Last month, EML, the publicly traded Australian payments firm, disclosed that it had booked an impairment of €111.8 million on Prepaid Financial Services, the Irish firm that it acquired in March 2020. As acquisitions go, this one had not gone smoothly. The business was bought from its founders Noel and Valerie Moran in a deal initially valued at €269 million. However, it subsequently discounted €112 million on the transaction due to the impact of the Covid-19 crisis. Shortly after, EML lost 50 per cent of its value within days of the Irish Central Bank expressing concern over the anti-money laundering…

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