Insolvent, the Dax group: The Numbers of Wirecard are getting worse

Since two weeks, the insolvency administrator Michael Jaffé gives a detailed Overview of the estate financial group, Wirecard. Early Private Equity company, pri

Insolvent, the Dax group: The Numbers of Wirecard are getting worse

Since two weeks, the insolvency administrator Michael Jaffé gives a detailed Overview of the estate financial group, Wirecard. Early Private Equity company, private investors, and even competitors such as the French payment service provider Worldline interest in the existing business in Europe and North America have registered. These are those divisions, which are not suspected frisierter sales. Because the air bookings to have the insolvent Wirecard group in the Asian business, given that with dubious third-party partners.

Henning Peitsmeier

economic correspondent in Munich.

F. A. Z.

However, a stir, a report by the "Financial Times now," according to the bloated Asia should revenues also accruing losses in the core business of concealing. In Europe and America, directly under the Wirecard-control companies have retracted in years of losses, said citing annexes to the special report by the auditing company KPMG. Alone in the year 2018, as Wirecard in the elite segment of the German stock exchange, the extruded Commerzbank, was to fall an operating loss of 74 million euros. Also, in the previous year, Wirecard've lost money here, while the official figures for the total group showed steadily increasing profits.

shareholder activists call for insight

On the stock exchange, the price of Wirecard AG stock, which has since become the bankruptcy anyway, to the game ball gamblers broke, more than a fifth. In the further course of the Dax was able to catch up to value a portion of its losses. Also among shareholder activists, the article in the "Financial Times was" sit up and take notice. Because the source to which the British economy sheet called, of 274 pages, the long Appendix to the KPMG report, to call the Heard UN-shaded full name and other Details to the public but are not accessible.

The complete report would have long ago must be disclosed, as it was also announced by Wirecard originally, criticized on Monday, Marc Tüngler, managing Director of the German protection Association for securities holding (DSW). In one of the largest accounting scandals in the German economy history is displayed to the enlightenment more transparency.

Indeed, the 74-pages had uncovered report to the Wirecard-balance sheet, KPMG presented at the end of April, the gaps in the figures. Even then, the supporting documents for the Cash were missing stocks, the Wirecard in Asia had shown the business. The money was officially intended for potential payment defaults by customers in those shops, the liquidating Wirecard, according to its own representation in countries without their own license. As of mid-June, the long-standing Wirecard auditor EY refused to grant the certificate, plunged the group into Chaos.

Next arrest

led to the legal processing of the balance-sheet scandal has been a further arrest. The Munich public Prosecutor's office heard according to their own information to the managing Director of the card systems Middle East FZ-LLC, a subsidiary of Wirecard AG, based in Dubai, as accused. He was arrested on the basis of the previously requested arrest warrant.

Updated Date: 06 July 2020, 19:19

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