If you have ever heard of Enron, then you might know that ‘former’ German financial giant Wirecard IS the modern day Enron of Germany.

Steer clear.

Both companies conducted systematic accounting fraud and had a significant – negative – impact on their countries.

What is / was Wirecard?

Wirecard AG is a German payment processor known to provid other financial services, such as risk management.

In all, Wirecard cooperated with more than 280,000 companies, including household names Allianz, Qatar Airways and Rakuten.com.

In the first half of 2019, the transaction volume generated by Wirecard was near US$100 billion.

The previous year, Wirecard had replaced Commerzbank, one of the biggest and oldest banks in Germany, on the prestigious Dax index.

Before Wirecard’s ‘scandal’ became known, it had spread across the world to nations as varied as Singapore, New Zealand, Australia, South Africa, Turkey, the USA and China. and was even an investment target of SoftBank in 2019.

C: https://www.flickr.com/people/157618445@N05
What happened?

In June 2019, Wirecard admitted that 1.9bn Euros (US$2.3bn) was missing from its accounts, and then before the week was out, Wirecard filed for insolvency. Its US$13bn Euro ($15.67bn) market value was wiped out. Just like that!

Some people argued that the Wirecard scandal is not just a financial crisis, but also a political issue.

Evidence has already implicated some German officials who seemed reluctant to conduct investigations into this “successful” German fintech company.

Who is being looked at?
  • BaFin, the German financial regulator asked to file a criminal complaint against two Financial Times journalists who reported Wirecard’s suspicious financial activities.
    In late April of this year, a hedge fund manager called on Wirecard’s supervisory management to dismiss their former CEO, Markus Braun, because, in a report conducted by KPMG, cash payments amounting to US$1.2bn was unable to be verified between Wirecard and a third party acquiring business. However, Bafin did not start to conduct an investigation on Wirecard; instead, it banned hedge funds’ from short-selling Wirecard stock. When BaFin was questioned by the German government, it apologized for failing to supervise Wirecard, but claimed to only oversee Wirecard Bank: its small subsidiary of the group.
  • EY, Wirecard’s long-time auditor, failed to identify Wirecard’s manipulation of its financial statements, and stated that their failure was due to difficulty in  discovering the manipulation in this elaborate and sophisticated fraud.
  • Financial Intelligence Unit (FIU),Germany’s anti-money laundering agency, also failed to pass on numerous related reports about Wirecard’s suspicious activities to the German public prosecutor’s office.

Fast forward to now

In mid-November, Markus Braun was investigated by German MPs but he refused to comment further on the scandal.

At present, a parliamentary inquiry is headed by opposition politicians who might call German Chancellor Angela Merkel, and Finance Minister Olaf Scholz to testify.

In Singapore, all payment services from Wirecard have been stopped, and in the UK, payment cards linked to Wirecard have also been blocked.

And the clock ticks.

