A Follow Up

Handelsblatt Crime: Der Fall Wirecard
A Follow Up – Anything improving since the company collapsed thanks to what appears massive fraud by the management and looking away by everyone else?

Stepping down and stepping up: Leading figures in Germany’s biggest financial fraud scandal have since had to take their leave: The head of BaFin and his second-in-command, the heads of the supervisory bodies APAS and DPR, a banker advising detained ex-CEO Markus Braun and an analyst aggressively pushing Wirecard stock and now, the head of EY Germany.

Meanwhile, the parliamentary fact-finding committee is continuing its work (Fabio De Masi, Danyal Bayaz, Florian Toncar) in exposing the web of deceit and ignoring mounting evidence against Wirecard: A key witness turns out to be a young clerk at Germany’s Central Bank (a then Wirecard board member: “the little mouse”) who in her first job and on just seven pages summarized, analyzed and questioned Wirecard’s busines model and accounting practices following revealing articles in the FT by Dan McCrum and short seller Fraser Perring in 2016.

Those seven pages apparently got lost in the supervisory haze that characterizes the lenient handling of the case.

To learn more about systemic failure and the laissez-fair attitude towards essential checks and balances when it comes to leading corporates such as ex-Dax-listed Wirecard AG, check out our award-winning 12-part podcast series still available on Podimo and Handelsblatt!

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