Tag #Wirecard

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faz.net

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Sep 13, 16:17

Allianz Appoints EY as Auditor Despite Wirecard Scandal

The Allianz supervisory board will propose EY as its new auditor starting in 2027, marking EY's return to the financial sector after its involvement in the Wirecard scandal.

Allianz Appoints EY as Auditor Despite Wirecard Scandal

The Allianz supervisory board will propose EY as its new auditor starting in 2027, marking EY's return to the financial sector after its involvement in the Wirecard scandal.

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What factors contributed to EY's selection despite its controversial past?

EY's ban from the APAS will end in March 2026, making them eligible to apply for new mandates. The Allianz supervisory board likely considered this, along with EY's potential qualifications, in making their decision. The choice also reflects the limited pool of available large auditing firms.

zeit.de

🌐 85% Global Worthiness

Jul 10, 19:15

Wirecard Trial: Braun Faces Likely Conviction for Fraud

In the Munich Wirecard trial, former CEO Markus Braun faces likely conviction for fraud, with the court dismissing his claim of being deceived by the absconded Jan Marsalek; the missing €1.9 billion is central to the case, highlighting systemic issues within the company.

Wirecard Trial: Braun Faces Likely Conviction for Fraud

In the Munich Wirecard trial, former CEO Markus Braun faces likely conviction for fraud, with the court dismissing his claim of being deceived by the absconded Jan Marsalek; the missing €1.9 billion is central to the case, highlighting systemic issues within the company.

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Peace, Justice, and Strong Institutions

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What broader implications might this trial have for corporate governance, financial regulation, and investor confidence in the future?

The trial's outcome will set a precedent for corporate fraud cases, impacting future corporate governance and regulatory oversight. The emphasis on the falsified financial statements suggests stricter accounting standards and increased scrutiny of financial reporting will likely follow. The focus on the missing funds underscores the need for robust internal controls and improved transparency.

zeit.de

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May 26, 16:11

Wirecard Trial: Braun Claims Innocence, Blames Marsalek and Bellenhaus for Billions in Fraud

Former Wirecard CEO Markus Braun, currently on trial for fraud, submitted a 121-page document arguing his innocence, claiming that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013, a fact he allegedly only learned during the trial. The prosecution alleges a €3 billion loss.

Wirecard Trial: Braun Claims Innocence, Blames Marsalek and Bellenhaus for Billions in Fraud

Former Wirecard CEO Markus Braun, currently on trial for fraud, submitted a 121-page document arguing his innocence, claiming that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013, a fact he allegedly only learned during the trial. The prosecution alleges a €3 billion loss.

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What is the central claim of Markus Braun's defense in the Wirecard fraud trial, and what specific evidence is being presented?

Markus Braun, former CEO of Wirecard, is attempting to prove his innocence after two and a half years of trial and nearly five years in pre-trial detention. His defense claims a 121-page document proves Braun was unaware of the billions in fraud within the collapsed Dax corporation. The prosecution alleges that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013.",

elmundo.es

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May 12, 22:09

UK Spy Ring Led by Bulgarian Sentenced for Espionage

A Bulgarian-led Russian spy ring, operating from a guesthouse in Great Yarmouth, was convicted of espionage, plotting assassinations and kidnappings of journalists, diplomats, and Ukrainian military personnel across multiple European countries between 2020 and 2023.

UK Spy Ring Led by Bulgarian Sentenced for Espionage

A Bulgarian-led Russian spy ring, operating from a guesthouse in Great Yarmouth, was convicted of espionage, plotting assassinations and kidnappings of journalists, diplomats, and Ukrainian military personnel across multiple European countries between 2020 and 2023.

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How did the spy ring utilize technology and deception in their operations, and what were their specific targets?

The spy ring's operations spanned multiple countries, including the UK, Germany, Austria, Spain, and Montenegro, between 2020 and 2023. Their activities included using 'honey traps' and sophisticated surveillance equipment, such as cameras hidden in Minions toys. The group's actions endangered human lives and national security, highlighting the escalating threat of foreign espionage.

nos.nl

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Mar 8, 19:11

Bulgarians Convicted of Spying for Russia in Europe

A UK court convicted three Bulgarian citizens of spying for Russia, targeting journalists, diplomats, and Ukrainian military personnel across Europe, endangering their lives and exposing links to former Wirecard executive Jan Marsalek.