767 comments
  1. Pingback: MKsOrb
  2. Pingback: Temp EMail
  3. Pingback: Best Hosting
  4. Pingback: canada medication
  5. Pingback: nolvadex pill
  6. Pingback: bimatoprost sr
  7. Pingback: aralen 200mg cost
  8. Pingback: latisse generic
  9. Pingback: molnupiravir usa
  10. Pingback: meritroyalbet
  11. Pingback: meritroyalbet
  12. Pingback: madridbet
  13. Pingback: madridbet
  14. Pingback: meritroyalbet
  15. Pingback: child porn
  16. Pingback: fuck google
  17. Pingback: child porn
  18. Pingback: grandpashabet
  19. Pingback: drugstore online
  20. Pingback: canadian viagra
  21. Pingback: canadian viagra
  22. Pingback: online pharmacy
  23. Pingback: kertyun.flazio.com
  24. Pingback: Northwest Pharmacy
  25. Pingback: kerbnt.flazio.com
  26. Pingback: gewrt.usluga.me
  27. Pingback: Northwest Pharmacy
  28. Pingback: pharmacy canada
  29. Pingback: canadian drugstore
  30. Pingback: pharmacy canada
  31. Pingback: aonubs.website2.me
  32. Pingback: canada drug
  33. Pingback: canada drugs
  34. Pingback: eurocasino
  35. Pingback: madridbet
  36. Pingback: kwsde.zombeek.cz
  37. Pingback: meritroyalbet
  38. Pingback: 2statewide
  39. Pingback: pharmacy
  40. Pingback: Northwest Pharmacy
  41. Pingback: herbsd.iwopop.com
  42. Pingback: canadian drug
  43. Pingback: canada viagra
  44. Pingback: canadian drugs
  45. Pingback: kvqtig.zombeek.cz
  46. Pingback: kwerks.iwopop.com
  47. Pingback: selaw.flazio.com
  48. Pingback: canada medication
  49. Pingback: kawerc.proweb.cz
  50. Pingback: lasweb.iwopop.com
  51. Pingback: buy cialis
  52. Pingback: buy cialis pills
  53. Pingback: buy cialis online
  54. Pingback: dwerks.nethouse.ru
  55. Pingback: canada drug
  56. Pingback: pharmacy
  57. Pingback: buy viagra germany
  58. Pingback: buy viagra cheap
  59. Pingback: buy viagra usa
  60. Pingback: buy viagra cheap
  61. Pingback: buy generic viagra
  62. Pingback: meriking
  63. Pingback: canada pharmacy
  64. Pingback: drugs for sale
  65. Pingback: stromectol price
  66. Pingback: northwestpharmacy
  67. Pingback: stromectol rosacea
  68. Pingback: dose of stromectol
  69. Pingback: online pharmacies
  70. Pingback: drugstore online
  71. Pingback: stromectol oral
  72. Pingback: online pharmacies
  73. Pingback: buy viagra now
  74. Pingback: canada rx
  75. Pingback: madridbet
  76. Pingback: pharmacy canada
  77. Pingback: canadian cialis
  78. Pingback: drugs for sale
  79. Pingback: meritking
  80. Pingback: stromectol coupon
  81. Pingback: stromectol pills
  82. Pingback: grandpashabet
  83. Pingback: canadian pharmacy
  84. Pingback: canadian drugstore
  85. Pingback: buy viagra usa
  86. Pingback: canadadrugs
  87. Pingback: buy viagra usa
  88. Pingback: canadian drug
  89. Pingback: pharmacy canada
  90. Pingback: buy viagra now
  91. Pingback: canada rx
  92. Pingback: Beverly Bultron
  93. Pingback: fuck google
  94. Pingback: sex
  95. Pingback: madridbet
  96. Pingback: cialis from canada
  97. Pingback: online drug store
  98. Pingback: MILF City
  99. Pingback: domains
  100. Pingback: valentine pillow
  101. Pingback: drugstore online
  102. Pingback: Click Here
  103. Pingback: Click Here
  104. Pingback: Click Here
  105. Pingback: canada medication
  106. Pingback: Click Here
  107. Pingback: Click Here
  108. Pingback: canadian drugstore
  109. Pingback: Click Here
  110. Pingback: Click Here
  111. Pingback: Click Here
  112. Pingback: Click Here
  113. Pingback: Click Here
  114. Pingback: Click Here
  115. Pingback: Click Here
  116. Pingback: Click Here
  117. Pingback: Click Here
  118. Pingback: Click Here
  119. Pingback: Click Here
  120. Pingback: Click Here
  121. Pingback: Click Here
  122. Pingback: Click Here
  123. Pingback: Click Here
  124. Pingback: Click Here
  125. Pingback: Click Here
  126. Pingback: Click Here
  127. Pingback: Click Here
  128. Pingback: Click Here
  129. Pingback: Click Here
  130. Pingback: Click Here
  131. Pingback: Click Here
  132. Pingback: Click Here
  133. Pingback: Click Here
  134. Pingback: Click Here
  135. Pingback: Click Here
