Wirecard

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by Markus Martin15 views·Updated Dec 21, 2020
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  1. Hello and welcome to our presentation off the white card
  2. scandal as part of our corporate governance lecture.
  3. My name is Marcus Martin and first we will talk
  4. about the scandal in general, including the accusations against wire
  5. card. After that, you will get to know which stakeholders
  6. were involved and who failed in his tasks.
  7. Afterwards, the German governance cold will be examined and you
  8. get to know what should have been done differently.
  9. This is our team which consists off Loria longer.
  10. Lena Hella In a year, man seen a free wine
  11. and me let me start with the presentation off the
  12. wire card scandal.
  13. First there is the question off Huy.
  14. A card is it is a payment service provider based
  15. in Ash I'm Munich, which is in Germany, and Waas,
  16. founded in 1999 as the payment service provider.
  17. Why a card is the link between online shoppers and
  18. online merchants and ensures that the merchant receives the payment
  19. immediately and why I can't later recovers the money from
  20. the banks.
  21. It waas considered the poster child off the European fintech
  22. industry. And when public in 2000 in 2018, the company
  23. entered the decks with two billion years and sales and
  24. even briefly displaced Dodger Bank.
  25. The allegations are best explained by three articles that the
  26. Financial Times published the first article for 2015, accused wire
  27. card off non transparent dealings and implied that the company
  28. WAAS not as profitable as part wait the payment service
  29. providers trees, ponds.
  30. It brought in aggressive lawyers and monitored employees, as well
  31. as masters and financial experts.
  32. It also questioned The Financial Times reporting and credibility the
  33. second article from January 2019.
  34. Now they're more specifically with the issue off.
  35. FINANCIAL FORD Hear why I call this alleged to have
  36. carried out champ transactions with Asian partners and subsidiaries over
  37. a period of years in order to artificially increase transaction
  38. volumes and first profits and we venues, as well as
  39. to learn investors.
  40. Already in 2018 commissioned a law firm from Singapore toe
  41. clarify inconsistencies off the Asian partners and subsidiaries, resulting in
  42. an internal review which however we made without any consequences.
  43. However, the consequences off this article read domestic during ah
  44. wait dryer card in Singapore the following day, six employees
  45. were suspected off word, however, while can continue to deny
  46. all allegations.
  47. Nevertheless, investors became nervous on hedge funds speculated on falling
  48. prices against wire card for short selling, which led Toa
  49. share slump off more than half.
  50. As a result, the German authorities also took action one
  51. month later.
  52. Imposed two months.
  53. Band on short selling against wire card in order not
  54. to endanger the stability off German economy for a more
  55. both the public prosecutor's office and barf in taking legal
  56. action against the Financial Times for market manipulation, among other
  57. things. Why I can't itself also reaction against the Financial
  58. Times for apparently unlawful publication off internal documents and misrepresentation.
  59. The third and last article, form October 2019, exposed the
  60. partner company Al Alam Solutions from Dubai as the biggest
  61. CO. Forster, and it is said to have generated more
  62. than half off the profit, with only seven employees in
  63. the process.
  64. It came to lie, their payments returned, transferred for companies
  65. that had no business relationship with wire card or that
  66. no longer existed at all, despite ongoing deny it.
  67. Why are card commissioned KPMG and external auditor to clarify
  68. the medal and it's April 2020?
  69. Report the letter WAAS, unable to verify the dubious profits
  70. because we're card did not provide all the necessary data.
  71. As a result, wire card saw itself clear off all
  72. allegations. In addition, ex Federal Minister Karl Theodor zu Guttenberg
  73. lobby the German chancellor for wire card in the fall
  74. of 2019, after which the chancellor we commented.
  75. Why are card on her 2019 trip to China in
  76. 2020? However, the for could no longer be maintained when
  77. the annual financial statements for 2019 where last postponed until
  78. June 18 here see oh Marcus Bone had to admit
  79. that €1.9 billion were missing for in a balance sheet
  80. the missing some waas, not a stated on a Philippine
  81. bank which denied any business relationship to buy a car.
  82. It turned out that documents have been falsified in the
  83. process the consequences.
  84. Marcus Brown resigned and Waas arrested along with several top
  85. managers as it should have been clear to them as
  86. early as 2015 that losses were being generated Overall.
  87. In addition, why a card filed for insolvency bought member
  88. and Marshall Leg disappeared in bond fashion and the share
  89. price slipped below €2 they said.
  90. Once Bean, 190 years overall card is accused off commercial
  91. gang forward embezzlement, misrepresentation and market manipulation in several cases.
  92. In addition, there is currently an investigative committee against the
  93. German government, as well as investigations against E.
  94. Y, who had bean white cards ordered us since 2000
  95. and nine, and who claimed that everything had always Bean
  96. flawless and now Floridian continues with the next topic.