var TRINITY_TTS_WP_CONFIG={“cleanText”:”Wirecard execs allegedly looted $1 billion before collapse: report.u23f8Germanyu2019s fallen financial services giant Wirecard was looted by top executives before its eventual collapse in June, a new report has revealed. The report claims that the executives funneled over $1 billion to suspicious partner companies in Asia.u23f8Wirecard filed for insolvency in June in one of the biggest accounting scandals in Europe. However, according to a report by the Financial Times, the companyu2019s financial woes started months earlier, with its executives allegedly leading the looting.u23f8The report claims that top ranking executives at the Munich-based company began funneling tens of millions of euros to suspicious companies in Asia. They embezzled from Wirecard under the guise of unsecured loans to these Asian firms. In their financial reports, they claimed that the loans were for advance payments to Asian merchants who were processing card transactions for Wirecard.u23f8The looting accelerated in the months leading to the collapse, FT claims, citing sources with insider knowledge about the firm. In the first three months of this year, over $182 million was paid out to these u2018partneru2019 companies.u23f8The biggest recipient of the embezzled funds was Ocap, a Singaporean company run by a former Wirecard executive. In Q1 this year, Ocap received $117 million, for a total of $270 million in debt owed to Wirecard.u23f8Other beneficiaries were Ruprecht, yet another Singaporean company which received $47 million from Wirecard. Ruprecht suspended its operations last week, just one month after the collapse of Wirecard. The others were PayEasy in Manila, Dubaiu2019s Al Alam and Singaporeu2019s Senjo.u23f8This additional lending to these firms pushed Wirecardu2019s loans to business partners to u20ac870 million ($1 billion) by March this year, FT revealed.u23f8The suspicious lending to the third party companies was overseen by Jan Marsalek, Wirecardu2019s former chief operating officer. As Thecryptodefi.Com reported in July, Marsalek is on the run and is believed to be Russia.u23f8Christopher Bauer, yet another highly-implicated former Wirecard executive, died on August 9 in Manila under suspicious circumstances. Bauer was formally in-charge of Asia, the region where the looting took place. He then went on to run PayEasy in Manila, one of the companies that received the unsecured loans. As per a Bloomberg report, he allegedly died of blood poisoning.u23f8Wirecard is the first member of Germanyu2019s DAX indexu2014which comprises of the 30 largest companies in Germanyu2014to file for insolvency. Its failure has inflicted great reputational damage on Germanyu2019s stock market, and especially on the regulator, BaFin.u23f8″,”headlineText”:”Wirecard execs allegedly looted $1 billion before collapse: report”,”articleText”:”Germanyu2019s fallen financial services giant Wirecard was looted by top executives before its eventual collapse in June, a new report has revealed. The report claims that the executives funneled over $1 billion to suspicious partner companies in Asia.u23f8Wirecard filed for insolvency in June in one of the biggest accounting scandals in Europe. However, according to a report by the Financial Times, the companyu2019s financial woes started months earlier, with its executives allegedly leading the looting.u23f8The report claims that top ranking executives at the Munich-based company began funneling tens of millions of euros to suspicious companies in Asia. They embezzled from Wirecard under the guise of unsecured loans to these Asian firms. In their financial reports, they claimed that the loans were for advance payments to Asian merchants who were processing card transactions for Wirecard.u23f8The looting accelerated in the months leading to the collapse, FT claims, citing sources with insider knowledge about the firm. In the first three months of this year, over $182 million was paid out to these u2018partneru2019 companies.u23f8The biggest recipient of the embezzled funds was Ocap, a Singaporean company run by a former Wirecard executive. In Q1 this year, Ocap received $117 million, for a total of $270 million in debt owed to Wirecard.u23f8Other beneficiaries were Ruprecht, yet another Singaporean company which received $47 million from Wirecard. Ruprecht suspended its operations last week, just one month after the collapse of Wirecard. The others were PayEasy in Manila, Dubaiu2019s Al Alam and Singaporeu2019s Senjo.u23f8This additional lending to these firms pushed Wirecardu2019s loans to business partners to u20ac870 million ($1 billion) by March this year, FT revealed.u23f8The suspicious lending to the third party companies was overseen by Jan Marsalek, Wirecardu2019s former chief operating officer. As Thecryptodefi.Com reported in July, Marsalek is on the run and is believed to be Russia.u23f8Christopher Bauer, yet another highly-implicated former Wirecard executive, died on August 9 in Manila under suspicious circumstances. Bauer was formally in-charge of Asia, the region where the looting took place. He then went on to run PayEasy in Manila, one of the companies that received the unsecured loans. As per a Bloomberg report, he allegedly died of blood poisoning.u23f8Wirecard is the first member of Germanyu2019s DAX indexu2014which comprises of the 30 largest companies in Germanyu2014to file for insolvency. Its failure has inflicted great reputational damage on Germanyu2019s stock market, and especially on the regulator, BaFin.u23f8″,”metadata”:{“author”:”Steve Kaaru”},”pluginVersion”:”5.7.4″}; |
Germany’s fallen financial services giant Wirecard was looted by top executives before its eventual collapse in June, a new report has revealed. The report claims that the executives funneled over $1 billion to suspicious partner companies in Asia.
Wirecard filed for insolvency in June in one of the biggest accounting scandals in Europe. However, according to a report by the Financial Times, the company’s financial woes started months earlier, with its executives allegedly leading the looting.
The report claims that top ranking executives at the Munich-based company began funneling tens of millions of euros to suspicious companies in Asia. They embezzled from Wirecard under the guise of unsecured loans to these Asian firms. In their financial reports, they claimed that the loans were for advance payments to Asian merchants who were processing card transactions for Wirecard.
The looting accelerated in the months leading to the collapse, FT claims, citing sources with insider knowledge about the firm. In the first three months of this year, over $182 million was paid out to these ‘partner’ companies.
The biggest recipient of the embezzled funds was Ocap, a Singaporean company run by a former Wirecard executive. In Q1 this year, Ocap received $117 million, for a total of $270 million in debt owed to Wirecard.
Other beneficiaries were Ruprecht, yet another Singaporean company which received $47 million from Wirecard. Ruprecht suspended its operations last week, just one month after the collapse of Wirecard. The others were PayEasy in Manila, Dubai’s Al Alam and Singapore’s Senjo.
This additional lending to these firms pushed Wirecard’s loans to business partners to €870 million ($1 billion) by March this year, FT revealed.
The suspicious lending to the third party companies was overseen by Jan Marsalek, Wirecard’s former chief operating officer. As Thecryptodefi.Com reported in July, Marsalek is on the run and is believed to be Russia.
Christopher Bauer, yet another highly-implicated former Wirecard executive, died on August 9 in Manila under suspicious circumstances. Bauer was formally in-charge of Asia, the region where the looting took place. He then went on to run PayEasy in Manila, one of the companies that received the unsecured loans. As per a Bloomberg report, he allegedly died of blood poisoning.
Wirecard is the first member of Germany’s DAX index—which comprises of the 30 largest companies in Germany—to file for insolvency. Its failure has inflicted great reputational damage on Germany’s stock market, and especially on the regulator, BaFin.
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