WATCH: $2bn Wirecard scandal, ‘one of worst financial disasters’ since 2008 – Wall Street Journal
The Wirecard scandal is starting to look like one of the worst financial disasters in Europe since the 2008 financial crisis, says the Wall Street Journal. In this short video documentary, the Wall Street Journal – available as part of your BizNews Premium subscription – sets out how the problems unfolded. The Wirecard collapse, say analysts, has led to questions about financial regulation in Germany, which has been promoting itself as a base for financial services companies. Wirecard's auditors EY face legal action in connection with the disappearance of billions of dollars. Wirecard also has tentacles in Africa. – Editor
Wirecard, an online payment company that was once the darling of Germany's fintech industry lost nearly $12 billion dollars of market value and filed for insolvency, just days after revealing a $2 billion dollar hole in its balance sheet.
Paul J. Davies: What's happening at Wirecard looks like being one of the worst financial disasters in Europe since the financial crisis.
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