The headquarters of Wirecard in Aschheim close to Munich, Germany. Picture: Michael Dalder/ Reuters

Germany’s scandal-ridden funds firm Wirecard continues to be damaged down for elements by insolvency directors.

Insolvency administrator Michael Jaffe stated in an announcement on Monday night that Spain’s Banco Santander (SAN.MC) has acquired Wirecard’s know-how platform and its “extremely specialised technological belongings.”

In response to Germany’s Süddeutsche Zeitung, Santander is paying greater than €100m (£89.8m, $118.7m) ) for the belongings.

Round 500 remaining Wirecard workers in Aschheim close to Munich might be included into Santander’s international service provider providers crew, Jaffe’s assertion stated.

“It’s notably pleasing that this outcome gives workers a constructive perspective. Thus, now we have achieved our purpose of discovering the absolute best resolution for workers and collectors,” stated Jaffe.

READ MORE: EU watchdog criticises Germany for oversight failures in Wirecard scandal

As soon as the star of the German fintech scene, Wirecard fell aside in June, when auditors EY refused to log off on the corporate’s 2019 accounts, saying they may not confirm the existence of €1.9bn that Wirecard stated was held in belief accounts abroad. The sheer scale of the fraud has been a humiliation to the German finance ministry and monetary regulator BaFin.

Its former chief government Markus Braun continues to be in custody, having been detained a second time in June. Regardless of an ongoing Interpol search, former chief working officer Jan Marsalek continues to be at giant.

Within the three months since insolvency proceedings began, Jaffe stated he has offered off the primary Wirecard companies, in addition to the subsidiaries in Brazil, Romania and North America, to recoup a few of the cash that traders misplaced when the corporate collapsed. It owes banks and traders over €3bn.

The cope with Santander would require antitrust approval, and is predicted to finish by the tip of the yr.

The German monetary regulator has been closely criticised for its lack of oversight with Wirecard, regardless of repeated warnings of suspected accounting points. The European Securities and Markets Authority (ESMA) recognized quite a few “deficiencies” at BaFin not too long ago, together with that the monetary supervisor didn’t preserve sufficient independence from the nation’s Ministry of Finance.

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It additionally accused BaFin and the Monetary Reporting Enforcement Panel (FREP) of turning a blind eye to issues raised in regards to the accounting practices on the funds firm between 2016 and 2018.

“Extra consideration ought to have been paid to the FT reporting in the course of the first half of 2019,” the report stated.

The Monetary Instances first began reporting on suspicions about Wirecard’s accounting way back to 2015 and has been investigating the corporate since then.

WATCH: German parliament pushes in-depth investigation into Wirecard scandal