The Payments Group Holding Announces Key Developments at AGM

The Payments Group Holding GmbH & Co. KGaA (PGH) recently concluded its Annual General Meeting (AGM) in Frankfurt, revealing significant updates in leadership and corporate governance. Reiner Sachs was appointed as the new Chairman of the Supervisory Board, succeeding Günther Paul Löw. Additionally, Stefan Menz joined the Supervisory Board. The AGM also saw unanimous support for the assertion of claims against SGT Capital Group.

An independent investigation by a forensic service provider into presumed irregularities at TGS24 Capital Pte. Ltd., a PGH subsidiary, highlights possible breaches of fiduciary duty by former management. These include unauthorized payments and loans to SGTLLC and entities associated with SGT Group, potentially causing significant financial damage to TGS24.

The meeting also addressed an ongoing defamation campaign against PGH and its CEO, with new findings pointing to involvement by former SGT partners. PGH's CEO expressed grave disappointment over the SGT partners' unmet commitments and alleged irregularities impacting the company.