Worldline Woes Draw Credit Agricole Staff Queries Over 2024 Stake

(Bloomberg) – French payments firm firm SA’yı allegations of fraud, according to people who know the issue, the managers who want to know why they agreed to connect with the payment company last year, asked questions from the employees from the employees from the employees in SA.

Some employee representatives wrote a E -POSTA to the Credit Agricole management of the company’s decision to take 7% stakes on Worldline earlier last year. Representatives want to know if the bank has done appropriate checks at that time.

Credit AGRICOLLE representative refused to comment.

Credit Agricole and Worldline created a joint venture in 2023 to replace the French lent’s previous payment partnership in 2020 with Wirecard AG, the country’s largest accounting scandal.

Worldline’s shares decreased by 38% on Wednesday in the media allegedly covering fraud by some of the company’s customers. A series of articles controlled by the European Journalism Network EIC claimed that the firm had previously ignored warnings and continued to do business with other high -risk customers and allowed some fraudulent operations to continue.

The share in Worldline, which was taken by Credit Agricole in the beginning of 2024, was announced in October 2023, after the country’s financial observer, Bafin, by third parties, had been cut off with some German customers after bringing serious restrictions in preventing credit card fraud.

Speaking at a conference meeting with analysts late on Wednesday, the Chairman of the Worldline Executive Officer Pierre-Antoine Vacheron said that the company was “attacked by the media by saying“ nothing new ”in its media reports.

In a note of Jeferveries analysts, developments increase the risk of “re -evaluating the partnerships of World’s JV partners’ JV partners.

Credit Agricole signed an agreement with Wirecard in 2018, but the firm paused the development of joint projects next year with concerns about the firm.

In his annual report earlier this year, Worldline said that the Credit Agricole partnership, called Cawl, is expected to ilk the first half of the first half to operate in 2025 ”. He said the payment company has 50% plus 1 share in JV.

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