Tagged: markus braun

Wirecard’s Former CEO Testifies in Front of Parliamentary Committee, Meanwhile Wirecard’s Core Business Has been Sold to Santander

Infamous Fintech Wirecard AG (WDI:DE) has seen its core European business sold to Banco Santander according to the insolvency administrator. Jaffe reports that the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group, and the assets of the European core business were… Read More

Former Wirecard CEO Arrested Along with Former CFO, Report Indicates Over €3 Billion May be Lost

The odyssey of the collapse of Wirecard (WDI:DE) continues to generate headlines as investigators sort through the rubble of the once prominent Fintech. The news has been flowing at a steady pace as pieces of the puzzle are added to Wirecard’s saga as authorities seek… Read More

Cop a Plea: Arrested Wirecard Executive Formerly based in Dubai Wants to Cooperate with Investigators

A former Wirecard (WDI:DE) executive who was based in Dubai but returned to Germany and was quickly arrested wants to cooperate with investigators according to multiple reports. The unnamed individual was previously CEO of Cardsystems Middle East an entity that reportedly generated the bulk of… Read More

Wirecard Insolvency Administrator Says there are Over 100 Interested Parties for Core Business and Associated Companies

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

Wirecard Officially Terminates Employment Contract of Former CEO Markus Braun

Wirecard AG (WDI:DE) has posted a notice today that it has officially terminated the employment contract of Dr. Markus Braun who resigned earlier this month following the revelation of £1.9 billion in missing funds. Braun has since been arrested on fraud charges. Currently, he is… Read More

Collateral Damage: German Government Terminates Relationship with the Financial Reporting Enforcement Panel

The German government has terminated a relationship with the Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR) in the wake of the fallout of the Wirecard (WDI:DE) scandal, according to a report in the Suddeutsche Zeitung. The DPR is an entity that has… Read More

How Low Can it Go? Shares in Wirecard Hover Around €1, Board States Business Activities Will Continue

  The Wirecard AG (WDI:DE) saga has gone from bad to worse as allegations of profound fraud cratered the company when its auditor, EY, uncovered a misplaced €1.9 billion in funds. Since the clear operational failure, the former CEO, Markus Braun, has been arrested and… Read More

House of Cards: Wirecard Management Says Ability to Continue as a Going Concern is Not Assured

Yesterday, it was reported that Wirecard AG (WDI:DE) had initiated bankruptcy proceedings as the company attempted to stave off a complete financial collapse created by a misplaced amount of funds totaling around €1.9 billion. Allegations of profound actions of fraud immediately followed as the former… Read More

Wirecard Bankrupt – Once High Flying Fintech Files for Insolvency Over Missing €1.9 Billion

Wirecard (WDI.DE) has filed for insolvency following a report €1.9 Billion had gone missing. Shares in Wirecard collapsed on the news trading at around €2.50 a share. It was only last week that shares in Wirecard traded at over €100 a share. Wirecard joined the… Read More

Former Wirecard COO May Have Absconded to the Philippines – Report

The collateral damage of the alleged Wirecard (WDI.DE) fraud will not be fully understood for weeks or months. Earlier this week, disgraced former CEO Markus Braun was arrested by Munich Police. He was soon back out on the street after ponying up a €5 million… Read More

Former Wirecard CEO Markus Braun Arrested as Scandal Regarding Missing €1.9 Billion Raises More Questions

Markus Braun, former CEO of Wirecard (WDI:DE) has been arrested by Munich authorities according to multiple reports. Braun apparently turned himself into local police as the Fintech attempts to unravel what exactly happened to the missing €1.9 billion. Last week, Wirecard halted a scheduled financial… Read More

Wirecard Board: Missing €1.9 Billion Simply May Not Exist [u]

Wirecard AG  (WDI.DE), a publicly-traded Fintech that jolted shareholders last week when it disclosed it could not account for €1.9 billion, has issued a new statement today on the missing funds. According to the Management Board of Wirecard “there is a prevailing likelihood that the… Read More

Following Audit Questions, Wirecard CEO Markus Braun Resigns Effective Immediately

Markus Braun has resigned his position as CEO of Wirecard AG  (WDI.DE), effective immediately.  The news came the day after the company posted that it could not account for €1.9 billion and the auditor, EY, claimed there had been attempts to deceive its work. Yesterday,… Read More

Auditor Report Claims Wirecard Misplaced €1.9 Billion: “Indications of presentation of spurious balance confirmations”

Wirecard AG   (WDI.DE), a Germany based payments and cards platform, has delayed publication of its financial statements due to “indications of presentation of spurious balance confirmations.” The obfuscated statement relates to an apparent audit by EY that uncovered a €1.9 billion discrepancy. EY reports an… Read More

Payment Processor Wirecard Hires KPMG to Perform Independent Audit of Its Accounting Books

Payments processing firm Wirecard (WDI.DE) has commissioned an independent audit of its accounts by professional services firm KPMG. The audit is being performed to address questions related to allegations of improper accounting by Wirecard’s management.  The audit will commence immediately according to a statement by… Read More

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