Chief executive Emma Shand is leaving EML Payments after only nine months in the job,as the revamped board of the embattled fintech looks to get back to basics.
Investors in embattled fintech EML Payments have revolted,removing chairman Peter Martin and delivering the company a first strike on executive pay.
EML Payments shares fell by about a fifth,after a key regulator found deficiencies in the company’s program for dealing with anti-money laundering risks.
Shares in EML collapsed more than 20 per cent on Monday after long-serving chief executive Tom Cregan resigned from the job.
Rest’s chief investment officer says his investment managers are split on whether to hold the stock after it was hit with allegations of serious breaches of anti-money laundering laws.
The global payments provider has seen more than $800 million wiped off its value after the Irish financial regulator raised concerns about its European operations.
The S&P/ASX 200 index has ended the March quarter nearly $500 billion smaller,or 24 per cent lower,after a massive sell off amid fears of a global recession.