And on June 18th, instead of publishing their audit results for 2019 they announce that they are missing €1.6bn. Bitte klicke erneut auf den Link. Dafür benötigst du dein Ausweisdokument. In this article, we explain the Wirecard scandal including what happened, who is involved and what may happen next. Company registration number 2741701. Haben die Wirtschaftsprüfer versagt? Wirecard, which offered electronic payment transaction services, risk management as well as physical and virtual cards, collapsed on June 25, owing creditors more than €3.5 billion (almost $4 billion) after disclosing a gaping hole in its books that its auditor EY said was the result of a sophisticated global fraud. haben. “If legal, legislative, regulatory measures are needed, we will embrace them and implement them,” German Finance Minister Olaf Scholz said. Naturally there will be questions asked about how they managed to fraud investors, and EY, for so long, and this may further damage trust in auditors. 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In June 2020, the accounting firm EY, Wirecard’s auditor for over a decade, refused to sign off on the company’s 2019 accounts, saying it had been provided false information about company accounts, and could not confirm whether balances worth €1.9 billion existed – around a quarter of Wirecard’s whole balance sheet. Partners have allegedly been provided “summary talking points” about the fraud. They also queried the €1bn of cash balances that are supposedly held in two banks in the Philippines. Founded in 1999, Wirecard offered electronic payment transaction services in all continents. What exactly happened at Wirecard? Almost a month after the controversial financial services giant Wirecard declared bankruptcy in Germany, the country’s Economy Minister Peter Altmaier said he would attend an extraordinary meeting of the German parliament’s finance committee next week and provide full information, Reuters reported. Don’t miss from Explained | What IndiGo layoffs mean for India’s aviation sector. And that’s when people really started to take notice. Explained: What is the €3.5 billion Wirecard scam? It owes its creditors around €3.5 billion, out of which €1.75 billion come from 15 banks plus a €500 million issued in bonds. Maharashtra powers decline in India's active cases, now below 8 lakh. Es ist ein historischer Absturz eines Überfliegers an der Börse. In particular with those working in the non-audit teams. In Ländern, in denen Wirecard keine eigenen Lizenzen hat, ist der Konzern auf Drittanbieter angewiesen. Zu den Kunden zählen unter anderem die niederländische Airline KLM, das O2-Mutterunternehmen Telefonica, Aldi, Ikea, WMF und Fedex . Click here to join our channel (@ieexplained) and stay updated with the latest. Das Passwort muss mindestens 8 Zeichen lang sein und mindestens eine Zahl enthalten. Media reports and whistleblowers alleged the company had faked its sales transactions to inflate revenue and profits. Wirecard stand seit seiner Gründung immer wieder im Zentrum von Aktienspekulationen. Bist vielleicht bereits bei Mein ZDF angemeldet? Following the bankruptcy announcement, EY said there were “clear indications” of “an elaborate and sophisticated fraud involving multiple parties around the world”, adding, “even the most robust and extended audit procedures may not uncover a collusive fraud”. Das Passwort muss mindestens 8 Zeichen lang sein, einen Großbuchstaben und eine Ziffer enthalten. However, EY have since spoken out about the scandal. Bitte fülle alle Pflichtfelder mit * aus. Bitte stimme unserer Datenschutzerklärung zu. Bitte versuche es erneut. Er hat bereits Fehler eingeräumt. Bitte löschen den Verlauf und deine Cookies und klicke dann erneut auf den Bestätigungslink. Wirecard had then defended itself and aggressively hit back against critics, even suing the Financial Times. New research: Anti-ulcer drug shows promise in suppressing coronavirus, Lockdown hardship, job loss: cracks in Nitish home citadel, Chirag only a vote katua, should stop confusing: BJP, Bihar elections: ‘No help ahead of polls, what hope is there for next 5 yrs?’, Jitan Ram Manjhi: The man of many U-turns looks to turn a corner. * The moderation of comments is automated and not cleared manually by, Copyright © 2020 The Indian Express [P] Ltd. All Rights Reserved. Nach einem gigantischen Finanzskandal steht der Zahlungsanbieter Wirecard vor der Pleite. In a memo to senior partners they claimed responsibility for uncovering the fraud. According to Reuters, the “Big Four” firm could also face a wave of litigation, which would include class action suits by shareholders and bondholders. Bei der Passwort-Anfrage hat etwas nicht funktioniert. Media reports and whistleblowers alleged the company had faked its sales transactions to inflate revenue and profits. The head of Germany’s federal financial