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Companies

Wirecard Files for Insolvency After Revealing Accounting Hole

“Battered German fintech company Wirecard AG said it is filing for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist. The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene. […]
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Companies

Inside Wirecard, a Deposit-Taking Bank Helped Fuel Growth

“Before its dramatic fall from grace last week, Wirecard AG counted on a small banking unit just outside of Munich to help drive stellar growth in its main payments business. Now Wirecard Bank AG, which attracts deposits by offering customers market-leading interest rates, is at the center of attention as clients ask if they’ll get […]
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Companies

Wirecard Auditors Face Legal Action After Collapse of Scandal-hit Payments Firm

“Wirecard’s auditors are being faced with legal action after the collapse of the scandal-hit German payments firm. The German shareholders’ association SdK said Friday that it had filed a criminal complaint against auditors at EY. SdK’s complaint targets two current employees and one former employees of Wirecard’s long-time auditor.   The accountancy last week refused […]
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Companies

Singapore Police Bring First Charges Linked to Wirecard

“Singapore police brought their first criminal charges against an individual linked to the suspected fraud at Wirecard AG WDI -3.16% , the one-time German technology star that collapsed at the end of June after admitting more than $2 billion of cash on its balance sheet was fake. The city-state’s white collar crime division charged R. Shanmugaratnam, […]
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Companies

How Germany’s SEC Dismissed a Decade of Warnings About Wirecard

“Germany’s top financial supervisor received detailed warnings about deceptive financial practices at Wirecard AG starting in 2008 but repeatedly declined to investigate the allegations, turning instead against the accusers. Over more than a decade, investors, U.S. authorities, journalists and people close to the company warned of possible fraudulent accounting or money laundering, practices that are […]
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Companies

Germany Probes Possible Money Laundering by Wirecard Executives

“German state prosecutors are looking into possible money laundering by executives at Wirecard AG WDI -4.62% , adding to ongoing probes related to possible fraud and fake accounting at the insolvent payments firm. A spokeswoman for the Munich public prosecutor said it was conducting several legal cases related to possible money laundering at Wirecard, the oldest […]
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Companies

SoftBank Seeks to End Partnership With Wirecard

“SoftBank Group Corp. is looking to distance itself from Wirecard AG, after the Japanese tech conglomerate helped arrange a $1 billion investment months before the German payments company went bust. One of the world’s largest technology investors, SoftBank is seeking to terminate a five-year partnership its investment arm formed with Wirecard in April 2019, according […]
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Companies

Wirecard postpones issuing annual results again

“Wirecard has postponed the publication of its 2019 annual results for the third time this year as its auditor EY needs additional time to finish its work, the German payments company said in a regulatory statement issued after markets closed on Monday night. The Aschheim-based group is facing accusations of accounting manipulation raised by whistleblowers […]

On The Wires

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Companies

Wirecard North America Inc. Pursues Acquisition

“Wirecard North America Inc., a separate legal and business entity of Wirecard AG with over 20 years in the payments industry, today announced that it is seeking acquisition. An investment bank is coordinating the sale process. Wirecard North America is a self-sustaining entity that is substantially autonomous from Wirecard AG. Wirecard North America was formerly […]