Who also trembles in Italy for the scandal of the German Wirecard
The Wirecard scandal also affects Italy: many investors have believed in the potential of German fintech. All the details
Wirecard's has become an international thriller.
While the contours of the scam remain to be clarified , the police are looking for Jan Marsalek, former president of the company, a fugitive since June and the Dax30 has expelled the fintech company.
The troubles of the German also affect Italy: there are numerous Italian investors represented by the lawyer Michael Leipold with the aim of recovering economic losses. Let's go step by step.
OBJECTIVE: RECOVER LOSSES
Let's start from the last point. In Italy there are several (and numerous) investors who have believed in the potential of the fintech company Wirecard to remain, now, with a handful of flies in hand.
“After Germany, Italy is the country with the highest number of investors overwhelmed by the Wirecard crash of the nearly 400 that I represent to proceed by legal means and heal large and small losses, taken individually from 7 million to 500 euros. Austria follows, ”lawyer Michael Leipold told Sole 24 Ore.
THE PLAN OF LAWYER LEIPOLD
Leipold also exposed his plan today to the Confindustria newspaper: "I have already moved against Ernst & Young, but now in my sights there is the German supervisory body BaFin, the German private company DPR which checked the financial statements on behalf of BaFin is also one of the most famous credit cards in the world if I have confirmation that it used the Wirecard services while suspecting wrongdoing and money laundering ”, said the lawyer.
DIRECT IRRECURABLE LOSSES
Why such a strategy? "It is useless to sue Wirecard – explained Leipold – direct losses are irrecoverable".
"Legal avenues with BaFin are not easy because German law protects the supervisor from damages but European laws could open a way for me," added Leipold.
LOSSES ARRIVED TO 3.2 BILLION
While the scandal and the accusations against the managers worsen (fraud and market manipulation), the losses also widen: the 1.9 billion holes announced by former CEO Markus Braun have reached 3.2 billion.
WIRECARD OUTSIDE THE DAX 30
Meanwhile, the scandal has greatly destabilized the German Stock Exchange: Deutsche Boerse has changed its rules with the aim of quickly throwing Wirecard out of the Dax30, where it entered in 2018, ousting the number two of German banks, Commerzbank. Replacing fintech in the index will be Delivery Hero, a food company.
THE DEATH OF A MANAGER
To make the scandal more mysterious but also more disturbing is the death of Christian B. , former Asia manager of the financial company. The man died in Manila, at the age of 44, for reasons yet to be ascertained.
Christian B. was the trusted man of Jan Marsalek, former president of the German company, a fugitive since June, that is, since the scandal exploded.
THE COMMENT OF THE SUN
What to expect? “The investigations and inquiries on Wirecard can only continue to multiply. In the tangle of rules and regulators, in Germany and in the world, the flaws are not clear at all: it will be established without a doubt whether the collapse of one of the largest digital payment services companies and credit card provider in the world was caused by the inefficiency and negligence of regulators and controllers, who have misapplied adequate rules and regulations and clumsily used their powers, or if, on the other hand, deficiencies and non-compliance will be sought in the system of controls and laws that require reforms and revisions of lives ”, commented Isabella Bufacchi of Sole 24 Ore .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/chi-trema-anche-in-italia-per-lo-scandalo-della-tedesca-wirecard/ on Wed, 19 Aug 2020 12:50:14 +0000.