Update: June 2020
EY announced €1.9bn of cash missing, CEO arrested, Wirecard AG filed for insolvency
October 23, 2019
Doubts have already been raised about the credibility of Wirecard’s independent audit, such as those raised by Schirp & Partner Rechtsanwälte mbB who are currently gathering shareholder support to call an EGM and vote for a special auditor under section 142 of the German Stock Corporation Act.
Instead of throwing fuel on that fire, we are releasing our letter to Wirecard’s audit committee, calling on them to release the full scope of their audit with KPMG, and commit to releasing timely updates and a final report. Prior management communication has been misleading, and full transparency is the best way to resolve this.
|Wirecard Brazil (€M)||Our|
|Company Reported MCA||400||400|
|Brazil % Estimate||40%|
|Brazil MCA Estimate||160||160|
|Monthly Credit Volume||37.2||37.2|
|Calculated MCA Balance||18.6||18.6|