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Wirecard's complete timeline: https://www.ft.com/content/284fb1ad-d...

A detailed look into Wirecard’s scandal: https://www.ft.com/content/d51a012e-1...

WIRECARD

Wirecard (WDI) has gone from one of Europe’s most treasured financial technology firms to insolvency, all-but extinguishing the value of a company that was worth almost $20bn.

After years of suspicion, dogged investigative reporting and growing short interest, it was the company’s own admission on 18 June that auditors could not locate $2bn of cash which sounded the death knell.

Already, comparisons have been drawn with Enron, the energy group and one-time stock market darling whose systematic fraud and corruption rocked the US business establishment when it was uncovered in 2001.

For investors in 2020, the Wirecard scandal opens a vault of questions, chief among them concerning the integrity of market regulation and corporate audit process.

Wirecard is an insolvent German payment processor and financial services provider at the center of a financial scandal in Germany.
The company offers its customers electronic payment transaction services and risk management, as well as the issuing and processing of physical cards.

On 30 January 2019, Wirecard shares plunged after the Financial Times reported that a senior executive was suspected of “falsification of accounts” and “money laundering” and round-tripping in the company's Asia-Pacific operations.

Wirecard issued a statement calling the report “false, inaccurate, misleading and defamatory.” Wirecard also announced a lawsuit against the Financial Times for "unethical reporting" and a lawsuit for market manipulation.

In 2019, the accounting firm KPMG was hired by Wirecard for an independent audit to address the mentioned allegations. In March 2020, Wirecard claimed that KPMG concluded that no discrepancy was determined during the audit. However, on 28 April 2020, Wirecard shares tumbled 26% when the auditor announced that it had not received sufficient documentation to address all allegations of accounting irregularities.

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0:00 Part I: The Unbelievable Wirecard Fraud
3:56 Part II: A Glimpse into a System of Lies
7:12 Part III: The Future of EY and the Inside Scoop

#wirecard #enron #accountingfraud #EY #KPMG