Wirecard or wirefraud
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?
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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