According to Reuters, the Munich prosecutor “questioned the chief executive of … FRANKFURT (Reuters) - Shares in Wirecard fell to more than two-year lows on Friday after a Dubai-based business partner closed its doors even as the German payments company played down the impact on operations.The shares dropped after a tweet pointed to a May 11 liquidation notice in the newspaper Gulf Today by Al Alam Solution Provider FZ based in Dubai. Wirecard gab hierzu auf Nachfragen der WirtschaftsWoche im Dezember keine Stellungnahme ab. Bei einem Besuch am Hauptsitz von Al Alam in Dubai war auch lediglich eine Sekretärin anzutreffen. BERLIN/FRANKFURT (Reuters) - German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company. Braun has been released after posting 5 million euros bail. Prosecutors have said they are investigating Wirecard’s Chief Financial Officer Alexander von Knoop and Chief Product Officer Susanne Steidl, in addition to former Chief Executive Markus Braun and chief operating officer Jan Marsalek. (Reporting by Tom Sims, Hans Seidenstuecker, and Christina Amann in FRANKFURT, Michelle Martin in BERLIN and Thyagaraju Adinarayan in LONDON; Editing by Josephine Mason)FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near MunichEngland setting up winter training camp in Dubai to prepare for Test series in Sri Lanka and IndiaWirex Taps Railsbank to Replace Scandal-Struck Wirecard as Asia-Pacific Card ProviderCrypto debit card provider Wirex migrates from Wirecard to Railsbank in the APAC regionFastest Growing MuslimMatch.com App now available in 9 languages including English, French, German, Malay and SpanishMiami business chamber launches Black business initiativeAmericans are shelling out $30,000 on these pop-up backyard home offices during the pandemic'I'm afraid we're going to lose 20-30% of our small businesses': Fmr. Wirecard’s lenders will be represented by ING and German regional bank LBBW, while bondholders will be represented by a law firm appointed by Cyrus Capital, people close to the matter said. Creditors will convene on Tuesday to discuss the latest on the fraud investigation, as well as planned asset sales with which insolvency administrator Michael Jaffe hopes to recoup at least a fraction of the money owed, people close to the matter said. Im Emirat Dubai spielte die Cardsystems Middle East eine zentrale Rolle im Asiengeschäft von Wirecard. A newspaper employee confirmed the publication of the notice in its print edition.Al Alam was one of Wirecard's routing partners for payment transactions. https://bit.ly/368ZOpRA Wirecard spokeswoman said the company was aware of the company's closure and said it would not affect its ability to handle transactions as it has reduced its reliance on third-party partners.The move comes after allegations by the Financial Times of accounting irregularities and disclosure violations by Wirecard, some of which involve foreign subsidiaries and third-party business partners.Wirecard has repeatedly denied allegations. Unless defendants are publicly well known, their identity can be protected under German law to avoid prejudicing legal proceedings. The latest arrest came after police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in Germany and Austria last Wednesday as they widened their investigation. SBA Administrator Karen Mills Laura to Rival Strongest-Ever Louisiana Storm: Hurricane UpdateStock market news live updates: S&P, Nasdaq touch new records as tech shares surgeHow COVID-19 is overhauling consumer spending habitsChina's industrial profits grow at fastest pace since mid-2018Mortgage rates plunge after refinance fee is put on holdUltra-wealthy investors are hoarding cash weeks before the presidential election: advisor The Philippines appears to be the scene of the crime at the centre of Wirecard’s collapse. Reporting by Douglas Busvine, Joern Poltz, Alexander Huebner and Arno Schuetze; Editing by Arno Schuetze/ Edward Taylor/Jane MerrimanFILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020.
According to Reuters, the Munich prosecutor “questioned the chief executive of … FRANKFURT (Reuters) - Shares in Wirecard fell to more than two-year lows on Friday after a Dubai-based business partner closed its doors even as the German payments company played down the impact on operations.The shares dropped after a tweet pointed to a May 11 liquidation notice in the newspaper Gulf Today by Al Alam Solution Provider FZ based in Dubai. Wirecard gab hierzu auf Nachfragen der WirtschaftsWoche im Dezember keine Stellungnahme ab. Bei einem Besuch am Hauptsitz von Al Alam in Dubai war auch lediglich eine Sekretärin anzutreffen. BERLIN/FRANKFURT (Reuters) - German prosecutors said on Monday they had arrested the head of a Dubai-based subsidiary of Wirecard, widening the circle of suspects in a multi-billion-dollar fraud investigation into the collapse of the payments company. Braun has been released after posting 5 million euros bail. Prosecutors have said they are investigating Wirecard’s Chief Financial Officer Alexander von Knoop and Chief Product Officer Susanne Steidl, in addition to former Chief Executive Markus Braun and chief operating officer Jan Marsalek. (Reporting by Tom Sims, Hans Seidenstuecker, and Christina Amann in FRANKFURT, Michelle Martin in BERLIN and Thyagaraju Adinarayan in LONDON; Editing by Josephine Mason)FILE PHOTO: The headquarters of Wirecard AG is seen in Aschheim near MunichEngland setting up winter training camp in Dubai to prepare for Test series in Sri Lanka and IndiaWirex Taps Railsbank to Replace Scandal-Struck Wirecard as Asia-Pacific Card ProviderCrypto debit card provider Wirex migrates from Wirecard to Railsbank in the APAC regionFastest Growing MuslimMatch.com App now available in 9 languages including English, French, German, Malay and SpanishMiami business chamber launches Black business initiativeAmericans are shelling out $30,000 on these pop-up backyard home offices during the pandemic'I'm afraid we're going to lose 20-30% of our small businesses': Fmr. Wirecard’s lenders will be represented by ING and German regional bank LBBW, while bondholders will be represented by a law firm appointed by Cyrus Capital, people close to the matter said. Creditors will convene on Tuesday to discuss the latest on the fraud investigation, as well as planned asset sales with which insolvency administrator Michael Jaffe hopes to recoup at least a fraction of the money owed, people close to the matter said. Im Emirat Dubai spielte die Cardsystems Middle East eine zentrale Rolle im Asiengeschäft von Wirecard. A newspaper employee confirmed the publication of the notice in its print edition.Al Alam was one of Wirecard's routing partners for payment transactions. https://bit.ly/368ZOpRA Wirecard spokeswoman said the company was aware of the company's closure and said it would not affect its ability to handle transactions as it has reduced its reliance on third-party partners.The move comes after allegations by the Financial Times of accounting irregularities and disclosure violations by Wirecard, some of which involve foreign subsidiaries and third-party business partners.Wirecard has repeatedly denied allegations. Unless defendants are publicly well known, their identity can be protected under German law to avoid prejudicing legal proceedings. The latest arrest came after police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in Germany and Austria last Wednesday as they widened their investigation. SBA Administrator Karen Mills Laura to Rival Strongest-Ever Louisiana Storm: Hurricane UpdateStock market news live updates: S&P, Nasdaq touch new records as tech shares surgeHow COVID-19 is overhauling consumer spending habitsChina's industrial profits grow at fastest pace since mid-2018Mortgage rates plunge after refinance fee is put on holdUltra-wealthy investors are hoarding cash weeks before the presidential election: advisor The Philippines appears to be the scene of the crime at the centre of Wirecard’s collapse. Reporting by Douglas Busvine, Joern Poltz, Alexander Huebner and Arno Schuetze; Editing by Arno Schuetze/ Edward Taylor/Jane MerrimanFILE PHOTO: The logo of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, is pictured at its headquarters in Aschheim, near Munich, Germany, July 1, 2020.