Bulgarians Convicted of Spying for Russia in Europe

A UK court convicted three Bulgarian citizens of spying for Russia, targeting journalists, diplomats, and Ukrainian military personnel across Europe, endangering their lives and exposing links to former Wirecard executive Jan Marsalek.

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How did the investigation into Wirecard's bankruptcy lead to the exposure of this espionage ring?

The espionage operation, active from 2020 to 2023, targeted individuals in the UK, Austria, Spain, Germany, and Montenegro. Notable targets included Christo Grozev (Bellingcat journalist investigating the Navalny poisoning) and Ukrainian soldiers training in the UK. The Bulgarians were directed by a 47-year-old Bulgarian national, recruited a decade ago by Marsalek, who is believed to be in Russia.",

zeit.de

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Feb 28, 19:10

Wirecard Lawsuit: Court Rejects Claims Against EY

The Bavarian Supreme Regional Court dismissed almost 8,700 investor claims against EY in a Wirecard class-action lawsuit, ruling that EY did not directly publish the false information; however, the plaintiff plans to appeal to the Federal Court of Justice.

Wirecard Lawsuit: Court Rejects Claims Against EY

The Bavarian Supreme Regional Court dismissed almost 8,700 investor claims against EY in a Wirecard class-action lawsuit, ruling that EY did not directly publish the false information; however, the plaintiff plans to appeal to the Federal Court of Justice.

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Reduced Inequality

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What are the potential long-term implications of this ruling on future cases involving auditor liability and false financial reporting?

This ruling may influence future accounting and auditing liability cases. The court's emphasis on the publisher of false information sets a precedent. Investors may now need to demonstrate that EY's audit failures directly caused the market's false information, rather than merely enabling it. The plaintiff's appeal to the Federal Court of Justice will likely further shape legal interpretations.

welt.de

🌐 75% Global Worthiness

Aug 27, 16:22

German Court Rejects Wirecard Shareholder Lawsuit Against BaFin

A German court dismissed a lawsuit against BaFin, Germany's financial regulator, from a Wirecard shareholder who claimed BaFin's actions masked the company's fraudulent activities, leading to further investment losses. The court found no evidence of BaFin's wrongdoing.

German Court Rejects Wirecard Shareholder Lawsuit Against BaFin

A German court dismissed a lawsuit against BaFin, Germany's financial regulator, from a Wirecard shareholder who claimed BaFin's actions masked the company's fraudulent activities, leading to further investment losses. The court found no evidence of BaFin's wrongdoing.

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What are the immediate consequences of the court's decision regarding the liability of BaFin in the Wirecard scandal?

The Düsseldorf Higher Regional Court rejected a Krefeld shareholder's claim for damages against Germany's financial supervisory authority, BaFin, upholding a lower court's decision. The shareholder suffered losses due to Wirecard's insolvency, alleging BaFin's actions—a short-selling ban and a criminal complaint against Financial Times journalists—created a false impression of Wirecard's integrity, leading to further share purchases.

zeit.de

🌐 85% Global Worthiness

Jul 9, 16:15

Wirecard Insolvency Administrator Implicates Former CEO in €1.1 Billion Loss

Wirecard's insolvency administrator, Michael Jaffé, testified that the company lost €10 million weekly after its 2020 collapse, totaling €1.1 billion, directly contradicting former CEO Markus Braun's claims of profitability and further implicating him in the €1.8 billion fraud.

Wirecard Insolvency Administrator Implicates Former CEO in €1.1 Billion Loss

Wirecard's insolvency administrator, Michael Jaffé, testified that the company lost €10 million weekly after its 2020 collapse, totaling €1.1 billion, directly contradicting former CEO Markus Braun's claims of profitability and further implicating him in the €1.8 billion fraud.

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How did Wirecard manage to maintain its operations despite substantial losses and lack of funding, and what role did banks play in this?

Jaffé's testimony highlights the extent of Wirecard's financial mismanagement, revealing a massive cash burn despite its global structure. This evidence supports the prosecution's argument that Braun was involved in fraudulent activities, as the losses contradict his claims of profitability. The missing €1.8 billion further underscores the scale of the fraud.

nbcnews.com

🌐 85% Global Worthiness

May 13, 01:12

Bulgarian Spy Ring Sentenced for Russia-Linked Activities

A London court sentenced six Bulgarian spies for conducting surveillance, plotting to trade blood diamonds for weapons, and attempting to supply Russia with drones; their fugitive leader, a key suspect in Germany's biggest postwar fraud case, remains at large.

