EY ‘failed to request Wirecard bank statements for three years’ June 26, 2020 EY failed to carry out a standard audit procedure on Wirecard for more than three years that could have uncovered colossal fraud at the fintech, it is claimed. The accounting firm, which has audited Wirecard for over a decade, has come under fire after the German fintech disclosed a €1.9bn black hole in its accounts. [...]
A message from a former Extinction Rebellion activist: Fellow environmentalists, join me in embracing nuclear power June 25, 2020 As the lockdown measures we have become so familiar with over the past three months are slowly eased, discussions are turning to how to move forward with recovering from the economic hit of Covid-19 in a way that also addresses climate change. I have a long history of campaigning on environmental issues, most recently as [...]
Former Wirecard boss Markus Braun released from custody, says lawyer June 24, 2020 Former Wirecard chief executive Markus Braun, who was arrested on suspicion of falsifying the company’s accounts and market manipulation, has been released from custody. Braun was released after paying his bail of €5m (£4.5m), his lawyer told Reuters. A German news agency had earlier reported that the former boss of the payments company had been [...]
Brazil suspends Whatsapp’s payments service days after launch June 24, 2020 Whatsapp’s payments service has been suspended only a week after it launched in its first territory, as Brazil’s central bank said it was not given enough time to assess the new technology. The central bank said it was taking the decision to “preserve an adequate competitive environment” within the mobile payments sector, and to ensure [...]
Wirecard: Missing $2.1 bn likely does not exist June 22, 2020 Wirecard AG said on Monday that there was a likelihood that the missing amount of €1.9bn euros ($2.13bn or £1.72bn) from its accounts simply did not exist. The scandal-hit German payments firm said it was also withdrawing its full-year 2019 and first quarter 2020 financial results. “The Management Board of Wirecard assesses on the basis [...]
Startup Checkout.com triples valuation to $5.5bn in Series B funding round June 22, 2020 London fintech startup Checkout.com has tripled its valuation to $5.5bn following a $150m Series B funding round. The online international payments business, which powers the likes of Grab, Revolut, and Klarna, said the steep increase in value reflected a growing demand for its cross-border online payment product. Checkout.com’s online transaction numbers had already increased by [...]
Wirecard chief quits as shares plummet over missing €1.9bn June 19, 2020 Wirecard chief executive Markus Braun has resigned with immediate effect after the German payments firm’s disclosure of a €1.9bn (£1.7bn) accounting black hole sent shares into a tailspin. Shares have plunged more than 80 per cent since Wednesday’s close after auditor EY yesterday refused to sign off Wirecard’s financial accounts after discovering that €1.9bn of [...]
Wirecard shares continue to nosedive as boss claims it is victim of ‘considerable fraud’ June 19, 2020 Shares in Wirecard continued to plummet today as its chief executive said it may be the victim of “considerable fraud” after auditors yesterday found a cash hole of almost €2bn in the company’s financial accounts. In-house auditor EY yesterday refused to sign off the German payments firm’s annual accounts, saying it could not confirm the [...]
Facebook announces $200m for businesses owned by black people June 18, 2020 Facebook today announced that it will commit $200m towards businesses owned by black people, the latest in a string of tech giants to announce such initiatives. In a post, chief operating officer Sheryl Sandberg revealed the plan, saying that the firm needed to take action. She wrote; “The past few weeks have compelled us to [...]
Wirecard short sellers make ‘a fortune’ as shares nosedive on missing €1.9bn June 18, 2020 Wirecard short sellers hit the jackpot today as shares in the German fintech plummeted following reports of a €1.9bn (£1.7bn) accounting black hole. Short sellers have piled bets against the payments firm, which offers customers electronic payment transaction services and risk management, amid mounting questions over its accounting accuracy. Wirecard’s announcement this morning that auditor [...]