Update #3: Marsalek’s whereabouts, SdK files criminal complaints against auditor EY


Quite interesting things have been discussed publicly during the past 24 hours about the #Wirecard case:

Jan Marsalek (ex-COO of Wirecard): FT reported that according to the Philippine authorities immigration data showed Marsalek arriving in Manila on June 23 and leaving for China the next day, but “CCTV footage does not show him arriving here and there is no record of any flight to China scheduled in the morning of June 24 from Cebu” so it gets really interesting: Will Jan Marsalek show up at the Munich prosecutor on Monday the 29th June as announced and bring some clarifications.

EY: the German consumer protection organization SdK filed criminal complaints against the actual EY partner in charge of the #wirecard group audit. SdK also filed a criminal complaint against a former long-term EY partner Andreas Lötscher who left EY to become the head of accounting for Deutsche BANK.

sdk argues as follows: 

 “Gerade die Überprüfung der Existenz von Bankguthaben gehört zu den eher leichteren Aufgaben eines Abschlussprüfers und das Vorgehen hierbei ist klar geregelt”, so die SdK. Jedoch sei Medienberichten zu Folge für die Jahre 2016 bis 2018 von Seiten der Abschlussprüfer keine Saldenbestätigung bei den betreffenden Banken angefordert worden. “Aus Sicht der SdK ist es auch völlig unverständlich, dass trotz kritischer Fragestellungen von Seiten der SdK, großen Hedgefonds und vor allem der Financial Times hier anscheinend in den Vorjahren keine Prüfung stattgefunden hat, die den eigenen Maßstäben von Ernst & Young entspricht

Wirecard: According to the press release from Wirecard as of June 25th, 2020, the Wirecard BANK AG is still active and still acts as the acquirer for merchants. VISA and Mastercard are said to come up with a decision about the withdrawal of the licenses for the Wirecard Bank AG. 

Legal claims: several German big law companies have already started to call out for #Wirecard shareholders, claims for damages against the company as well as the former board of management, claims for damages against the long-term auditor EY and claims for damages against BaFin are discussed:

Holders of Wirecard shares are entitled to claim damages for the insufficient or omitted publication of ad hoc announcements and insider information in accordance with the German Securities Trading Act (WpHG). Claims for damages arise in particular from Section 15 WpHG and Section 37 b WpHG. The prerequisite for claims for damages is that the shares were purchased between February 24, 2016, and June 17, 2020.

The German Federal Supreme Court already decided in 2011 (ruling of the Federal Supreme Court of 13 December 2011 – XI ZR 51/10) that investors can not only claim damages for the price difference but can also demand compensation for the acquisition loss, i.e. repayment of the purchase price, which would be equivalent to a cancellation of the share acquisition.


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