regulatory authority BaFin has also called the Wirecard debacle a “total disaster”. For many years, there had been complaints of accounting irregularities against Wirecard, and matters came to a head in 2019 after the Financial Times published a series of investigations into those claims. Er baute das Geschäftsmodell um, besorgte eine Vollbanklizenz für die Wirecard Bank und brachte das Unternehmen schließlich im September 2018 in den Dax. Vor kurzem noch der deutsche Star unter den Dax-Unternehmen, jetzt steht der Münchener Zahlungsdienstleister am Abgrund, und mit ihm knapp 6000 Mitarbeiter. Explained: Why did Tejashwi Yadav not concede seats to alliance partners this time? Publication of this is delayed due to the Coronavirus pandemic. There is no saying what is going to happen next. In 2019, SoftBank invested in Wirecard, and it is also represented in Beijing. Wirecard announced it was to file for insolvency on June 25th. Wirecard has a subsidiary in Newcastle upon Tyne as well as a North American branch after it acquired Citi Prepaid Card Services. The audit was supposed to end in March 2020, but publication of the report from KPMG and full-year results by EY are postponed. Anfang 2019 berichtete die britische "Financial Times" wiederholt über vorgetäuschte Umsätze und gefälschte Verträge bei Wirecard in Singapur. It now holds the dubious distinction of being the first DAX listed company to go bust, barely two years after it was first included. Mailadresse bereits bekannt, bitte mit bestehendem Account einloggen und Kinderprofil anlegen. Later in 2019, the accounting firm KPMG was called in as an outside auditor to run an independent probe. The same year, they receive a cash injection of €900m from SoftBank, as well as an approval of the 2018 accounts from auditor EY. Hier kannst du mehr erfahren und hier widersprechen. Bitte akzeptiere die Datenschutzbestimmungen. Du kannst nun "Mein ZDF" in vollem Umfang nutzen. The scandal as we know it was uncovered this year, however, there have been whisperings of wrongdoing dating back to 2008. While nothing came of this investigation, the Financial Times were alerted to the investigation and subsequent inaction. Hier kann sich Ihr Kind eine Figur aussuchen. Die eingegebenen Passwörter stimmen nicht überein. He has been released on bail of €5 million. Those that criticised Wirecard were victims of hacking campaigns, though the perpetrator of these was never found. It is also active in New Zealand, Australia, South Africa, Turkey and Brazil. “A scandal like Wirecard is a wake-up call that we need more monitoring and oversight than we have today”. The company’s new management had been in crisis talks with creditors but pulled out “due to impending insolvency and over-indebtedness”. Partnership to unlock digital consumer insights, UK banks not ready for negative interest rates & more…, Self-driving cars to be covered by insurance, Barclays profits treble & more finance news, How to survive being an actuarial student, Get set for 2022 & more business and finance news, Receive the latest Graduate Jobs Internships & Placements Profession Newsletters Sign Up Now. Bitte bestätige den Link in dieser E-Mail innerhalb von 24 Stunden, um deine Registrierung abzuschließen. For all the latest Explained News, download Indian Express App. Deine Registrierung ist leider fehlgeschlagen. This came after a whistleblower alerted them to a plan to fraudulently send money to India via third parties. In 2018 the legal staff at Wirecard’s Singapore headquarters began an investigation into three members of the finance team. Being embroiled in such a scandal is the last thing the accounting industry wanted or needed. Hinweis: Im Internet ist es nicht üblich, seinen echten Namen zu verwenden. Click here to join our channel (@indianexpress) and stay updated with the latest headlines. Die wichtigsten Fragen und Antworten rund um den Konzern: Wirecard wurde während der Hochphase der New-Economy-Zeit 1999 gegründet und war anfangs auf die Abwicklung von Zahlungen von Porno- und Glückspiel-Internetseiten fokussiert. Am Donnerstag war Wirecard an der Börse nur noch rund 350 Millionen Euro wert - beim Aufstieg vor knapp zwei Jahren waren es fast 25 Milliarden. This is despite the fact that they signed off on the accounts for more than a decade and questions regarding Wirecard’s accounting practices were increasingly questioned by journalists and investors. © 2020 Cambridge Market Intelligence Ltd, trading as Inside Careers. The German government is planning on terminating its contract with the accounting watchdog over the scandal. EY vermutet Täuschungsabsicht. Der Bilanzskandal des Dax-Unternehmen Wirecard wirft Fragen auf: Wie konnte dies unbemerkt geschehen? Weltweit arbeiten an 26 Standorten rund 5.800 Mitarbeiter für Wirecard. Despite filing for insolvency Wirecard are intending to continue operating.