Wirecard

Wirecard

By sa1nt1 | Me | 28 Jun 2020


Hi

That's how it is "finally" here, ladies and friends - the German company Wirecard is insolvent and owes almost four billion USD to its creditors. There was a lot of speculation about whether Wirecard would stand it, but obviously it was probably quite naive. Now it turns out that the "missing" two billion dollars was not a mistake, but it is probably one of the biggest sophisticated scams of this century.

How is that even possible?

It also turned out that no audit was carried out at all for several years. It follows that this whole share could also be of a long-term nature, when capital was gradually being withdrawn from the company. From the beginning, there was an attempt to argue that there was only a mistake and that the two billion never actually existed.

Which is a pretty good joke, and although accounting and auditing is not my department at all, I can't imagine those enrollment and control processes failing so much that two billion dollars suddenly appear somewhere.

As mentioned at the outset, it was most likely a simple tunnel. What is important, however, is that this company was one of the most prestigious stocks that are part of the German DAX index. In general, the company's fintech enjoys great trust and there is usually considerable interest in their shares.



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