Wirecard: German Parliament slams Scholz and Merkel
Reuters, 07 June 2021
A committee of lawmakers in the Bundestag has published its inquiry into the Wirecard fraud affair. The damaging report comes months before Germany’s general election.
The public inquiry into the Wirecard scandal published its concluding report on Monday, criticizing Germany’s Finance Minister Olaf Scholz and Chancellor Angela Merkel.
The parliamentary committee consisting of opposition lawmakers ended a monthslong investigation into the scandal with the publication of a 675-page draft report. Continue reading “Article: Wirecard: German Parliament slams Scholz and Merkel”
Angela Merkel defends lobbying for disgraced Wirecard
Ben Knight, 23 April 2021
The German chancellor has appeared at a parliamentary inquiry to defend her decision to lobby on behalf of the disgraced banking firm Wirecard in China. The scandal is one of Germany’s biggest ever fraud cases.
Chancellor Angela Merkel has told the German Bundestag that there was no reason to believe that Wirecard was committing fraud in 2019, when she lobbied on behalf of the now insolvent Bavarian company during an official trip to China.
“Despite the press reports, there was no reason to assume there were serious irregularities at Wirecard at the time,” she told a parliamentary inquiry during a hearing on Friday. Continue reading “Article: Angela Merkel defends lobbying for disgraced Wirecard”
The Weird, Extremely German Origins of the Wirecard Scandal
Adrian Daub, 21 April 2021
German scandals are not like other scandals. The bouquet of a classic German scandal contains unmistakable notes: a rabbit-hole impenetrability, the implication of an entire guilt-ridden society, and, most importantly, a sense that the controversy says something essential about Germany as a whole. German scandals are collectivized. They are about a belief in German difference, for good or ill.
The rise and fall of the financial services giant Wirecard is such a scandal. Wirecard, whose products facilitated e-commerce payment transactions, was the rare German startup that seemed primed to become a “global player”—a phrase with special resonance in a country that, despite all evidence to the contrary, still perceives itself as being small-time. The company was founded in 1999, survived the dotcom-bubble, began a massive expansion into Asia in the middle of the financial crisis, and, later, began another expansion into the Middle East. Continue reading “Article: The Weird, Extremely German Origins of the Wirecard Scandal”
German Regulator Accuses Deutsche Bank Board Member Of Insider Trading Linked To Wirecard
TYLER DURDEN, 20 April 2021
For a minute there, it appeared that Credit Suisse might have snatched Deutsche Bank’s crown as the most dysfunctional bank in Europe as the Swiss lender struggled with the fallout from the Archegos blowup and the collapse of Greensill (a scandal that has set off a massive corruption scandal in the UK, and triggered renewed calls for regulatory reform in the European financial system). CS has announced billions of dollars worth of losses tied to the scandals, fired its head of risk and nearly half a dozen other senior employees, and taken other steps in an attempt at penance. But on Monday, Deutsche Bank, which seemingly can’t go more than couple of quarters without a scandal, has found itself in the headlines once again. Continue reading “Article: German Regulator Accuses Deutsche Bank Board Member Of Insider Trading Linked To Wirecard”
Wirecard’s Former Billionaire CEO Markus Braun Arrested Over Allegations Of Fraud
Jack Kelly, 23 July 2020
On Monday, I reported that Markus Braun, the billionaire CEO of online payments company Wirecard, faced serious allegations over the company’s rapid growth and questionable business practices. Specifically, regulators and investors were concerned over claims that the FinTech company purported to have $2 billion dollars in a couple of Philippine banks. Investigations conducted by an outside auditor revealed that the money wasn’t there and possibly never existed. Continue reading “Article: Wirecard’s Former Billionaire CEO Markus Braun Arrested Over Allegations Of Fraud”
Fraud allegations put Wirecard’s shy billionaire CEO Markus Braun in the spotlight
Straits Times (Singapore), 7 February 2019
The 49-year-old Austrian computer scientist has spent more than a decade fighting off critics whose whispering campaign burst into the headlines again last week. A Financial Times report of suspect transactions in Asia sent the company’s shares plummeting.
Read full article.
Comment: WireCard appears to be under attack by naked short sellers aided by corrupt journalists who, if properly iinvestigated, would in all likehood be found to have received substantial financial incentives for trashing the company. Dan McCrum at Financial Times is the “journalist” under investigation by German authorities. The bad guys most times have a [hired] whistleblower that alerts police and regulatory authorities. Once they have information sometimes legit, other times not or the naked short sellers then blow the investigation all out of proportion. They set outto destroy the stock price with their band of criminal syndicates which includes the banks. They are often joined by law firms that maliciously file shareholder class lawsuit announcements to inspire fear in the marketplace — this is outright tortious interference and market manipulation.