Balance sheet scandal: Wirecard-chief brown resigns

a quarter of the balance sheet total is apparently gone, has now cost Wirecards the chief Executive officer of his Post. Markus brown resigns with immediate eff

Balance sheet scandal: Wirecard-chief brown resigns

a quarter of the balance sheet total is apparently gone, has now cost Wirecards the chief Executive officer of his Post. Markus brown resigns with immediate effect, in agreement with the Supervisory Board, the company said on Friday noon. Interim chief of yesterday, the Board of management drew James Freis is now. In view of the growing accounting fraud before more investors had demanded the resignation of brown. On the news of the withdrawal point Wirecards share price recovered slightly, listed but still 25 percent in the Minus.

Should slip, the payment service provider in the face of the scandal, even in bankruptcy, it could also have tangible impacts for consumers to load funds to: Wirecard the credit card handles, among other things, payments for Aldi. Aldi, according to a speaker with Wirecard in order to clarify the facts of the case. "However, we ask for your understanding that we do not comment on speculation," he said on the F. A. Z.'s request.

brown has long been regarded as irreplaceable as he was the strategic Mastermind behind Wirecard. The 51-year-old Austrian had done from the Start-up company, made after the collapse of the New Economy, first of all Online payments for the Porn and gambling industry within two decades, an international payment provider. Wirecard was considered the most successful German entrepreneur's story. Highlight the rise in the Dax in the autumn of 2018 was – ever since it went down.

The Chairman of the Board had always given the impression that the long-simmering suspicion against Wirecard is nothing to it and sooner or later it all cleared up let last Thursday night in a Video, after the group had to move for the fourth Time in its annual financial statements. In other companies brown as the boss, would have flown well out much earlier. As the Problem was not, however, that he is only 7 per cent of the shares the largest single shareholder of their own company, but also the irreplaceable strategist.

WIRECARD -- -- (--) Xetra tradegate long & black London SE Int. Level 1StuttgartFrankfurtSchweiz OTCWienSchweiz 1T 1W 3M 1J 3J 5J For detail view

Therefore, observers saw the of the German stock exchange, the come and as a assertive Cleaner applicable Chairman of the Supervisory Board Thomas Eichelmann in a quandary. On Friday notified the Absence of 1.9 billion euros in the balance sheet of Wirecard, the Philippine fiduciary accounts would have to be, is likely to have given to the Chairman of the Board, now the Rest. How to do it with the company, however, is, of course, more open. On the market insolvency of the payment service provider is played by a descent from the Dax appears to be possible.

Could get kicked out of the group now from the Dax again so soon, how he first came in? In principle, each company no longer has to leave the German leading index, if it fulfills the next date of Review certain policies. In a nutshell, it must belong to the stock exchange turnover and market capitalization of the 30 largest companies in Germany. Because of the "Dax" but with the Dax, M-Dax and S-Dax, a whole family, it's not quite so simple. Therefore, a Top 35 and Top 40 in the Dax again.

Updated Date: 19 June 2020, 08:19

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