Biggest Accounting Scandal in 2020 - Wirecard Company, Germany
Hi Everyone, today we will have a look at the biggest accounting scandal of 2020 involving Wirecard company, which has shaken the entire financial market of Germany. “If you want to view this in a short video format, you can visit my channel “Finance Insights” Link: ( https://youtu.be/xV0MM5SK0cI )” About Wirecard company It is a FINTECH, digital payment processing company. It basically collects customer details at merchant sites while the customer is making payment from his credit or debit cards and then it helps in settlement and processing that transaction. Wirecard saw unprecedented success when in 2018 it found a place in DAX, which is Germany’s main stock market index, bringing its stock market value to $28 bn. Timeline of events On June 18 th , Ernst and Young said that it was unable to trace 1.9 bn euros in the Wirecard’s accounts. Wirecard initially claimed that money was supposed to be in trust accounts in 2 Philippines banks (BDO Unibank & Bank of the