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Money Wirecard: the financial scandal turns into a spy novel

13:05  13 july  2020
13:05  13 july  2020 Source:   latribune.fr

Banking-as-a-Service: Solarisbank raises another 60 million euros

 Banking-as-a-Service: Solarisbank raises another 60 million euros © Solarisbank / © MaxThrellfall Solarisbank CEO Roland Folz Solarisbank received 60 million euros from investors as part of a Series C financing round. The valuation of the German banking-as-a-service company thus rises to 320 million euros. Berlin's Solarisbank has completed a Series C financing round of EUR 60 million. In total, the startup has received 160 million euros from investors in the past four years.

Wirecard ’s suspect accounting practices revealed. Wirecard critics targeted in London spy Documents seen by the Financial Times show two senior executives in the Munich head office had Missing profit targets could have called into question the basis of Wirecard ’s Asian expansion over

The Wirecard chief executive’s company lost more than half its market worth on Thursday, sending its value down to 5.4 billion euros, after EY found The scandal also raises questions about the role played by Wirecard ’s regulators and business partners. German financial watchdog BaFin last year

  Wirecard : le scandale financier tourne au roman d'espionnage © Supplied by La Tribune

The financial scandal of the German company Wirecard turns into a spy novel: the businessman at the center of the scandal, an Austrian man on the run, is suspected of links to various intelligence services and has carefully deleted his traces.

This man, Jan Marsalek, has so far refused to surrender to the German justice system which has issued an arrest warrant against him for fraud and forgery of the balance sheet. Former chief operating officer of the online payments provider, he is suspected of being involved in one of the largest stock market earthquakes in German history, with the discovery last month of fictitious accounts amounting to 1.9 billion d 'euros supposed to belong to Wirecard in the Philippines and under the responsibility of the now volatilized businessman.

Wirecard: Raid on corporate headquarters and the private home of ex-CEO Markus Braun

 Wirecard: Raid on corporate headquarters and the private home of ex-CEO Markus Braun © Provided by Business Insider Germany The public prosecutor's office in Munich I has been searching Wirecard's business premises since Wednesday morning. These include the company headquarters in Aschheim and two other properties in Munich. In Austria, two Wirecard buildings are searched, including the house of the former company boss Markus Braun. The raid in the home of former CEO Braun was confirmed by his lawyer Alfred Dierlamm.

The Wirecard chief executive’s company lost more than half its market worth on Thursday, sending its value down to 5.4 billion euros, after EY found The scandal also raises questions about the role played by Wirecard ’s regulators and business partners. German financial watchdog BaFin last year

Wirecard , once hailed as the darling of Germany's financial technology scene, is now facing a fight for survival amid scrutiny into its accounting practices. But these are just a couple of events in an extensive saga that has seen the financial technology company's share price collapse thanks to a

Now, almost every day brings its share of revelations about the underside of this incredible affair. He was thus linked to the Austrian intelligence services (BVT) and informed the Austrian far-right party of that country, the FPÖ, by repeatedly transmitting confidential information from the internal security services and the Ministry of the Interior , says the Austrian daily Die Presse.

Everything would have gone through an intermediary, Johann Gudenus, a relative of the head of the FPÖ at the time, who got his information from an old friend, who himself got it from a "Jan from BVT". According to the newspaper, it was Jan Marsalek whose links with the BVT date from Wirecard's beginnings. Agents of this office had helped to check the creditworthiness of online pornographic sites, an area through which Wirecard started its activities in 1999.

Wirecard: Ex board of directors wrong track?

 Wirecard: Ex board of directors wrong track? He is considered a key figure in the balance sheet scandal surrounding the Dax group Wirecard: Jan Marsalek. Investigators assumed that he had fled to China via the Philippines. However, the corresponding data was manipulated. © picture-alliance / SvenSimon / F. Hoermann Provided by Deutsche Welle whereabouts unknown: the whereabouts of the former Wirecard board member Jan Marsalek remains a mystery.

Wirecard has acknowledged that .1 billion its auditors were unable to locate probably never existed, deepening a crisis at the German digital payments company. Dan McCrum, a reporter at the Financial Times, explains how the scandal unraveled. Source: CNN Business.

BaFin, the German financial regulator, has Wirecard executives appear to have suspected a mole was operating at a senior level within the company after Mr Earl and Mr Perring published their Zatarra Report in 2016, prompting a criminal investigation in Germany into alleged market manipulation.

Russian poison

Mr. Marsalek has also boasted on several occasions of having links with secret services from several major countries. Worthy of a character in the novels of John the Square, he wanted to impress business contacts during 2018 in London by exhibiting a secret document on the use of a Russian toxic weapon in the United Kingdom, revealed the Financial Times.

This leaked document from the Organization for the Prohibition of Chemical Weapons (OPCW) included the formula of the component used in the poisoning of ex-double agent Sergei Skripal and his daughter in the south of England in March of the same year.

Sources interviewed by the FT were intrigued by the association of Mr. Marsalek with individuals linked to the direction of the Russian military intelligence, the GRU, to which London imputes this attack with poison.

The same year, M.Marsalek presented in his sumptuous Munich home a plan to recruit 15,000 Libyan militiamen, in the country where Russia has used more and more influence, including via the GRU, reports the FT Friday. This project was to serve a humanitarian pretext but its true motivations remained unclear according to sources polled by the FT.

Wirecard apparently with losses for years

 Wirecard apparently with losses for years © dpa Wirecard has apparently been in the red for several years. Wirecard remains in the headlines: The Financial Times reports that the payment service provider has been experiencing losses in Europe and Asia for a long time. The insolvent payment service provider Wirecard wanted to use the suspected air bookings to hide possible losses in its own core business in Europe and Asia. In Europe and America, the companies under Wirecard control have been in the red for years.

Wirecard sought to put an accounting scandal behind it on Thursday as the German payments group announced that auditor The company’s results follow three months battling an accounting scandal , after the Financial Times in January revealed the existence of an internal probe into a suspected

Mastercard and Visa are reconsidering whether to allow Wirecard to continue processing payments on their networks, following the fintech company's massive accounting scandal , according to a report from Bloomberg Thursday.

These details shed new light on the strange methods of the leader who contributed to the meteoric rise of the young fintech. Mr. Marsalek joined the Wirecard Management Board in the early 2000s, only 30 years old and without a high school diploma, but with great charisma, reports the German daily Süddeutsche Zeitung. Money quickly flowed and Wirecard, strong with its 6,000 employees, was once the "darling" of the Frankfurt Stock Exchange where it was worth up to 23 billion euros.

Naked women and champagne

Concerning her private life, the daily Frankfurter Allgemeine Zeitung evokes luxurious parties organized between Kitzbühel and Moscow, having for decoration "naked women, champagne and big bundles of money".

Relatives of Mr. Marsalek argue that he embezzled a sum which amounts to "hundreds of millions of euros" from Wirecard's coffers and that he maintains "close contacts with intelligence agents from various countries", according to Süddeutsche Zeitung. These supposed relationships may have helped him organize his escape, the German press suspecting him of having acquired a false identity to better disappear in the wild.

Its trace is officially lost in the Philippines, where the pot-aux-roses was discovered. However, an investigation is under way against Philippine immigration officials accused of having issued false documents attesting to the presence of Mr. Marsalek in this country.

Left and Greens demand from Scholz information about handling Wirecard information .

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