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Wirecard

Wirecard employees removed millions in cash using shopping bags | Financial Times

By Securities Docket on April 22, 2021, 11:13 am

Wirecard employees hauled millions of euros of cash out of the group’s Munich headquarters in plastic bags over a period of years, according to former employees, suggesting that the payments company was looted even more brazenly than previously known. The once high-flying fintech, which at its peak was worth €24bn, went bust last summer in […]

Posted in Criminal, Global, Top | Tagged Wirecard

Wirecard: Bafin Faces Criminal Probe Over Wirecard Supervision, Trading – Bloomberg

By Securities Docket on April 12, 2021, 11:54 am

The scandal over the collapse of Wirecard AG expanded as German financial regulator BaFin faces a criminal probe into how it oversaw the payment processor and whether some of the agency’s staff illegally traded the stock. Frankfurt prosecutors said Monday they opened the probe after reviewing information collected from BaFin in February when they visited […]

Posted in Global, Top | Tagged Germany, Wirecard

Wirecard Red Flags Should Have Prompted Earlier Response, Former Executive Says – WSJ

By Securities Docket on February 8, 2021, 10:03 am

Mr. Freis was due to join the German payments company’s management board on July 1, but he was called in early, on June 18, when Wirecard said it couldn’t verify $2 billion in assets. With Wirecard’s auditors refusing to sign off on the company’s financials, Mr. Freis was asked to assess the situation. He reached […]

Posted in Criminal, Global | Tagged Wirecard

Head of German financial watchdog resists calls to resign over Wirecard | Financial Times

By Securities Docket on September 2, 2020, 9:24 am

The head of Germany’s financial watchdog has rejected calls to resign over the scandal at Wirecard, while saying that with hindsight he should have called for prosecutors to open an investigation sooner. Felix Hufeld said at a conference on Wednesday that he would not resign “as long as my country and Europe have trust in […]

Posted in Global, Top | Tagged BaFin, Germany, Wirecard

Auditors keep falling into the same trap | Financial Times

By Securities Docket on June 30, 2020, 7:56 am

Last week, payments firm Wirecard admitted that €1.9bn of its cash probably never existed — and then it collapsed. It turns out that the German group’s auditors had failed for at least three years to request crucial account information from a Singapore bank where Wirecard said it had up to €1bn. Instead, EY relied on […]

Posted in Global, Top | Tagged E&Y, Wirecard

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