Wirecard: professional fraud could have occurred

For months there have been new reports the insolvent company Wirecard. At first it wasn't just the investors and shareholders who were shocked by the bankruptcy filing. Many casino players also knew this company and use their prepaid card. Now, according to the latest investigations, it could be years of fraud. For this reason, four managers are currently in custody. There are also other facts that confirm the suspected case of fraud.

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Several Wirecard managers have most likely committed fraud for years - an important business partner was found dead.(©geralt/Pixabay)

Wirecard emptied the bank accounts in time

The investigations in the event of insolvency Wirecard revealed that this company lent870 million euros to business partners in Asia in spring 2020. Apart from the fact that a loan can also be terminated extraordinarily at any time, the point in time seems very strange. The money was transferred by KMPG shortly before the scheduled audit. KMPG is a global network of independent companies in the field of tax consulting and auditing. This company was probably hired by Wirecard itself to carry out a balance sheet audit.

Themoney transfer resulted in Wirecard's bank accounts being empty. Naturally, this fact had to lead to the company filing for bankruptcy. If the situation that can be used to file for bankruptcy was intentionally created, the company is generally accused of fraud. This is now happening at Wirecard and allegedly thefraud has been committed by several managers at the same time since 2015. For this reason, 4 managers are now in custody.

If fraud is investigated, all important business partners will of course also be questioned. This is also the case with Wirecard. In this context, the message was published thatan important business partner has died: This is a certain Christian B., who was a business partner of Jan Marsalek. The latter is still on the run and his whereabouts have still not been established. Christian B, on the other hand, has now been found dead in the Philippines. There he worked closely with Wirecard Asia Pacific, which after all recorded sales of 300 million euros.

Wirecard loses listing

The next episode of the latest news could be the delisting.Wirecard has been listed on the DAX for years and a few years ago it was even able to take the position of Commerzbank - on the stock market. In the days to come, advice will be given as to whether Wirecard's listing on the stock exchange should be canceled extraordinarily quickly. Actually, this consultation was only scheduled for the beginning of September. However, should it emerge that Wirecard's managers have in fact been committing professional fraud for years, the listing on the stock exchange must inevitably be cancelled.

Of course, all of this is also done to protect shareholders and investors. It is currently questionable whether they can expect their deposits to be repaid.Commerzbank also lent the Wircard company several million euros a few years ago. A repayment of this loan cannot be expected either. For this reason, Commerzbank has to write off this amount for better or for worse.

There were more negative reports about Wirecard

It seems strange that there have always been negative reports about the Wirecard company in recent years.It was repeatedly published that the balance sheet was inconsistent and that incomprehensible bookings were made. Despite these reports, no investigations took place. According to the federal government, this would not have been possible at all:

First, the DPR must determine that a balance sheet is incorrect. After such a determination, BaFin would take action.Unfortunately, the DPR only found out after the insolvency application that the balance sheet is incorrect. At this point, Wirecard already admitted that the much-cited EUR 1.9 billion is not there. Despite all this, various experts do not agree on whether theFederal Financial Supervisory Authority (BaFin) could not have intervened earlier. At least the cooperation with the DPR has now been terminated. With immediate effect, the balance sheets should be checked by BaFin in the event of suspicion.

However, this could also have happened in the past if there was a suspicion. This already existed at Wirecard. After all, the KMPG had already determined that certain discrepancies could not be proven.Then BaFin allegedly could have instructed the FREP to carry out the check. However, such an order was only issued after criminal charges had already been filed against Wirecard.

Casino players have to look for alternative payment methods

It is clear that no online casino now accepts deposits via the payment service provider Wirecard.For Wirecard prepaid card holders, this means that it has lost its value. So everyone has to think about an alternative payment method. Given the variety of deposit and withdrawal methods available at all online casinos, this is certainly not a problem. Only the loss of an existing credit on a prepaid card is annoying. The Wirecard Bank could possibly help in this case. This subsidiary has not yet been included in the insolvency proceedings. Nevertheless, some customers have already withdrawn and discounters like Aldi no longer work with this bank.

This means that Wirecard Bank could also file for bankruptcy soon, although it has been proven to have nothing to do with the parent company's bankruptcy fraud. So it is to be hoped that the Wirecard Bank will soon have a new owner and can thus be restructured.

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The article was published on August 12th, 2020 in the magazine by cpaws-ov.org under the keywords, ,,, , published.
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