Jump to content
House Price Crash Forum

German Payment Processor Wirecard has 1.9 Billion Euro on it's balance sheet "that doesn't exist"

Recommended Posts

I doubt this is getting much play in the British press, so I would like to highlight this:


German Payment Processor Wirecard has 1.9 Billion Euro on it's balance sheet "that doesn't exist"




I recon after this Corona disaster, we could start to see who has been swimming with trunks on!


Think about it, that is quite a lot of money in a formerly well respeced Fintech company, how many more out there?

Link to post
Share on other sites

Ouch. Looks like someone's taken a $1.8bn loan and the cash has disappeared. Possibly wangled out via the phillipines... Will be interested to see how this develops is it a fraud, a covered up cyber theft? Who knows 


Edited by regprentice
Link to post
Share on other sites

I don't think it's theft, from the brief bits I've read on this It's a straightforward case of overstating revenue, most likely to get investment/customers. 

Overstate something on the income statement and you have to overstate the balance sheet too. Eventually it catches up to you. We've seen this before with that computer company in India (thst time it was PwC as auditors that was caught out, this time it's EY). 

Seems like the added angle here is that they've tried to pass off somebody else's money as their own (not unlike what tether is probably doing, for the crypto enthusiasts out there.)

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.