Markets

EY’s chairman expressed ‘regret’ that German fintech Wirecard’s fraudulent practices were ‘not uncovered sooner’

EY’s global chairman has expressed “regret” that the accounting firm did not uncover Wirecard’s fraudulent practices sooner, according to a Financial Times report. Amid backlash over EY’s failure to unmask the insolvent group’s $US2 billion accounting fraud, chairman Carmine Di Sibio wrote to clients pledging to raise the bar on […]
EY’s chairman expressed ‘regret’ that German fintech Wirecard’s fraudulent practices were ‘not uncovered sooner’
Markets

An audit of Wirecard’s key business in Europe and the US reportedly shows its internal financial numbers are far worse than previously thought

Wirecard’s primary business operations in Europe and the US have been unprofitable for years, according to a Financial Times investigation, bringing into question official financial reports which showed significant profits. An internal audit conducted by KPMG shows that Wirecard’s outsourced activities in Asia made up for the “lion’s share” of […]
An audit of Wirecard’s key business in Europe and the US reportedly shows its internal financial numbers are far worse than previously thought
Markets

Wirecard is ‘beyond salvageable,’ according to one analyst, who says the company’s rivals won’t be able to benefit from its downfall

Munich-based Wirecard, founded in 1999, was established with the intention of assisting websites with credit card payment collections from customers. In the past week, the company has witnessed a spectacular fall from grace amid a massive accounting scandal, its former CEO’s arrest, and an insolvency filing. But can fintech rivals […]
Wirecard is ‘beyond salvageable,’ according to one analyst, who says the company’s rivals won’t be able to benefit from its downfall