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Wirecard scandal: SdK attests collective failure of control bodies

2020-12-18T18:58:36.732Z


The protection association of capital investors raises serious allegations against the Bafin and EY in its »Black Book Exchange«: As early as 2008 there was suspicion of fraudulent business practices - there was no reaction.


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Wirecard logo at Gamescom 2018 in Cologne

Photo: WOLFGANG RATTAY / REUTERS

The Schutzgemeinschaft der Kapitalanleger (SdK) has raised serious allegations against those involved in the Wirecard scandal.

"Almost all control bodies have failed," writes SdK CEO Daniel Bauer in the "Black Book Stock Exchange", which is published annually by the association - the criticism is directed, among other things, to the public prosecutor, auditor and the financial supervisory authority Bafin.

It is also said that in 2008 there was already public criticism of Wirecard's practices - both the lack of transparency in the business model and the accounting of the AG.

However, this criticism was not heard.

“It is just not what the public prosecutor is currently claiming that the frauds only started in 2015,” says Bauer.

Lack of critical distance

Bauer also accused the EY auditors of not sufficiently following up on information.

He announced that he would initially reject EY as an auditor in principle.

He accused the board of directors of total failure and a lack of critical distance.

The other big topic of the black book is virtual general meetings.

The SdK is calling for significant improvements here.

Among other things, the shareholder protectors criticize that investors have no opportunity to ask questions.

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bah / dpa

Source: spiegel

All business articles on 2020-12-18

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