Wirecard ‘relied on small number of customers’ June 30, 2020 Wirecard reportedly relied on a small number of customers for the majority of its sales, according to the Financial Times. An internal company spreadsheet seen by the FT lays bare the extent of Wirecard’s issues. A snapshot of the German payment processing firm’s clients in 2017 shows only 100 customers account for more than half [...]
FCA lifts ban on regulated activities of Wirecard UK June 30, 2020 The financial watchdog has lifted a ban on the payment activities of Wirecard’s UK arm, restoring services for millions of customers who were temporarily locked out over the weekend. In a statement released on Monday night, the FCA said Wirecard UK could resume activity from midnight, meaning customers can “use their cards as usual”. Last [...]
Your Fiat is worthless. Here’s why. June 30, 2020 The Association of Certified Fraud Examiners will be adding an additional US$2.1 Billion to its next Report to the Nations when its published. The Wirecard fraud is an illustration of only one of an army of termites that is ceaselessly eating away at the foundation of the global financial system. The allegation that EY, Wirecard’s [...]
UK GDP suffers largest fall since 1979 in first quarter of 2020 June 30, 2020 UK GDP slumped by 2.2 per cent in a coronavirus-ravaged first quarter of 2020, its worst slump since 1979, data confirmed today. The figure was slightly higher than the Office for National Statistics’ (ONS) initial estimate of the pandemic hit. It initially measured a two per cent fall. The drop revealed today is the worst [...]
Wirecard’s UK subsidiary scrambles to avoid collapse June 29, 2020 Thousands of UK consumers have been unable to access their cash, as financial apps relying on Wirecard technology were frozen after the German payments firm filed for insolvency last week. Wirecard’s UK subsidiary, Wirecard Card Solutions (WCS), said it was “working hard” to restore operations after the Financial Conduct Authority (FCA) on Friday ordered the [...]
UK mortgage approvals plunge to record low as coronavirus hammers economy June 29, 2020 UK mortgage approvals fell further to hit a record low in May as the coronavirus pandemic continued to hit the housing market, according to the latest Bank of England figures. Some 9,300 new loans for houses were approved last month, down from April’s 15,900. Economists polled by Bloomberg had been expecting 25,000 approvals for May. [...]
Deutsche Boerse looks at revising Dax membership rules after Wirecard scandal June 29, 2020 The Wirecard scandal has prompted the German stock exchange operator to look at revisions to membership rules for Germany’s premier stock market index. Last week, the embattled German firm filed for insolvency after disclosing a €1.9bn blackhole in its accounts. It is the first sitting member of Germany’s blue-chip share index to go out of [...]
Wirecard auditor EY prepares for backlash over scandal June 29, 2020 EY has reportedly told partners how to prepare for any backlash over its audits of Wirecard, the German firm which filed for insolvency last week. In an internal note to senior partners, seen by the Financial Times, the auditor advised they tell clients the “objective” of the fraud at Wirecard was to “deceive investors and [...]
Wirecard shares skyrocket just days after filing for insolvency June 29, 2020 Shares in insolvent German firm Wirecard have rebounded more than 200 per cent just days after filing for insolvency. Wirecard, which premiered on Germany’s Dax index with a €24bn valuation in 2018, filed for insolvency last week after auditors found a €1.9bn black hole in its accounts. The payment processor firm first said “fraud of [...]
CMA chair Tyrie was ‘forced to step down’ after row with directors June 28, 2020 The chairman of the UK’s competition watchdog was forced to step down three years early after a stand-off with the firm’s chief executive, according to reports. Lord Tyrie, who last week announced he would stand down as chairman of the Competition and Markets authority (CMA) in September three years earlier than planned, had fallen out [...]