Update on the Wirecard Case as of June 25th, 2020 (day 7 after the implosion)

Please find as follows an update about the curated press coverage on Wirecard and related entities for the different topics:

Former board of management:

An arrest order was issued for Jan Marsalek (“Darling Jan”) formerly COO of #Wirecard, he is supposed to be still on the Philippines, read here and here about the case.

(still in charge) supervisory board:

Some of the supervisory board members have joined the company for quite a long period of time getting quite huge amount of money for their services (for example Stefan Klestil: compare this report) . So in our opinion, they should be questioned for their involvement in fraudulent business activities.

BAFIN: 

BaFin is under massive pressure but at least they are doing something. Read here and here.

 

EY (Auditor of Wirecard since 2009)

EY was asked to do a special audit in late 2008 after the first doubts were raised about the transparency and about accounting issues of Wirecard. Back then they issued a clean audit opinion and became the group auditor starting with 2009. in 2020 another special audit was asked for – again due to massive questions about accounting issues – this time KPMG did the job and came up with a lot of questions about missing revenues and missing cash confirmations, this adverse negative audit opinion represents the beginning of the end of Wirecard.

Press reports that the first lawyers and investor protection organizations prepare law claims, pls read here and here.




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