billion

Former Wirecard CEO Markus Braun was arrested for a 2nd time in relation to the company’s $2 billion accounting scandal

4 months ago
2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG
2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG

Reuters

  • Wirecard’s former chief executive Markus Braun has been rearrested in Munich as German prosecutors dug deeper into allegations of fraud at the fintech firm.

  • Two other executives — revealed by the Financial Times as Wirecard’s former finance boss, Burkhard Ley, and Stephan von Erffa, ex-head of accounting — were also arrested.

  • Former chief operating officer, Jan Marsalek, has likely escaped to Russia with the “clear help of Russian intelligence,” two officials told Business Insider. 

  • Wirecard filed for insolvency a month ago soon after revealing an amount of 1.9 billion euros ($2 billion) was missing from its balance sheet, and likely never existed.

  • Visit Business Insider’s homepage for more stories.

Former Wirecard CEO Markus Braun has been arrested for the second time as German prosecutors probed further into a fraud investigation surrounding the company’s reputedly inflated balance sheet.

Two other executives — named

… Read More

After $9 Billion Credit Hit, Banks Seek Trade Finance Revamp

Geraldine R. Pleasant 5 months ago

(Bloomberg) — When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a $76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than $9 billion in potential losses for global lenders.

At the same time that Hin Leong Trading Pte. was pledging the fuel to back the loan, it allegedly agreed to sell the same cargo to another trader, who sought letters of credit from three banks including Credit Agricole.

This line of credit merry-go-round was among many allegedly fraudulent tools used by Hin Leong, one of Singapore’s biggest oil traders before its spectacular collapse in April that left 23 banks on the hook for $3.5 billion, according to a report from court-appointed managers.

For banks financing the opaque world of commodities trading in Singapore, Hin Leong isn’t

… Read More

Subscribe US Now