4 ms·

Can someone please explain to me how 1.9B can go missing? I'm probably too naive, but I really don't how that much money can get "lost".

by tex0 6y ago

H8crilA 6y ago
It was never there.
weinzierl 6y ago
Bloomberg article from yesterday[1] phrased it as "[..] auditors couldn’t find about 1.9 billion euros ($2.1 billion) in cash [..]" and "[..] were unable to find accounts [..]" I, too, was wondering what to think. How can I imagine to be unable to find an account? [1] https://www.bloomberg.com/news/articles/2020-06-18/wirecard-drops-in-early-trading-before-delayed-financial-results https://www.bloomberg.com/news/articles/2020-06-18/wirecard-...
- jansan 6y ago
  As I understand it Wirecard had a written confirmation by two Phillipine banks that there is 2 biion in desposits. E&Y got suspicious, because the confirmations arrived really fast, much faster thank banks usually take to issue these papers. So they sent a guy in the Phillipines to the banks to investigate. The banks claimed that there are no deposits and the documents were issues by an employee without authorization.
x87678r 6y ago
Acquiring Chinese companies will do that.
anotheryou 6y ago
The proof was bank statements about 2 accounts on philipinian banks. Those where bad fakes as E+Y noticed: - arrived to early (usually takes month) - issued in € not $ after calling up one of the banks: - 2/3 signatures fake - 3rd signature by a person not authorized to sign it So someone definitely made these statements up in a criminal act. This account does not belong to wirecard directly, but to a trustee or something, which seems to be a normal practice. So in theory he could have stolen the money. However even the choice of this lawyer is fishy, he specializes in family law... More fishy stuff know even last year: https://www.ft.com/content/cd12395e-4fb7-11e9-b401-8d9ef1626294 https://www.ft.com/content/cd12395e-4fb7-11e9-b401-8d9ef1626...

Can someone please explain to me how 1.9B can go missing? I'm probably too naive, but I really don't how that much money can get "lost".

by tex0 6y ago

Can someone please explain to me how 1.9B can go missing? I'm probably too naive, but I really don't how that much money can get "lost".

H8crilA 6y ago

It was never there.

weinzierl 6y ago

Bloomberg article from yesterday[1] phrased it as "[..] auditors couldn’t find about 1.9 billion euros ($2.1 billion) in cash [..]" and "[..] were unable to find accounts [..]" I, too, was wondering what to think. How can I imagine to be unable to find an account? [1] https://www.bloomberg.com/news/articles/2020-06-18/wirecard-drops-in-early-trading-before-delayed-financial-results https://www.bloomberg.com/news/articles/2020-06-18/wirecard-...

jansan 6y ago
As I understand it Wirecard had a written confirmation by two Phillipine banks that there is 2 biion in desposits. E&Y got suspicious, because the confirmations arrived really fast, much faster thank banks usually take to issue these papers. So they sent a guy in the Phillipines to the banks to investigate. The banks claimed that there are no deposits and the documents were issues by an employee without authorization.

x87678r 6y ago

Acquiring Chinese companies will do that.

anotheryou 6y ago

The proof was bank statements about 2 accounts on philipinian banks. Those where bad fakes as E+Y noticed: - arrived to early (usually takes month) - issued in € not $ after calling up one of the banks: - 2/3 signatures fake - 3rd signature by a person not authorized to sign it So someone definitely made these statements up in a criminal act. This account does not belong to wirecard directly, but to a trustee or something, which seems to be a normal practice. So in theory he could have stolen the money. However even the choice of this lawyer is fishy, he specializes in family law... More fishy stuff know even last year: https://www.ft.com/content/cd12395e-4fb7-11e9-b401-8d9ef1626294 https://www.ft.com/content/cd12395e-4fb7-11e9-b401-8d9ef1626...