The Munich District Court hears the case against Wirecard

For insolvency administrator Michael Jaff, it’s clear. Wirecard’s balance sheet in 2017 was valued very high at more than 743 million euros and in 2018 it was 972 million euros. If so, the balance sheets would have to be declared null and void. “It’s not just about ten euros,” said presiding judge Helmut Krink, but about a company that was even a member of the DAX.

The accounts may not exist

The accounts of the alleged transactions with third parties at a bank in Singapore did not exist. The insolvency official was able to determine this on the basis of documents he received a few weeks ago as a result of a court order in Singapore. The presiding judge also saw this as a strong indication that the money was not there in the first place. The consequences will be dire.

Fears in the Ashheim community

There is fear at the company’s former headquarters in Ashheim. If annual financial statements for 2017 and 2018 are collected, the municipality may have to pay business tax revenue. As the leader of the Parliamentary Group of Free Voters, Eugen Steubenfull, extrapolated based on annual financial statements, more than €20 million flowed into the municipal budget. And that’s only for 2017 and 2018. Repayment will hurt Ashheim severely.

Compensation from EY auditor

With account statements now emerging, the process could have taken a dangerous turn, according to investor attorneys.

“If these 2017 and 2018 annual financial statements are held here to be invalid, it will have a resounding circumstantial impact on all of the damages lawsuits against EY.” Daniela Bergdolt, investor attorney

EY auditors audited the annual financial statements for 2017 and 2018. Accordingly, it would be easier to accuse them of technical errors.

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Former CEO Brown worries about his dividend payments

The ruling will also have severe consequences for former major shareholder and CEO Marcus Brown. He has been under arrest since bankruptcy and joined the defendant. He may have to pay off dividends in the millions.

During the trial, his lawyers supported the hypothesis that the money had flowed into other accounts in a criminal manner and that it may still be with fugitive former Wirecard board member Jean Marsalec.

The court wants to decide in May

The President of the Court stressed that the Chamber will decide to cancel the annual accounts. You do not have to judge or pay tax issues. The court wants the dismissal at the beginning of May. However, it remains unclear whether the verdict will be pronounced.

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