Germany to shake up accounting industry following Wirecard collapse June 28, 2020 Germany is set to overhaul its accounting industry as part of measures to soften the fallout from the collapse of payments fintech Wirecard last week. Wirecard, which premiered on Germany’s main Dax index with a €24bn (£21.8bn) valuation just two years ago, filed for insolvency last week after auditors found a €1.9bn black hole in [...]
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. [...]
Softbank plans to sue EY over its role in Wirecard scandal June 26, 2020 Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year. The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel. Wirecard’s longtime auditor EY blamed [...]
FCA orders Wirecard to cease all regulated activities June 26, 2020 The Financial Conduct Authority has ordered Wirecard to cease all regulated activities after the firm disclosed a €1.9bn financial hole in its accounts. The watchdog said Wirecard should not dispose of any assets or funds or carry out any regulated activities. After news of a missing €1.9bn in the company’s accounts, the FCA said it [...]
Reassuring pension savers in these turbulent times June 26, 2020 Millions of pension savers across the country are concerned about the state of their finances. Since lockdown began in March, the government’s protective measures have supported both employers and employees through a difficult time. As these measures begin to be eased back, there may be a higher possibility of company insolvencies, and thus reduced financial [...]
Crypto AM’s community play their part in the war against COVID-19 June 25, 2020 Ever since the Crypto AM Awards 2020 on the 11th March and the subsequent lockdown enforcement, it was clear that the new normal required new and lateral thinking with the government’s clarion call for support in the war against the coronavirus COVID-19. Now, months later, I reached out to Crypto AM’s global community to hear [...]
Wirecard files for insolvency after disclosing €1.9bn financial hole June 25, 2020 Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts. Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts. In a statement today, the embattled [...]
Government mulls financial support for UK’s ailing theatres June 24, 2020 The UK government is in talks to support the performing arts industry, Downing Street confirmed today, amid growing concerns the sector is nearing collapse as a result of the coronavirus crisis. Number 10 today said it was working with senior figures from the theatre industry on a rescue package, as the Prime Minister’s announcement yesterday [...]
Rent day: Landlords braced for as little as one-sixth of quarterly payments June 24, 2020 Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today. Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay [...]
Lufthansa shares slump as bailout battle approaches showdown June 22, 2020 Shares in German flag carrier Lufthansa slumped 6.7 per cent this morning as the saga of its mammoth €9bn (£8.1bn) state bailout continued. Last week, the airline’s largest shareholder, billionaire Heinz Hermann Thiele, announced his objections to the plan, which would see Germany take a 20 per cent stake in the carrier. A source told [...]