IOUpay (ASX:IOU) parent company enters voluntary administration

Fintech IOUpays (IOU) parent company, IOUpay Limited, enters voluntary administration due to outstanding debts and suspected fraud
The companys CFO is under investigation for allegedly misappropriating up to $7 million in company funds
Non-bank lender, Finran, offered to bail out IOU, but later withdrew their offer
PricewaterhouseCoopers Australia has been appointed as voluntary administrators, and will investigate the alleged fraud while IOUpays subsidiaries in Malaysia will continue to operate with minimal disruption
IOU shares have been suspended since March 14, last trading at 4.1 cents

Fintech, IOUpays (IOU) parent company, IOUpay Limited, has entered voluntary admin…

IOUpay (ASX:IOU) parent company enters voluntary administration – The Market Herald