Markus Braun – The Endgame
In the end, it was just too much! After it became known that Wirecard had refused to grant the EY a certificate because the group was apparently lacking €1.9 billion, the share price plummeted by more than 85% within a few days.
It is currently not clear whether the lending banks will continue to support Wirecard or whether they will call in their loans. Insolvency can no longer be ruled out. The auditor EY and also the German regulator BaFin are under massive criticism for their failure. Comparisons with the Enron case from the year 2001 are not so wrong in the first place.
After the initial shock, CEO Markus Braun spoke of a possible gigantic fraud in which Wirecard could have been the victim. Jan Marsalek, the Wirecard board member responsible for third-party business and the Asian business, had to leave immediately. Markus Braun’s departure followed shortly afterward. It would have been impossible for him to stay. It is doubtful whether the departure of Braun can save the company.