The 83-year-old father of the CEO and founder of failed London payments business Powa Technologies has been removed from the company’s board, days after it emerged that his son and three other directors were also removed.
John Wagner, father of Powa’s CEO Dan Wagner, had his directorship terminated on February 19, according to filings lodged with Companies House. The termination came two days after administrators Deloitte took over the company.
John Wagner’s termination came on the same day as four other executives were removed from the board, but this specific filing only became available on Monday, three days after the first termination documents went online. It’s not clear why.
Multiple former Powa employees have confirmed to Business Insider that John Wagner is Dan’s father and a profile of the Powa CEO in Management Today names his father as John, a former car dealer. That matches details of John Wagner’s employment history on his LinkedIn profile.
John Wagner’s LinkedIn profile says he has been a non-executive director of Powa Technologies since 2011. It also lists positions at other businesses founded by his son — e-commerce solutions company Venda and online information company M.A.I.D. A profile of Dan Wagner from 1997 in the Independent recalls how John Wagner “gave his young son early commercial training, rewarding him with 10p for quickly naming the brands of commercials on television.”
Wagner’s LinkedIn profile says he lives in Thailand and Business Insider understands he was involved in the Asian arm of Powa’s business. The payment company, which fell into administration last month, had offices in Korea, Hong Kong, Shanghai, and Tokyo, according to its website.
Wagner, who is 83 according to Companies House records, did not respond to a request for comment sent via LinkedIn. Deloitte, which now acts and speaks for Powa Technologies, declined to comment.
Powa Technologies, which makes payment apps, online shops, and payment terminals, was once valued at $2.7 billion (£1.8 billion) and raised at least $220 million from investors over the last three years.
75 staff have so far been made redundant while an estimated 160 international employees of Powa remain “in limbo”“, without clarity about their future.
Business Insider Emails & Alerts
Site highlights each day to your inbox.