Topic

Wirecard

Deutsche Bank fined almost $10m over Euribor controls

Published 30 Dec, 2021 04:40am

FRANKFURT: German financial regulator BaFin has fined Deutsche Bank nearly $10 million for controls related to the...

MPs grilling: Merkel denies ‘special treatment’ for Wirecard

Published 24 Apr, 2021 03:21am

BERLIN: Chancellor Angela Merkel denied Friday that her government accorded "special treatment" to disgraced ...

German finance minister denies responsibility for Wirecard scandal

Updated 23 Apr, 2021 10:04am

BERLIN: Germany’s finance minister on Thursday denied responsibility for the collapse of payments firm Wirecard in...

Germany's finance minister rejects blame for Wirecard fiasco

Published 22 Apr, 2021 06:37pm

Olaf Scholz joins a long list of politicians and officials who have denied responsibility for slipshod oversight and what critical lawmakers see as a pro-Wirecard bias that failed to avert Germany's biggest post-war fraud.
The case, on a par with the Enron scandal in the United States, has prompted the resignation of the heads of two German supervisory authorities, an overhaul of regulation, and criminal investigations.

Frankfurt prosecutor looking into BaFin handling of Wirecard

Published 24 Feb, 2021 07:40pm

Prosecutors and federal police visited BaFin's headquarters on Wednesday to hand over a letter requesting information, the spokesman said.
"We have received several letters from concerned citizens asking for charges against unnamed people from the BaFin," he said.

German lawmakers turn sights on finance ministers in Wirecard fraud fiasco

Published 02 Feb, 2021 12:01pm

Goldman Sachs declined to comment, referring to Wolfgang Fink's statement that he had no contact with officials on Wirecard.

Germany replaces finance watchdog chief after Wirecard scandal

Published 30 Jan, 2021 03:55am

BERLIN: The head of German finance watchdog Bafin is stepping down as part of an overhaul triggered by last year’s...

Former Wirecard boss Braun stonewalls German lawmakers' inquiry

Published 19 Nov, 2020 08:03pm

Wirecard is biggest corporate fraud in post-war Germany.
Ex-CEO Braun stonewalls parliamentary enquiry.
Setback to probe into who helped Wirecard.

German lawmakers launch probe into Wirecard collapse

Published 01 Sep, 2020 06:05pm

German payments firm folded amid fraud probe.
Former CEO arrested, former operating officer on run.
Lawmakers launch parliamentary enquiry.

German lawmakers grill Scholz over Wirecard scandal

Published 29 Jul, 2020 11:06pm

Scholz entered the closed-door meeting in the parliament's finance committee without giving a statement to reporters.
Scholz last week rushed out a reform agenda that would give financial watchdog BaFin greater investigative and enforcement powers.

German ministers face grilling over Wirecard collapse

Published 29 Jul, 2020 05:33pm

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Wirecard ex-CEO, board members arrested for fraud: German prosecutor

Published 22 Jul, 2020 08:54pm

"In reality, it was already clear to the accused by the end of 2015 at the latest, that Wirecard group was making losses with its actual businesses."

German minister faces parliamentary grilling over Wirecard

Published 20 Jul, 2020 05:53pm

"The parliamentary clarification of the Wirecard scandal must go on in the summer break," said Lisa Paus, spokeswoman for the finance committee.

German finance minister under fire over Wirecard warnings

Published 17 Jul, 2020 08:33pm

Wirecard collapsed spectacularly last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts likely did not exist.
Scholz has described the Wirecard scandal as "unparalleled in the financial world" and called for reforms of the country's finance watchdog Bafin.

Spying claims are latest twist in Germany's Wirecard thriller

Published 10 Jul, 2020 06:23pm

Jan Marsalek, Wirecard's former chief operating officer, has vanished since the technology company was busted for what accountants described as an "elaborate and sophisticated fraud".
Wirecard's former chief executive and founder Markus Braun turned himself in to police, but Marsalek is at large.

German prosecutors probe Wirecard for money laundering

Published 09 Jul, 2020 05:59pm

Munich prosecutor investigates Wirecard after criminal complaints.
Wirecard already being probed for fraud and market manipulation.
Investigation widens to money laundering.

