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Six Wirecard subsidiaries file for Bankruptcy – Balance Sheet Fraud has been going on since 2014

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The Wirecard balance sheet scandal seems to be taking on ever larger dimensions. According to a media report, the management team planned the fraud years ago – this also increases the pressure on the supervisory bodies. Six subsidiaries have also filed for bankruptcy.

According to a media report, the recently uncovered Wirecard balance sheet scandal is expected to last much longer than previously thought. As the “Isaan.Live reported yesterday, referring to an Antonymous Investor Group, the insolvent payment service provider has already inflated its sales and earnings in the 2015 annual balance sheet with billions of euros in manipulated revenues. The goal since 2014 has therefore been “to make the group appear financially stronger and convince financial analysts to issue a strong buy rating” as reported.

Since 2016, newspapers such as the British “Financial Times” (FT) have reported allegedly fictitious sales by Wirecard. Now the supervisory bodies like the Federal Financial Supervisory Authority (Bafin) are under pressure, which apparently did not notice the dubious machinations of the financial service provider for five years.

Instead, Bafin had filed a complaint against FT in 2019 for allegedly manipulating Wirecard’s stock exchange price. The group itself only admitted in mid-June that the annual balance sheet lacked 1.9 billion euros and that the money probably does not exist. The company filed for bankruptcy a week ago.

Wirecard subsidiaries also insolvent

In the wake of the scandal, six Wirecard subsidiaries have now been placed under the protection of the bankruptcy proceedings. As the provisional insolvency administrator Michael Jaffé announced, bankruptcy applications for other subsidiaries cannot currently be excluded.

According to Jaffé, the aim of the subsidiaries’ insolvency applications is to “continue as far as possible because they provide services to other companies within the group”.

Accordingly, the companies included:

  1. Wirecard Technologies GmbH
  2. Wirecard Issuing Technologies GmbH
  3. Wirecard Service Technologies GmbH
  4. Wirecard Acceptance Technologies GmbH
  5. Wirecard Sales International Holding GmbH
  6. Wirecard Global Sales GmbH

The initiation of preliminary insolvency proceedings for the six companies now also enables the bankruptcy money to be pre-financed for a total of 1,270 employees, said Jaffé. For the approximately 250 employees of Wirecard AG, the pre-financing of the bankruptcy money has already been initiated as the Federal Employment Agency has already given its consent.

The wages and salary payments for the three months from June to August have now been secured.

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