It was certainly dramatic, but questions over Wirecard’s finances have been swirling for years. As early as 2008 the head of a German shareholder association published an attack on the business, alleging balance-sheet irregularities. Wirecard engaged auditors EY to conduct a special audit. But as profits grew rapidly, so did the questions – in particular over whether the firm was overstating the size of its Asian operations in order to inflate its share price and drive its highly leveraged expansion. In 2015 the FT began raising questions over Wirecard’s accounts. In 2016 anonymous short-sellers published a dossier of allegations. And over the course of 2018 and 2019 the FT was involved in a series of legal battles with Wirecard over its reporting on alleged malpractice at its Asian HQ in Singapore, as well as Dubai, the Philippines and Dublin – focusing on claims by short-sellers and insiders that Wirecard was fraudulently inflating its cash and profits and inventing customers.
old news bud.....what is the link with novetti ...
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