Crispin Odey to sue German regulator over Wirecard short-selling ban July 2, 2020 Crispin Odey is planning to sue the German financial regulator for millions of pounds after it banned short-selling on Wirecard last year. Wirecard filed for insolvency after an accounting scandal which saw €1.9bn missing from its balance sheet. Former chief executive Markus Braun was last week arrested on suspicion of fraud and market manipulation. Yesterday [...]
Regulator told about Wirecard ‘link to laundering’ last year July 2, 2020 The financial watchdog was reportedly warned last year that Wirecard had alleged links to a scheme that used bogus online stores to conceal the processing of high-risk payments. The Financial Conduct Authority (FCA) was given details of an operation where allegedly fake sites were used as a front for channeling gambling proceeds through the payments [...]
Wirecard offices raided by Munich prosecutors over missing €1.9bn July 1, 2020 Wirecard offices in Germany and two locations in Austria have been raided by German prosecutors investigating the missing €1.9bn from its accounts. A spokesperson for the Munich authority said 12 prosecutors and 33 police officers are conducting searches, according to Bloomberg reports. In June, police searched Wirecard’s offices after prosecutors launched an investigation into former [...]
Wirecard UK fallout lessens June 30, 2020 Readers will be very familiar with the €1.9bn Wirecard scandal that has rocked Germany, firmly placed a spotlight back onto the world of auditors and dangerously caused pause for thought for Fintech firms in the U.K. from a regulatory standpoint. As of this morning at 00.01 the FCA resumed Wirecard Solutions’ regulated activities which meant [...]
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 [...]
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 [...]
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 [...]