Thursday, 16 Jul 2020 01:24 PM MYT
The documents, which include hundreds of pages of investigative reports, correspondence and other memos, have not been previously reported. While it is known that German authorities investigated skeptical investors who raised questions about the company behind one of the biggest corporate frauds in German history, the documents provide new details about the speed and tenacity with which they pursued detractors and the extent of their faith in management.
Fraser Perring, one of the authors of the February 2016 report, who had bet on a fall in Wirecard’s shares and was investigated for market manipulation, told Reuters he sent Bafin his findings in February 2016. Wirecard, which started out processing payments for adult entertainment and gambling websites, filed for insolvency on June 25 after the discovery of a 1.9 billion euro hole in its accounts.
It wasn’t the first time that questions had been raised about Wirecard. State prosecutors in Munich told Reuters that they had conducted a two-year investigation into the company over money laundering linked to US online gambling in 2010, but had found no wrongdoing. Reuters could not learn further details of the probe.
Markus Braun, Wirecard's former chief executive, was arrested before being released on bail. — Reuters picOn May 12, 2016, Bafin sent its report to Munich prosecutors, outlining the case against a “network of suspects” involved in market manipulation.
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