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Oliver Bellenhaus, EVP of Wirecard Card Solutions Ltd arrested – Shares collapse on DAX

Oliver Bellenhaus

While the fired Wirecard board member Jan Marsalek is still in hiding, another executive of the insolvent group has turned himself in. Oliver Bellenhaus, the Managing Director of Wirecard subsidiary Card Systems Middle East FZ LLC, and EVP of Newcastle based Wirecard Card Solutions Ltd has turned himself in to German authorities.

An arrest warrant has been issued against Bellenhaus, who has traveled to Munich from his home in Dubai and according to the prosecutor’s office, Bellenhaus was interrogated and detained.

Most recently, Wirecard CEO Markus Braun had turned himself over to the authorities, but had been released on a 5 million Euro bond.

The Dubai subsidiary of the company, which is still listed on the DAX, played a central role in the reports of the “Financial Times” on the balance sheet scandal at Wirecard. The subsidiary was responsible for an unusually high proportion of Wirecard’s operating profits, which in turn was due to the company’s high sales with its partner Al Alam Solutions. This company was repeatedly the focus of allegations that the DAX Group artificially inflated its business volume with tricks and thus reported excessive sales and results.

Al Alam Solutions was dissolved in the course of the KPMG audit, which made a significant contribution to finally causing the Wirecard card house to collapse – we reported. The company had apparently previously refused to work with KPMG. The auditor has already criticized the audit report that parts of the Wirecard partners did not provide any documents. An examination of these transactions was therefore not possible. KPMG itself spoke of an “obstacle to testing”. In the meantime, Wirecard’s auditor EY is questioning the Group’s entire third-party business. Much of this business was done through the “Connection” in Dubai and the United Kingdom.

Wirecard share price collapses

Wirecard lost almost 18 percent and closed at EUR 2.65 after doubts have arisen as to whether the core business of the payment service provider has even delivered the profits that the company has previously reported.

News like this, together with the news about more and more leaping away major customers and business partners, shouldn’t make life easier for the bankruptcy trustee Michael Jaffé: By selling parts of the company, he wants to at least get some money with which one can satisfy the creditors – that include the banks and bondholders. The situation is somewhat different for Wirecard Bank customers: According to the nine-month balance sheet, they had invested around 1.7 billion euros in the bank. Wirecard Bank is not yet insolvent, as Jaffé further emphasize, however, it remains to be seen how far customer deposits have flowed out in the past few days.

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