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    WDI   DE0007472060

WIRECARD AG

(WDI)
End-of-day quote HANSEATISCHE WERTPAPIERBOERSE HAMBURG  -  2022-09-29
0.0131 EUR   -6.43%
07/12Wirecard used falsified client list to convince Softbank to invest €900m
AQ
07/11Wirecard Said to Have Faked Client Data to Obtain $914 Million Softbank Investment
MT
07/05Wirecard's accounting chief admits to forging documents in KPMG audit
AQ
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Wirecard used falsified client list to convince Softbank to invest €900m

07/12/2022 | 01:21am EDT

WIRECARD forged client data in its efforts to secure €900m (£760m) in investment from Japanese conglomerate Softbank as it sought to reassure investors about the fundamentals of its business before it collapsed the following year, it was reported yesterday.

The forgery came after Softbank asked to see Wirecard's client data as part of its due diligence process, after the Japanese investor's suspicions were piqued by Financial Times (FT) reports casting doubt over its Asian business, the FT reported.

The FT previously cast doubt over the fact that half of Wirecard's revenues and almost all of the firm's operating profits came from obscure outsourcing partners in Manila, Singapore, and Dubai.

Although Wirecard initially refused to show Softbank its client list, claiming confidentiality, the firm later invited representatives from the Japanese investor to come and view a forged list in its Munich headquarters, as it sought to seal the deal in its bid to cast aside the FT's claims.

The Japanese investment manager later invested €900m into Wirecard.

Softbank's investment later helped Wirecard raise another €500m in debt, before the firm collapsed in 2020 following the discovery of a €1.9bn hole in its balance sheet.

Wirecard chief exec Markus Braun along two other ex-managers are now likely to face a trial later this year. Braun denies all wrongdoing,

(c) 2022 City A.M., source Newspaper

Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK GROUP CORP. -2.60% 4900 Delayed Quote.-9.83%
WIRECARD AG -6.43% 0.0131 End-of-day quote.-68.13%
All news about WIRECARD AG
07/12Wirecard used falsified client list to convince Softbank to invest €900m
AQ
07/11Wirecard Said to Have Faked Client Data to Obtain $914 Million Softbank Investment
MT
07/05Wirecard's accounting chief admits to forging documents in KPMG audit
AQ
06/19Wirecard AG 's Equity Buyback announced on November 15, 2019, has expired.
CI
04/06Wirecard investors target EY parent for 1.5 bln euros in compensation
RE
03/15German Court Allows Mass Trial Against Audit Firm Ernst & Young Over Wirecard Collapse
MT
03/15Ex-Wirecard boss hit with fraud charge
AQ
03/14German prosecutors charge 3 with fraud in Wirecard collapse
AQ
03/14German Prosecutors Charge Former Wirecard CEO With Fraud, Accounting Manipulation
MT
01/28Charges Have Now Been Brought In Germany Over The Wirecard Scandal
AQ
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Managers and Directors
Thomas Eichelmann Chairman-Supervisory Board
Wulf Matthias Member-Supervisory Board
Stefan Klestil Member-Supervisory Board
Vuyiswa V. M’Cwabeni Member-Supervisory Board
Anastassia Lauterbach Non-Executive Director
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