Bulgarian Spy Ring Sentenced for Russia-Linked Activities

A London court sentenced six Bulgarian spies for conducting surveillance, plotting to trade blood diamonds for weapons, and attempting to supply Russia with drones; their fugitive leader, a key suspect in Germany's biggest postwar fraud case, remains at large.

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What specific actions did the Russian spy ring undertake, and what immediate impact did these actions have on international security?

A Russian spy ring, led by fugitive Jan Marsalek and comprised of six Bulgarians, was sentenced in a London court for spying activities that included surveillance of journalists, diplomats, and dissidents, and attempts to supply Russia with drones and trade blood diamonds for weapons. The spies used sophisticated technology and received substantial payments, highlighting the value placed on their activities by Russia.

faz.net

🌐 85% Global Worthiness

May 9, 10:14

Wirecard Executive Marsalek Linked to Russian Spy Ring in Arms Deals

Fugitive Wirecard executive Jan Marsalek allegedly discussed arms deals, including drones for Ukraine, blood diamond trading, and mercenary deployments in Africa, with a Russian spy ring in discussions revealed during a London trial of six Bulgarians facing up to 14 years for spying for Russia.

Wirecard Executive Marsalek Linked to Russian Spy Ring in Arms Deals

Fugitive Wirecard executive Jan Marsalek allegedly discussed arms deals, including drones for Ukraine, blood diamond trading, and mercenary deployments in Africa, with a Russian spy ring in discussions revealed during a London trial of six Bulgarians facing up to 14 years for spying for Russia.

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What were the primary motivations of the Russian spy ring, and how did their actions potentially impact the war in Ukraine?

The case highlights the intersection of financial crime and international espionage. Marsalek's alleged dealings with the Russian spy ring, which primarily had financial motives, involved procuring weapons, potentially influencing conflicts such as the war in Ukraine. This demonstrates the potential for financial motivations to be used to further geopolitical interests and the potential for individuals to evade justice.",

theguardian.com

🌐 90% Global Worthiness

Mar 7, 19:11

Russian Spy Ring Convictions in UK Expose Espionage Network

A Russian-directed spy ring, led by fugitive Jan Marsalek and UK-based Orlin Roussev, was uncovered in the UK after a three-month trial at the Old Bailey, with multiple members convicted of espionage; the ring used surveillance and forged documents to target Kremlin critics and others.

Russian Spy Ring Convictions in UK Expose Espionage Network

A Russian-directed spy ring, led by fugitive Jan Marsalek and UK-based Orlin Roussev, was uncovered in the UK after a three-month trial at the Old Bailey, with multiple members convicted of espionage; the ring used surveillance and forged documents to target Kremlin critics and others.

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How did the spy ring's leadership structure and methods enable their operations, and what were the key vulnerabilities exploited?

The spy ring used sophisticated surveillance equipment and forged documents to target individuals deemed adversaries of the Russian state. The case highlights the extent of Russian intelligence operations in the UK, leveraging existing networks and exploiting personal relationships. The use of deception and manipulation by ringleaders underscores their methods.

faz.net

🌐 75% Global Worthiness

Feb 28, 16:10

Wirecard Lawsuit: Court Rejects EY's Inclusion

The Bavarian Supreme Regional Court rejected the inclusion of EY, Wirecard's auditor, in a large-scale investor lawsuit due to the absence of a direct link between the audit report and public market information, shifting responsibility to Wirecard, leaving individual lawsuits as the only remaining r...

Wirecard Lawsuit: Court Rejects EY's Inclusion

The Bavarian Supreme Regional Court rejected the inclusion of EY, Wirecard's auditor, in a large-scale investor lawsuit due to the absence of a direct link between the audit report and public market information, shifting responsibility to Wirecard, leaving individual lawsuits as the only remaining r...

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What are the immediate implications of the Bavarian Supreme Regional Court's decision regarding the inclusion of EY in the Wirecard investor lawsuit?

The Bavarian Supreme Regional Court rejected the attempts to include claims against EY, Wirecard's auditor, in a large-scale investor lawsuit. The court argued that a direct link between EY's audit report and public capital market information was missing, placing responsibility for publication on Wirecard itself. This decision significantly weakens the investor lawsuit, limiting potential for damage compensation from EY.

Showing 1 to 12 of 17 results