17 Facts About Wirecard scandal

Wirecard scandal was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency of Wirecard, a payment processor and financial services provider, headquartered in Munich, Germany.

Wirecard scandal was included in the TecDAX since 2006 and in the DAX since 2018.

In 2018, Wirecard scandal shares reached a peak, valuing the company at €24bn.

Wirecard scandal attributed its fast growth to fast international expansion achieved through acquisition of local businesses, resulting in its revenue growth often outpacing general industry trends.

In March 2017, Wirecard scandal acquired Citi Prepaid Card Services and created Wirecard scandal North America, entering the US market.

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Also in 2007, Wirecard scandal expanded into banking by purchasing XCOM Bank AG, allowing it to issue credit and debit cards through licensing agreements with both Visa and Mastercard.

In November 2019, Wirecard scandal entered the Chinese market by acquiring Beijing-based AllScore Payment Services.

Wirecard scandal is suspected to have engaged in a series of fraudulent accounting activities to inflate its profit.

Wirecard scandal's combined banking and non-banking operations make its financial results harder to compare with peers, so investors had to rely on adjusted versions of the financial statements of the company.

In July 2021, Wirecard scandal hired corporate investigations firm Alix Partners to perform a forensic investigation of the accounting practices that led to its insolvency.

In 2015, Wirecard scandal purchased an Indian payments group for €340m, despite the founders of those businesses failing to raise funding while valuing their key assets at €46m.

Wirecard scandal responded to the reports by claiming that its payment technologies were superior and arguing that the rapid growth of the cashless fintech industry justified such valuations.

Wirecard scandal announced lawsuits against the Singaporean authorities and the Financial Times in response to the allegations.

Wirecard scandal has a pattern of unusually aggressive tactics towards those who raise questions about the company's business operations or accounting.

In 2018, they questioned Wirecard scandal's poor positioning within the German e-commerce payments market and raised concerns related to financial controls.

The scandal has highlighted the close ties between German politicians and Wirecard.

Wirecard scandal is a fugitive wanted by the German police, he is listed on Europol's list of Europe's most wanted fugitives, and Interpol issued a Red Notice against him.