JJReyes Posted June 27, 2020 Posted June 27, 2020 Is the local media following the Wirecard scandal out of Germany? Approximately $2 billion is missing. Several individuals and either banks or financial institutions in the Philippines might be involved. A senior executive from Wirecard is believe to be hiding somewhere in the country, sheltered by local colleagues. Link to comment Share on other sites More sharing options...
Joey G Posted June 27, 2020 Posted June 27, 2020 https://newsinfo.inquirer.net/1295332/wirecard-controversy-wont-be-felt-locally-says-analyst and the stock went from $116 to $1.60 / share in a week... Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted June 27, 2020 Forum Support Posted June 27, 2020 Rappler is following it with several articles already. 1 Link to comment Share on other sites More sharing options...
fillipino_wannabe Posted June 28, 2020 Posted June 28, 2020 BDO & BPI both denying ever having the money. Wirecards ex COO supposedly flew in to the Philippines and left the next day but he's not on CCTV anywhere in the airport according to the DOJ: https://www.cnnphilippines.com/news/2020/6/25/wirecard-coo-bi-records-doj-menardo-guevarra.html Link to comment Share on other sites More sharing options...
hk blues Posted June 28, 2020 Posted June 28, 2020 From what I've read it's not so much that money is missing as much as it was never there in the 1st place! This begs the question of their auditors - not for the 1st time the safety net seems to have had a big hole in it. 2 Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted June 28, 2020 Forum Support Posted June 28, 2020 15 hours ago, hk blues said: From what I've read it's not so much that money is missing as much as it was never there in the 1st place! This begs the question of their auditors - not for the 1st time the safety net seems to have had a big hole in it. Agree, Ernst and Young could be facing massive lawsuits by shareholders and well as loss of reputation. 1 Link to comment Share on other sites More sharing options...
fillipino_wannabe Posted August 15, 2020 Posted August 15, 2020 Apparently he's dead now, died of natural causes and was quickly cremated. Sounds legit. https://rappler.com/nation/wirecard-cristopher-bauer-dies-philippines-jan-marsalek-immigration-fake-data 1 Link to comment Share on other sites More sharing options...
JJReyes Posted August 15, 2020 Author Posted August 15, 2020 10 hours ago, fillipino_wannabe said: Apparently he's dead now, died of natural causes and was quickly cremated. Sounds legit. https://rappler.com/nation/wirecard-cristopher-bauer-dies-philippines-jan-marsalek-immigration-fake-data The remains were cremated so there is no DNA for German authorities to confirm his identity. How convenient. In the meantime, lots of money is missing. 1 Link to comment Share on other sites More sharing options...
Forum Support Mike J Posted August 15, 2020 Forum Support Posted August 15, 2020 3 hours ago, JJReyes said: The remains were cremated so there is no DNA for German authorities to confirm his identity. How convenient. In the meantime, lots of money is missing. I think it is more likely that the money never existed. A fictitious balance sheet entry to offset massive debt and ensure the company looked financially stable. 1 Link to comment Share on other sites More sharing options...
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