EML Payments shares were whacked again by investors after the troubled payments company said its Sentenial business had discovered fraudulent activity.
The issue involving a set of fraudulent merchants within its direct debit processing business was discovered on Tuesday. EML shares fell more than 14 per cent as the company exited a trading halt on Wednesday, before recovering some ground to be down 11.1 per cent at 88¢ shortly before the close of trading.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
