Wirecard's headquarters, raided on 1 July 2020 by German authorities[1]
The Wirecard scandal (German: Wirecard-Skandal) was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency of Wirecard, a payment processor and financial services provider, headquartered in Munich, Germany. The company was part of the DAX index. They offered customers electronic payment transaction and risk management services, as well as the issuance and processing of physical cards. The subsidiary, Wirecard Bank AG, held a banking license and had contracts with multiple international financial services companies.
Allegations of accounting malpractices have trailed the company since the early days of its incorporation, reaching a peak in 2019 after the Financial Times published a series of investigations along with whistleblower complaints and internal documents. On 25 June 2020, Wirecard filed for insolvency after revealing that €1.9 billion was "missing",[2][3] and the termination and arrest of its CEO Markus Braun.[4] Questions have been raised about regulatory failure on the part of Federal Financial Supervisory Authority (BaFin), Germany's top financial watchdog, and possible malpractice of Wirecard's long time auditor Ernst & Young.
^Hübner, Arno Schuetze, Alexander (1 July 2020). "Police raid Wirecard headquarters as administrator kicks off asset sales". Reuters. Archived from the original on 26 April 2021. Retrieved 26 April 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
^"Wirecard: Scandal-hit firm files for insolvency". BBC News. 25 June 2020. Archived from the original on 28 June 2020. Retrieved 25 June 2020.
^"Germany's beleaguered Wirecard to proceed with business after insolvency". Reuters. 28 June 2020. Archived from the original on 28 June 2020. Retrieved 30 June 2020.
^"Former Wirecard CEO Markus Braun arrested". Deutsche Welle. Archived from the original on 26 June 2020. Retrieved 23 June 2020.
The Wirecardscandal (German: Wirecard-Skandal) was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency...
Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have...
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financing rules, in a matter related to the German payments provider Wirecardscandal between June 2015 and January 2016 relating to accounts maintained...
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uncovered the Wirecardscandal, one of the largest corporate frauds in history. Gill was the former Singapore-based legal head for Wirecard's Asia-Pacific...
financial fraud in Germany's modern history, known publicly as the Wirecardscandal. Since 2021, he has been active with fintech and startup companies...
(25 June 2020). "EU to investigate German financial watchdog over Wirecardscandal". Euronews. Archived from the original on 27 June 2020. Retrieved 27...
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30 to 40 members and a tightening of rules in response to the Wirecard accounting scandal. The expansion occurred in the 3rd quarter of 2021. The DAX has...
in the electronic trading system Xetra. In 2021, in response to the Wirecardscandal, the number of constituents in the DAX was increased from 30 to 40...
payment processor, Wirecard AG from January 2002 until his resignation and arrest in June 2020. Braun stepped down from Wirecard amidst fraud allegations...
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failing to discover that €1.9 billion in cash was missing at Wirecard AG, precipitating Wirecard's collapse and eventual sale to Santander Bank for €100 million...
customs use offshore banking, and revealed the Bank's role in the Wirecardscandal. Investigation of the leak led to a calls for increased audits of the...
Committee, Paus was involved in the parliamentary inquiry into the Wirecardscandal from 2020 until 2021; following the inquiry's completion, she co-authored...
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serious white-collar crime Pav Gill, whistleblower who uncovered the Wirecardscandal, one of the largest corporate frauds in history Anthony Yeo, counsellor...
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