UK News Wirecard fraud started earlier than it was known: managers pointed out to the management board already 2008 drawn up balance sheets

09:42  28 july  2020
09:42  28 july  2020 Source:   tagesspiegel.de

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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. On Friday, it was announced that CEO Markus Braun had resigned "with immediate effect" and that incoming board member James Freis would take

Mr Kurniawan then sketched out a practice known as “round tripping”: a lump of money would leave the bank In response to the news of the preliminary investigation, Wirecard initially said no material compliance He was also the management board member responsible for the Asia-Pacific region.

According to a media report, the bankruptcy firm Wirecard was already in the red 15 years ago and intervened in accounting.

Der Schriftzug von Wirecard an der Firmenzentrale des Zahlungsdienstleisters in Aschbeim bei München. © Photo: Peter Kneffel / dpa Wirecard's lettering at the company's headquarters of the payment service provider in Aschbeim near Munich.

As the "Handelsblatt" reports, citing a former Wirecard manager , the company was already in deficit 15 years before the bankruptcy. As of 2008, the manager also informed the chairman of the supervisory board that the published figures could only come about through massive interventions in the bookkeeping, the newspaper reports, citing the manager who wants to remain anonymous.

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"The Wirecard case damages corporate Germany. It should be a wake- up call for reforms," said Volker Potthoff " It is frightening how long Wirecard AG was able to operate without being objected to by the Wirecard 's new management had been in crisis talks with creditors but pulled out on Thursday

While both Wirecard ’s supervisory and management boards decided to call in KPMG, the auditor answered only to the former. Finishing the job is partly about restoring confidence. As a financial company, it ’s also imperative Wirecard knows where its revenue comes from to combat money

The financial service provider Wirecard filed for bankruptcy at the end of June. The company had previously had to admit that the EUR 1.9 billion in the balance sheet that was supposed to be in Asian bank accounts could not be found. Former Wirecard boss Markus Braun was arrested again last Wednesday.

"It was only after a while that I realized that everything revolved around just one thing: producing a story for the capital markets," said the ex-board member of the newspaper. "The next capital increase, the next bond, the next loan." The manager left the company a long time ago, but was surprised that the fraud was not noticed.

The "Handelsblatt", citing insiders, also reports that employees who left the group were subjected to massive intimidation and espionage.

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Wirecard is one of the world´s fastest growing digital platforms for financial commerce. We offer our customers a constantly growing ecosystem of value-added services related to digital payment transactions: online, mobile and at the point of sale.

Internal presentation pointed to possible ‘falsification of accounts’. On each occasion Wirecard claimed it was subject to stock market manipulation and insisted the published figures were sound. The Project Tiger document was prepared by a Wirecard compliance officer for a presentation to the

Wirecard also the topic of the finance committee in the Bundestag

The Wirecard scandal not only concerns the public prosecutor, but also the government and opposition in Berlin. Before the special meeting of the Finance Committee in the Bundestag on the Wirecard scandal, the Federal Government reaffirmed its willingness to reform financial supervision.

[If you want to have the most important news from Berlin, Germany and the world live on your mobile phone, we recommend our revamped app, which you can download here for Apple and Android devices ]

Possible measures would currently be within the Federal government voted, said deputy government spokeswoman Ulrike Demmer in Berlin on Monday. The aim is to avert damage from the German financial center. Bundesbank President Jens Weidmann called as a consequence of Wirecard's alleged billions of fraud to tighten economic and balance sheet audits.

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Mr Schirp pointed to questions about whether Wirecard should have previously disclosed problems in Singapore, where it faces a criminal inquiry into “[Mr Eichelmann] is facing a short window of opportunity to get to the bottom of things,” said one insider, adding that he was new to Wirecard and

Wirecard ’s explanation for a €1.9bn hole in its balance sheet was further undercut on Sunday when the head of the Philippine central bank said the It was in negotiations with a banking consortium at the weekend over €2bn in credit lines that could be terminated after it missed a Friday deadline for

In response to the scandal last week, the Federal Ministry of Finance has drawn up a 16-point plan to tighten control over the financial sector. Among other things, the plan provides that the financial regulator Bafin can act directly and with sovereign powers vis-à-vis capital market companies.

[More on the topic: "I had the feeling that I was going nuts" - How journalist Dan McCrum brought Wirecard down ]

A spokesman for Federal Finance Minister Olaf Scholz (SPD) emphasized on Monday that it was a matter of "blocking fraud to advance ". Scholz is for a "far-reaching reform" that is now being discussed within the government. A spokeswoman for Federal Minister of Economics Peter Altmaier (CDU) also emphasized that it is now about the reputation of Germany as a financial center. Altmaier has repeatedly said that it is "very important that the processes are cleared up".

The Finance Committee of the Bundestag meets on Wednesday afternoon for a special meeting, Scholz and Altmaier have agreed to come. The opposition accuses the federal government of failing to do so in the scandal.

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SPD defends finance minister Scholz

Scholz had already been informed by the financial supervision Bafin in February 2019 about an investigation into allegations of fraud against Wirecard. The Chancellery supported Chancellor Angela Merkel's trip to China in September 2019 to help the financial services provider enter the country.

[More on: The spectacular escape of Wirecard manager Marsalek - He had several passports - "like any good secret agent" ]

The SPD defended the actions of Finance Minister Scholz. "We want complete, transparent clarification in advance. The Federal Ministry of Finance has done this," says SPD financial expert Cansel Kiziltepe to the ntv and RTL channels. A committee of inquiry could still be averted. "If we clear up the matter beforehand, and this is the first meeting next Wednesday with the special meeting in the Finance Committee, a committee of inquiry will not be absolutely necessary either."

[More on the subject for subscribers: These are the brains behind the Wirecard scandal ]

Kiziltepe is hoping for detailed information, in particular from the Minister of Economic Affairs. "We have never heard of Minister Altmaier before. He has oversight of the auditors and that is where the problem lies and we expect answers."

Wirecard deals with the EU

The EU Commission is also considering tightening the rules in view of the Wirecard scandal. The Vice President of the EU Commission, Valdis Dombrovskis, wants to better protect investors in listed companies from fraud. "On the commission side, we are examining the lessons to be learned from the Wirecard case for EU financial market legislation and whether we need to improve rules," Dombrovskis told the "Handelsblatt".

"In particular, we look at the transparency directive, the accounting directive, the rules for auditors and the regulations against market abuse." Dombrovskis is also considering withdrawing supervision of large payment service providers such as Wirecard from national authorities such as Bafin and transferring it to EU banking supervision. (Tsp, AFP)

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