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Collapse of Wirecard

Wirecard filed for insolvency in June 2020 after saying €1.9 billion of cash in its accounts did not exist.

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Dates
Jun 2020

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Timeline 1 date
  1. Jun 2020 Collapse of Wirecard
Proof 4 sources
  1. EY fined, banned from some audits in Germany over Wirecard, RTÉ (Reuters), 4 Apr 2023. Scholarship & press
    Wirecard filed for insolvency in June 2020, owing creditors almost $4 billion, after disclosing a €1.9 billion hole in its accounts that EY said was the result of a sophisticated global fraud.
  2. German audit watchdog bans EY over Wirecard work, The Irish Times (Financial Times), 3 Apr 2023. Scholarship & press
    The Munich-based company had received unqualified audits from EY for more than a decade.
  3. Wirecard says €1.9bn of cash is missing, The Irish Times (Financial Times), 19 Jun 2020. Scholarship & press
    Shares in German electronic payments company Wirecard plunged as much as 71 per cent on Thursday as the group revealed that its auditors in EY had refused to sign on its annual accounts due to a missing €1.9 billion.
    Wirecard said in a statement on Thursday that EY was unable to confirm the existence of €1.9 billion of cash balances in trust accounts
  4. Auditor Oversight Body (AOB) comes to a decision on Wirecard audits, Auditor Oversight Body (APAS), Germany, 3 Apr 2023. Primary record
    In its decision of 31 March 2023, the panel concluded that there were breaches of professional duties regarding the 2016-2018 audits of Wirecard AG and Wirecard Bank AG.
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