The case, Wirecard: The BaFin ignored for years, what was completely obvious

It is one of the largest scandals in German economic history: Over the years, the payment service provider, Wirecard is doctored balance sheets and income have

The case, Wirecard: The BaFin ignored for years, what was completely obvious

It is one of the largest scandals in German economic history: Over the years, the payment service provider, Wirecard is doctored balance sheets and income have been deceptive. Against Ex-CEO Markus Braun, the Munich public Prosecutor's office determined because of market manipulation and accounting fraud. It is obvious air bookings of 1.9 billion euros in Asia. The company announced a bankruptcy.

The British stock exchange speculator Fraser Perring threw the Dax-listed company as early as 2016, the proceeds of crime. About the accusations of his analysis house Zatarra, the "Financial Times" reported, the price of shares of Wirecard crashed. Short and Perring betting on such a rate falls. They borrow shares and sell them quickly. The price drops, you buy back the title cheaper. The difference they are making as a Profit. The Munich public Prosecutor's office discontinued the investigation against Perring, due to the manipulation of the market in the meantime.

FOCUS: Mr. Perring, they sound pretty good mood. Why the Wirecard scandal you joy?

Perring : I feel especially satisfaction. Over the years, I had to justify myself for my criticism to Wirecard. It was perfectly clear that criminal's conditions. Finally, the paper by Wirecard declined by more than 90 percent.

Around 2.4 billion euros will have earned the gamer as to the Crash. How much have you conceded?

Perring: To do I no data. I can assure you, however, I am very satisfied.

four years ago, when you accused of fraud, Wirecard, you by the burglary of the course benefits. So what is truth to the accusation that they are manipulating their work to the market?

Perring : The Munich district court has offered the proceedings against me and cease – a donation to a charitable organization. So I paid a low five-figure sum to a Children's charity. So I've saved attorney's fees, but was unable to prove my innocence in court. A procedure would have cost me a lot of money. That's why I settled on the Deal.

"My work is perceived as an attack"

you had at the time, informed the Federal financial Supervisory authority BaFin about their allegations. But it was not until three years later began the overseer, to determine against Wirecard.

Perring: BaFin ignored for years, what was completely obvious: the fact that Wirecard is cheated. What's going to happen now, is for the authority, totally shameful. You had taken my advice seriously, don't should fear a lot of investors out of their money. Because of their inaction, billions of euros could be lost. BaFin ignored what the critics said – and pursued them instead. My more than 100 pages long Report I sent by registered mail to the BaFin, to Interpol and the credit card companies Visa and Mastercard. The post proof, I've kept – the document is arrived in any case. However, instead of against Wirecard act, the BaFin to me, as well as other critics, and the journalists of the Financial Times. dpa/Sven Hoppe/dpa How to do it with Wirecard and whether the company has a perspective for the future is completely unclear.

How do you explain that your allegations lead to investigations?

Perring : this is Probably the mentality of the regulators. Because my work is perceived as an attack. Perhaps it was just incompetent. What I'm wearing together, is often dismissed as the work of an activist. The facts should speak for themselves: For our dossier, we research for months, disclose all sources. The fact check is meticulously. I hope my findings will now be used for the investigation, but still.

"In January 2015, I was suspicious,"

It is now, apparently, to fictitious transactions, and falsified supporting documents Philippine accounts. Did you know of these sham transactions?

Perring : I have published over the years very much. As Wirecard is trying to hide in Asia and the United Arab Emirates shops. The origin of such payments and the type of transactions for regulators is hardly comprehensible to be made. Wirecard faked growth. On these fraudulent practices, I pointed out.

How they started suspecting that Wirecard is something wrong?

Perring : In November 2015, I was suspicious of The profit of the company increased each quarter. I asked myself: Who the customers actually are? Some existed only as a website. For five months I dug myself through publicly available documents and discovered a network of bogus companies, to violations of the terms and conditions of Visa and Mastercard, in short: deceptive practices. At the time I wrote, the Wirecard paper would be worthless. It would not surprise me if the stock is soon only a few cents value. All messages to the stock exchange to find out now at Finanzen100

job hacker an Indian company investors, journalists and speculators in the environment of Wirecard attacked. Wirecard denied contacts with the Indian hackers.

Perring: For me this is ancient history, I know about it a long time ago. You also sent me Phishing emails and Links to porn sites and tried to hack my Computer. Who stood out as a critic of Wirecard, already got problems. You have set private investigators on me and others, tried to intimidate me.

"no one knows what the business of Wirecard is actually"

What do you think, how it goes in the Wirecard scandal now?

Perring: It would not surprise me, if Wirecard is saved at the end in front of the Bust. Perhaps the German Minister of Finance and the German state prevented a bankruptcy. They will try to clean up and Manager to kick out.

model is the company a viable business?

Perring: no one knows what the business of Wirecard is actually. Probably not even Wirecard itself.

bet on a further crash of the stock?

Perring: Clearly, I did today again. Wirecard 1,28 EUR -2,25 (-63,74%) Xetra

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course data

Wirecard is since years part of the speculation game. Looking at your accusations are skeptical, shouldn't be too surprising.

Perring: This is also culturally determined. In Germany, one speaks of Short attacks. It sounds like it would be an attack, and the company was the victim. The real victims are the investors. About the grandmother, whose pension Fund has invested with Wirecard money. I'm trying to warn donors. I've done that also in the case of Wirecard.

This Text is part of the new FOCUS. Want to read more from the issue 27/20? The last Chapter

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Update: First interested parties for Wirecard - Federal government contract with the "balance police"

announces For the insolvent, the payment service provider Wirecard, there should be already interested in purchasing. The "Frankfurter Allgemeine Zeitung" (FAZ) reported before the weekend. In addition to private investors and companies in the Private Equity field as well as the competitor Worldline for Wirecard is interested in, according to the report. In the spring of Worldline had been swallowed with Igenico other rivals for eight billion euros.

Meanwhile, the Federal government draws a major consequence of the scandal with Wirecard. According to information from the "picture on Sunday" wants to terminate the Federal judiciary and the Federal Ministry of Finance the contract of the Federal government with the German financial reporting enforcement panel (DPR). The DPR is an Association under private law, but in a controlled in the state of order of payments. In the case of Wirecard the "balance police" - called Association has failed - in spite of Instructions from the Federal financial Supervisory authority (Bafin). That's why the authorities want to terminate the contract with the DPR.

  • late-breaking News about the Wirecard-balance-sheet scandal click here to read the Live-Ticker

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Updated Date: 28 June 2020, 09:27

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