Popcorn Time – Wirecard Offices Raided in Massive Enforcement Action
When giants fall, they fall fast and loud. And usually cause intense collateral damage. This was also the case with the DAX-listed German FinTech giant Wirecard. At present, the collapse of Wirecard offers the finest popcorn movie. You can literally smell the bad conscience of the German authorities – the public prosecutor’s office and BaFin – because of their omissions of the past. They could no longer ignore the collapse and are finally sending out clear signals – much too late for Wirecard shareholders. In the course of the Wirecard investigations, the authorities conduct another raid. As announced by the Munich I public prosecutor’s office, it has been searching five properties since Wednesday morning, three of them in Munich – including the German headquarters of Wirecard AG – and two in Austria by way of legal assistance. The authorities have arrived with twelve public prosecutors, 33 police officers, and further IT specialists from the Munich police headquarters and their Austrian colleagues.
The Munich Public Prosecutor’s Office already searched the business premises of Wirecard AG at the beginning of June. At the time, it initiated proceedings against the then four members of the Board of Management including Markus Braun and his fellow board member and COO Jan Marsalek.
Rumors are currently circulating on the German market about a possible disintegration of Wirecard. A large number of investors from all over the world have already contacted the insolvency administrator Michael Jaffé. The creditors’ committee has given him the green light for negotiations with interested parties and potential investors. Jaffé, one of Germany’s leading specialists for complex insolvencies, will soon ask investment banks to oversee the potential sale of some of Wirecard’s units.
A sale of Wirecard’s subsidiaries needs to happen within weeks or they will lose any remaining value, the Financial Times reported today referring to insiders of the Wirecard case.