How on earth did they manage to put 2bn on the balance sheet that didn’t actually exist?
For those who understand Financial statements, did the statements reconcile?
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Concerns came up many times, the German government looked into it and backed up any "documents" wirefraud provided. They even banned short-selling their stock for a limited time.
i.e.: https://www.onvista.de/news/bafin-chef-hufeld-raeumt-fehler-ein-bei-wir…
I don't know what exactly happened, but this entire thing looks like the German Enron.
Well.. they're public. I can only imagine EY auditors being like "well fuck.. Assets are $2b greater than L&E but lets just go with it."
db gonna db
The pride and joy of Germany: https://www.bloomberg.com/news/articles/2020-06-22/wirecard-said-to-hav…</a">https://www.bloomberg.com/news/articles/2020-06-22/wirecard-said-to-hav…
the FT campaigned several years ago about the accounting discrepancy but nobody listened and some even declared the FT's investigation as fake news...
probably some German institutions have been biased/blind-sided by national proud given that Wirecard was seens as example to compete against Silicon-valleys companies...
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