Wirecard analysis is defamatory and wrong
By: Paul Murphy
Follow along with Dan on a tour of the files which point to suspected fraud at a Dax 30 fintech.
By: Dan McCrum
A 2014 pitchbook, Indian business filings, foreign direct investment records, and a UK lawsuit filed in October raise fresh questions about the value of a German tech company’s largest acquisition.
A guilty plea in a high profile Israeli case highlights the role of false transaction codes to disguise online gambling payments.
The bulls and the bears seem entrenched in their views.
J Capital Research went looking for the businesses Wirecard bought in Asia, and reports finding thinly staffed offices and, in two places, no office at all.
Wirecard is to pay as much as €330m for a business which was barely involved in payments two years ago, and where auditors had qualified their opinion on the accounts, according to Indian corporate filings.
Wirecard, the German listed payments company, is what might be called a tug of war stock. We have some questions it appears fair to ask.
Showing how we worked out the money flows which Wirecard has for years suggested investors adjust away as transitory and unimportant.
Removing customer funds from the calculation of Wirecard’s financial position suggests a different assessment about the evolution of its business.
Wirecard has for years published an adjusted cash-flow statement. Digging into those adjustments appears to reveal a growing hole, a mismatch between the assets and liabilities within its payments business.
A look at the early days of Wirecard, and disclosures relating to a Gibraltar subsidiary stuck in a years-long liquidation.
Wirecard’s Asian expansion began with E Credit Plus, an entity with problems highlighted by auditors, bloated receivables balances, and a customer in Bahrain that was much less than it seemed.
Why does the company pay big sums upfront, months before deals complete? Why are key parts of transactions not fully transparent? Why spend millions on struggling Asian businesses? Why do accounts filed in Singapore not match totals reported in Germany?
A collection of the documents referenced, to help anyone following along as we look at aspects of Wirecard, the German listed online payment provider.