Wirecard

German prosecutors open Wirecard money laundering probe

MUNICH (Reuters) – German state prosecutors are investigating individuals at Wirecard (WDIG.DE) for suspected money laundering, they said on Thursday, adding to probes into alleged fraud, balance falsification and market manipulation at the collapsed firm.

FILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert/File Photo

The Irish Times also said the company’s offices in Dublin had been raided by police at the request of German authorities.

The implosion of what was once a $28 billion fintech giant has caused major embarrassment in Germany, with industry experts and politicians criticising the authorities for what they see as their hands-off approach and a number of missed opportunities to spot problems.

Wirecard filed for insolvency last month owing creditors almost $4 billion after disclosing a

Read More

The man who led Wirecard into insolvency

FRANKFURT (Reuters) – On the night of June 18, Wirecard AG’s new compliance chief stayed up late at his office in the company’s low-rise headquarters in the Munich suburb of Aschheim to pore over the payment firm’s books.

A screen grab taken from a video on July 8, 2020 shows four members of the management board of Wirecard AG Chief Product Officer Susanne Steidl, former CEO Markus Braun, Chief Financial Officer Alexander von Knoop and current CEO James Freis during a statement in Aschheim, near Munich, Germany June 19, 2020. Wirecard Handout/Reuters TV via Reuters

It was James Freis’ first formal day on the job after his start date had suddenly been accelerated by the refusal that morning of Wirecard’s auditors to sign off on the 2019 accounts and the company’s suspension of its chief operating officer. As Freis, a former financial investigator at the U.S. Treasury, scanned the books

Read More

German prosecutors probe Wirecard for money laundering

FILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert/File Photo

MUNICH (Reuters) – German state prosecutors are investigating Wirecard (WDIG.DE) for suspected money laundering, a spokeswoman for the Munich prosecutor’s office said on Thursday.

“We are investigating suspected money laundering,” the spokeswoman told Reuters, saying the inquiry was directed at individuals from Wirecard. She said it followed a number of criminal complaints this year and last.

Wirecard declined to comment.

The implosion of what was seen as a German success story once worth $28 billion has caused major embarrassment with experts and politicians criticising what they see as a hands-off approach on the part of the authorities.

Wirecard filed for insolvency last month owing creditors almost $4 billion after disclosing a 1.9

Read More

Deutsche Bank CEO evaluating help for Wirecard Bank

FILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020. REUTERS/Andreas Gebert/File Photo

FRANKFURT (Reuters) – Deutsche Bank’s chief executive said on Tuesday it was too early to say how it might help Wirecard Bank, the banking wing of collapsed payments firm Wirecard.

Germany’s largest bank said last week that it was working with financial watchdog BaFin and Wirecard’s administrator on possible support for Wirecard Bank.

While it was “too early to judge” how Deutsche Bank may be involved, CEO Christian Sewing said it was “almost an obligation” to look at Wirecard Bank for opportunities or to stabilise it given his company’s focus on transaction banking,

“We all now need transparency and that’s the first task,” Sewing told a webcast event organised by Bloomberg News.

Deutsche Bank

Read More