"Financial supervision largely failed," according to De Masi. What will the future of payment be like?
Technological advances in financial markets require supervisors to have an understanding of the changes that are taking place, he said.EY should have been able to read the "red flags" and look behind figures presented by Wirecard, he said.Ingo Speich, head of sustainability and corporate governance at Deka Investment GmbH, said he had been "stunned" by the news that Wirecard's auditor could not account for €1.9 billion in funds. Blog. It was the compliance system that was not working properly, and if you are in the DAX 30, you should have compliance systems that are indeed working really well," he said.
"One thing was clear. "Wirecard investors set for legal battle as accounting questions mountStreet Talk - Ep. Institutional clients have also contacted the law firm about a potential larger lawsuit, he said.Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove InvestmentsOnce a darling of investors and analysts, impressed with its rapid growth and innovative technology, the company announced June 22 that a missing €1.9 billion its auditor Ernst & Young could not account for may not exist, leading to the arrest of CEO Markus Braun, who resigned June 19.
The investor is claiming damages for a 32% loss in value of its Wirecard shares.U.K.-based activist investor TCI Fund Management Ltd also filed a criminal complaint against the company following the publication of the KPMG report.The Frankfurt stock exchange, which is owned by Deutsche Börse AG, did not respond to a Market Intelligence request for comment. What will the future of payment be like? Union Investment has taken the reporting on Wirecard as an opportunity to examine the possible impairment of investor interests and the possible initiation of legal action," the company told S&P Global Market Intelligence via email.A spokesperson for Deutsche Asset & Wealth Management, or DWS, said the investment firm was "analyzing the situation" and "considering legal action. Responsibility and commitment—our building blocks for a sustainable future in payment. Events. 18. Q1 and COVID-19 Trading Update . Feb 2021. As Wirecard AG files for insolvency, institutional investors have been selling off their holdings in the beleaguered German digital payments firm and some are taking or contemplating legal action as questions about the company's accounting, compliance and governance mount. 62: 'Brutal' outlook for oil demand offers banks in oil patch no reliefOther investors such as BlackRock Inc., Jupiter Asset Management Group Ltd., Vanguard Group Inc., and Merrill Lynch Pierce Fenner & Smith Inc., which have all held stakes in Wirecard according to S&P Global Market Intelligence data, declined to comment on their holdings in the company. Sustainability.