Wirecard officially winds down its UK-regulated business

admin - March 22, 2022
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Wirecard officially winds down its UK-regulated business

Following the collapse of Wirecard in June, the German FinTech giant is now officially winding down its regulated services in the UK.

Wirecard: how did it lose track of €1.9bn?

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The German payments company Wirecard has attracted a lot of unwanted attention over the last two years. Wild swings in its share price, the news that it mislaid €1.9bn, the loss and subsequent arrest of the company’s chief executive and now the news that it has gone into administration.

In this episode, IGTV’s Jeremy Naylor talks to IG journalist Joshua Warner about the company and how it ended up where it is. Any opinions, news, research, analysis or other information does not constitute investment or trading advice.

Learn more about Wirecard’s share price: https://www.ig.com/uk/news-and-trade-ideas/wirecard-share-price-soared-200–despite-ongoing-troubles-200630?CHID=9 &SM=YT

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00:00 – Intro
00:30 – What is Wirecard?
01:00 – The history of Wirecard
02:50 – How did Wirecard lose track of €1.9bn?
04:10 – Why are Wirecard’s shares still trading?
05:10 – Trading strategies
05:45 – Risk management

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Wirecard and the Curious Case of the Missing $2 Billion | WSJ

Payment processing company Wirecard was the darling of Germany’s fintech industry until auditors uncovered a $2 billion hole in its accounting. WSJ explains what we know about the missing money, as investigators are still trying to understand what happened. Photo composite: George Downs

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���� Wirecard Fraud Explained! What went WRONG!

Wirecard collapse was a failure by management, auditors and government. In this video we examine this unique case and likely effect on Ernst & Young in the aftermath.

Link to interesting video on Wirecard by FT reporter Dan McCrum:

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Wirecard scandal: How fraudsters built a financial giant | DW News

To the outside world, Wirecard was a successful DAX group. But in reality, it was riddled with fraud. Behind a clean facade, criminals were at work. Former CEO Markus Braun is currently in custody. Ex-Asia board member Jan Marsalek is a fugitive.

Wirecard was once an electronics payments service provider and even operated a bank in Germany. But it turns out some sales were completely made up. The balance sheet showed a 1-point-9 Bbillion euro hole. Since then, public prosecutors began investigating the company on commercial fraud and document falsification charges.

There had been rumors for years. Media outlets repeatedly reported inconsistencies.. But, each year the EY auditing firm gave Wirecare a seal of approval. The German Financial regulator Bafin didnt investigate the allegations either. Journalists who reported on fraudulent dealings at Wirecard received complaints.

Since October, a parliamentary investigative committee has been scrutinizing the role of the authorities in this scandal. But one thing is certain: Germany’s financial supervisors are ready for reforms.

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