EML shares plunge after problems identified at second Irish subsidiary

‘Fraudulent activity’ identified at Sentenial, a Kildare-based company acquired by Aussie fintech in a deal worth up to €110m last year

EML said it was investigating the issue and was taking steps to recover any losses. Picture: Getty

EML Payments, the Australian fintech which has struggled after an Irish company it acquired became subject to an investigation by the Central Bank of Ireland, has identified problems at a second Irish-based business it recently bought.

Shares in the Brisbane-headquartered company fell by more than 10 per cent in trading in Sydney after announcing it had identified “fraudulent activity” within the direct debit processing arm of its Sentenial business in recent weeks.

EML acquired the ...