany proceedings of any size in the interest of creditors.

The issuer is solely responsible for the content of this announcement.

JAKARTA, INDONESIA – Media OutReach – 12 July 2021 – To support Indonesia’s efforts in the urgent fight against the COVID-19 pandemic, Tanoto Foundation today announced it is donating 500 tons of oxygen to hospitals. The donation is made by pulp and paper maker APRIL Group’s Indonesia operations PT Riau Andalan Pulp & Paper (RAPP), based in Riau’s Pangkalan Kerinci.

Tanoto Foundation is an independent philanthropy organization established by Sukanto Tanoto and Tinah Bingei Tanoto in 1981, and has previously partnered APRIL Group and PT RAPP on a variety of community development, human capital development and COVID-19 relief programs.

The surge in COVID-19 cases in Indonesia has caused a shortage of oxygen in hospitals, especially for patients with serious to severe symptoms. The Ministry of Industry has coordinated with several companies across various industries that are able to produce medical oxygen to ramp up the supply of oxygen for COVID-19 patients in the country.

Minister of Industry Agus Gumiwang Kartasasmita expressed his appreciation for Tanoto Foundation and its partner PT RAPP, which has designated a part of its oxygen plant facility for pulp bleaching to producing medical oxygen. Five hundred tons of oxygen will be sent from Pangkalan Kerinci to Jakarta from Friday, July 9, 2021, in five shipments, with each carrying 100 tons of oxygen.

Dr. Dante Saksono Harbuwono, the Deputy Minister of Health, expressed appreciation for the donation made by the Tanoto Foundation and APRIL Group. He said: “With the rise of COVID-19 cases, we will need more oxygen for treatment and to save lives. We thank the Tanoto Foundation and APRIL Group for providing oxygen to our hospitals in Java which are treating patients with serious to severe symptoms. The pandemic calls for the collective effort of all existing stakeholders such as the government, the private sector and the people.”

Anderson Tanoto, Member of the Tanoto Foundation Board of Trustees, said: “When we received information on the shortage of oxygen in hospitals for COVID-19 patients, we felt the need to quickly respond by carrying out swift distribution of oxygen produced by PT RAPP to Java. The distribution will be supervised by the Ministry of Health, ensuring the hospitals that are in dire need will receive the necessary supply.”

Mr Tanoto added: “I would like to express my gratitude for the support of the Ministry of Industry and the Ministry of Health, which has facilitated the transportation and distribution of the oxygen in less than 36 hours to Java. We hope that the donation can support the treatment of COVID-19 patients and save precious lives.”

Data from the Ministry of Health revealed that the surge in COVID-19 cases in the country in recent weeks has coincided with the sharp increase in demand for medical oxygen from 400 tons per day to 2,500 tons.

About Tanoto Foundation

Tanoto Foundation is an independent philanthropic organization founded by Sukanto Tanoto and Tinah Bingei Tanoto based on the belief that every person should have the opportunity to realize his or her full potential. Tanoto Foundation programs stem from the belief that quality education accelerates equal opportunity. We harness the transformative strength of education to realize people’s full potential and improve lives. Tanoto Foundation focuses on making an impact in three areas: improving learning environments, future leaders development, as well as medical research and sciences.

#TanotoFoundation

SHANGHAI, CHINA – Media OutReach – 12 July 2021 – Southco, a leading global supplier of engineered access hardware solutions has devoted significant efforts to strengthening the front-end team as the company’s Asia Pacific business continues to grow. Southco is pleased to announce that Siegfried Xu has officially joined as General Manager of the Transportation Strategic Business Unit (SBU) in the Asia Pacific region, effective June 15. Siegfried will be based in Shanghai, positioning him close to Transportation customers and local factories across China, Japan and Korea.

With 18 years in the automotive industry, Siegfried has experience in business development, key account management, and program and engineering management. He joins Southco from SKF, where he was the business unit head of China Automotive. Siegfried graduated from the Economics School of East China University and received an MBA from KEDGE Business school.

Jay Lu, Executive Director of Southco Asia Pacific, said, “With the vigorous development of Asian business, it is now the best time for Southco to provide even better support to customers in this region. We are very pleased to have Siegfried join Southco Asia at this important moment. I believe Siegfried can bring greater value to our customers and Southco.”

Southco’s Transportation business has been deeply involved in the Asia Pacific region for more than 20 years. Its world-class engineering hardware for automobile manufacturing, rail transit, aerospace and shipbuilding industries are widely favored by internationally renowned manufacturers. Siegfried will lead the team throughout the region and continue to explore the local market, providing customers with access hardware solutions tailored to their specific needs.

About Southco

Southco is a leading global provider of engineered access solutions, including latches, locks, captive fasteners, hinges, handles, and other accessories for applications in the marine, networking, telecommunications, computer, automotive, aerospace, mass transit, off-highway/construction, RV/caravan, industrial machinery and HVAC industries.

Southco is strongly focused on customized engineering solutions and global support for its key customers. The company aspires to be a virtual engineering center for its customers’ engineered-access solutions and is committed to providing outstanding quality and overall satisfaction. Southco’s promise to its customers is to connect, create and innovate to provide the best solution for every access engineering problem. Please visit southco.com for more information.

www.southco.com

#Southco