German Shareholders Association SdK Sues Wirecard Auditors

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Fri, 06/26/2020 - 10:10
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Yuri Molchan
CNBC reports that a group of shareholders have submitted a criminal complaint against former Wirecard auditors who had been working with the payments giant long term
German Shareholders Association SdK Sues Wirecard Auditors
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According to CNBC, the German association of shareholders SdK has submitted a criminal complaint aimed at three Wirecard auditors (two present auditors and one former).

They have worked with the Wirecard payment giant for a long time, CNBC specifies. The price of Wirecard has plummeted more than 90 percent since the scandal broke out.

Since the story is developing, there are no further details yet.

A quick take on Wirecard's recent collapse

As reported by U.Today, Wirecard has decided to file for insolvency after it was unable to locate the $2.1 bln on its balance and owed $4 bln to its creditors.

Company CEO Marcus Brown has been arrested on charges of fraud, accused of falsifying data, presenting fake transactions and manipulating the market.

Related
Wirecard to Apply for Insolvency with $4 Bln Debt to Investors Unpaid

UK’s FCA takes measures against Wirecard subsidiary WCS

According to a recent statement from British regulator FCA, Wirecard Card Solutions Limited (WCS), a subsidiary of Wirecard that allows its customers to use Visa cards to spend crypto, has been suspended from further operation due to the situation with its parent company in Germany.

The FCA offered detailed guidance to WCS customers on how to act if they have funds on WCS cards or are in involved with any company cooperating with Wirecard.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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