Press "Enter" to skip to content

Posts tagged as “Markus Braun”

Wirecard Office Raids – German BaFin finally moved against Markus Braun and other directors

The German watchdog took action in the Wirecard case. It was about time and hence it didn't really come as a surprise when Munich law enforcement agents had the offices of Wirecard‘s headquarters searched last Friday. Previously, BaFin had filed a criminal complaint against Wirecard on suspicion of market manipulation. The investigations by the public prosecutor’s office are allegedly directed primarily against Wirecard CEO Markus Braun and his fellow board members. It currently looks as if Braun's time as CEO will soon be over.

Wirecard Troubles in Germany – Class actions against the company and auditor EY adding to BaFin investigations

Not surprisingly, the turbulent times do not seem to be coming to an end soon for Wirecard. Already 2019 was dominated by accusations of balance sheet manipulation, shabby business practices, and compliance issues which were raised primarily by the Financial Times. Founder and CEO Markus Braun has always strictly rejected the accusations. Wirecard filed lawsuits and criminal complaints against the critics.

Wirecard drama continues – what about the pink elephant called money-laundering for big illegal organizations?

With the KPMG special audit report on the table Wirecard still pretends to believe that the accusations of balance sheet manipulation, irregularities in accounting, kick-back payments, and lack of transparency raised from many sides have been refuted or at least not been confirmed. The accusations of money-laundering in the context of client relationships with cybercrime organizations and scam operators are not dealt with at all. Admittedly, the scope of the special audit of KPMG did not include this pink elephant in the room.

© 2020 Financial Intelligence Bureau Ltd