  136. Pingback: Click Here
  137. Pingback: Click Here
  138. Pingback: Click Here
  139. Pingback: Click Here
  140. Pingback: Click Here
  141. Pingback: Click Here
  142. Pingback: Click Here
  143. Pingback: Click Here
  144. Pingback: Click Here
  145. Pingback: Click Here
  146. Pingback: Click Here
  147. Pingback: Click Here
  148. Pingback: Click Here
  149. Pingback: Click Here
  150. Pingback: Click Here
  151. Pingback: Click Here
  152. Pingback: Click Here
  153. Pingback: Click Here
  154. Pingback: Click Here
  155. Pingback: Click Here
  156. Pingback: Click Here
  157. Pingback: Click Here
  158. Pingback: Click Here
  159. Pingback: Click Here
  160. Pingback: Click Here
  161. Pingback: Click Here
  162. Pingback: Click Here
  163. Pingback: Click Here
  164. Pingback: Click Here
  165. Pingback: Click Here
  166. Pingback: Click Here
  167. Pingback: Click Here
  168. Pingback: Click Here
  169. Pingback: Click Here
  170. Pingback: Click Here
  171. Pingback: Click Here
  172. Pingback: Click Here
  173. Pingback: Click Here
  174. Pingback: best-domain-broker
  175. Pingback: www.dibiz.comgdooc
  176. Pingback: gym wear
  177. Pingback: canada medication
  178. Pingback: Google reviews
  179. Pingback: online drug store
  180. Pingback: canada medication
  181. Pingback: canadian pharmacy
  182. Pingback: 2023 Books
  183. Pingback: census records
  184. Pingback: death redcords
  185. Pingback: find people
  186. Pingback: porn
  187. Pingback: canada medication
  188. Pingback: meritking
  189. Pingback: canada pharmacies
  190. Pingback: canadadrugs
  191. Pingback: online pharmacies
  192. Pingback: fue
  193. Pingback: meritking
  194. Pingback: pharmacy canada
  195. Pingback: child porn
  196. Pingback: MBA tuition fees
  197. Pingback: fuck google
  198. Pingback: fue
  199. Pingback: ?????? ??????
  200. Pingback: grandpashabet
  201. Pingback: Career services
  202. Pingback: MBA
  203. Pingback: meritking
  204. Pingback: izmir escort
  205. Pingback: porn
  206. Pingback: fuck
  207. Pingback: challenge sportif
  208. Pingback: cage ufc
  209. Pingback: fuck google
  210. Pingback: Fiverr Earn
  211. Pingback: Fiverr Earn
  212. Pingback: Fiverr Earn
  213. Pingback: Fiverr Earn
  214. Pingback: Fiverr Earn
  215. Pingback: fiverrearn.com
  216. Pingback: fiverrearn.com
  217. Pingback: fiverrearn.com
  218. Pingback: bağcılar escort
  219. Pingback: clima de hoy
  220. Pingback: clima para hoy
  221. Pingback: french bulldog
  222. Pingback: fiverrearn.com
  223. Pingback: fiverrearn.com
  224. Pingback: jute rugs
  225. Pingback: Sem
  226. Pingback: bitcoin
  227. Pingback: bikini
  228. Pingback: clima birmingham
  229. Pingback: Pandora earrings
  230. Pingback: best deals
  231. Pingback: wix
  232. Pingback: fue
  233. Pingback: Packing materials
  234. Pingback: Fiverr.Com
  235. Pingback: çeşme transfer
  236. Pingback: FiverrEarn
  237. Pingback: Coach
  238. Pingback: FiverrEarn
  239. Pingback: partners
  240. Pingback: bulldog frances
  241. Pingback: live sex cams
  242. Pingback: live sex cams
  243. Pingback: FiverrEarn
  244. Pingback: FiverrEarn
  245. Pingback: FiverrEarn
  246. Pingback: FiverrEarn
  247. Pingback: FiverrEarn
  248. Pingback: türk porno seks
  249. Pingback: yasam ayavefe
  250. Pingback: cheap sex cams
  251. Pingback: live sex cams
  252. Pingback: rare breed-trigger
  253. Pingback: 늑대닷컴
  254. Pingback: nang sydney
  255. Pingback: Anua toner
  256. Pingback: nang tanks

Comments are closed.

You May Also Like

Fitness Club Shut Due To Coronavirus Fears

despite a requirement (for) self-quarantine … club member chose to visit the Yawei fitness club

Taiwan to Impose Health Declaration Forms on All Visitors

Those failing to accurately do so face a fine of up to NT$150,000

Despite Trade War, Taiwan Raises Economic Forecast For 2020

The ongoing US-China trade war seems to be impacting everyone, except perhaps…

In Taiwan, Southeast Asians Find Roots In A Bookstore

Humans often tend to create and sustain differences between each other. In…