Wirecard administrator sees strong interest from potential buyers

Published 07 Jul, 2020 09:07pm

Administrator says more than 100 investors interested.
Sale process most advanced for North America unit.
Deutsche Bank says exposure to Wirecard very limited.
EU finmins to discuss payment regulation –official.

Deutsche Bank still evaluating Wirecard Bank support

Published 07 Jul, 2020 06:19pm

Germany's largest bank said last week that it was working with financial watchdog BaFin and Wirecard's insolvency administrator on possible support for Wirecard Bank.
"We all now need transparency and that's the first task to be done," Sewing said at a webcast event organised by Bloomberg News.

After Wirecard review, Singapore launches probe into Citadelle, Senjo Group

Published 03 Jul, 2020 07:27pm

Emails sent to Senjo Group and Citadelle to the addresses listed on their websites could not be delivered. Wirecard said it was not making any statements at this time.
"The review surfaced reasons to suspect that offences may have been committed," the authorities said on Friday.

Wirecard debt that facilitated SoftBank investment put up for auction

Published 03 Jul, 2020 10:23am

In a process managed by Credit Suisse, bonds convertible into Wirecard debt with a nominal value of 900 million euros ($1.01 billion) will be sold via an auction set to close on July 8, according to a document seen by Reuters.

Wirecard's former boss faces criminal complaint in Austria

Published 30 Jun, 2020 06:30pm

The lawyer, Joerg Zarbl, told Reuters on Tuesday that Braun took out a 120 million euro ($135 million) loan to buy at least 2.5 million Wirecard shares.
German prosecutors are already investigating possible criminal offences in connection with the payments firm.

Singapore central bank says it is working with police investigating Wirecard

Published 29 Jun, 2020 08:51pm

Wirecard filed for insolvency last week owing creditors almost $4 billion after disclosing a 1.9 billion euro ($2.14 billion) hole in its accounts.
Singapore's Commercial Affairs Department (CAD), the police unit that deals with white-collar crime.

UK watchdog says Wirecard making progress on addressing concerns

Published 29 Jun, 2020 05:56pm

Several UK fintech firms have been forced to suspend services following the FCA's restrictions on Wirecard.
We cannot lift the restrictions without reassuring ourselves that the firm has been able to satisfy all our concerns for example that all clients' money is safe.

German development bank could lose 100mn euros from Wirecard insolvency

Updated 27 Jun, 2020 08:04pm

KfW subsidiary Ipex Bank lent Wirecard the sum two years ago Boersen Zeitung newspaper first reported.
"Ipex threw 100 million euros into the fire," the KfW spokesman, who declined to be named.

Payoneer freezes all prepaid cards across globe after Wirecard insolvency

Updated 27 Jun, 2020 06:50pm

The United Kingdom’s Financial Conduct Authority (FCA) has ordered Wirecard Card Solutions Limited, a UK company to stop all its regulation financial activities, in addition to some other restrictions.

EU investigating German watchdog over Wirecard collapse

Published 26 Jun, 2020 05:32pm

European Commission requests review by July 15.
Findings could trigger 'breach of union law' probe.
Watchdog BaFin's boss has called scandal a 'total disaster'.

'The money's gone': Wirecard collapses owing $4bn

Published 25 Jun, 2020 05:02pm

Move comes after Wirecard discloses $2.1 bln financial hole.
Wirecard cites impending insolvency and over-indebtedness.
Shares plummet 80% on news.
Munich court looks at possible criminal offences.

German FinMin points to regulatory failures in Wirecard scandal

Published 23 Jun, 2020 05:09pm

Wirecard case raises questions about regulation, FinMin.
Says regulators did not appear to be effective.
Says need to determine necessary regulatory changes.

Very clear Wirecard deposit certificate was 'spurious', BPI CEO says

Published 22 Jun, 2020 04:56pm

BPI and fellow Philippine bank BDO Unibank both issued statements last week saying that Munich-based Wirecard was not a client.
"It was very clear when we were shown the so-called certificate that it was spurious. Very clear it was spurious."

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