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Wirecard Scandal
The Wirecard scandal (German: ''Wirecard-Skandal'') was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency of Wirecard, a payment processor and financial services provider, headquartered in Munich, Germany. The company was part of the DAX index. They offered customers electronic payment transaction and risk management services, as well as the issuance and processing of physical cards. The subsidiary, Wirecard Bank AG, held a banking license and had contracts with multiple international financial services companies. Allegations of accounting malpractices have trailed the company since the early days of its incorporation, reaching a peak in 2019 after the ''Financial Times'' published a series of investigations along with whistleblower complaints and internal documents. On 25 June 2020, Wirecard filed for insolvency after revealing that €1.9 billion was "missing", and the termination and arrest of its CEO Markus Braun. Quest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wirecard Headquarters, Aschheim (49556187461)
Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. In June 2020, the company announced that €1.9 billion in cash was missing. It owed €3.2 billion in debt. The company is being dismantled after it sold the assets of its main business unit to Santander Bank for €100 million in November 2020. Other assets, including its North American, UK and Brazilian units had been previously sold at nondisclosed prices. The company offered electronic payment transaction services and risk management, and issued and processed physical and virtual cards. As of 2017, the company was listed on the Frankfurt Stock Exchange, and was a part of the DAX stock index from September 2018 to August 2020. The company is at the center of an international financial scandal. Allegations of accounting malpractices had trailed the compan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was named Ernst & Young until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FTI Consulting
FTI Consulting is a business advisory firm headquartered in Washington, D.C., United States. FTI is one of the largest financial consulting firms in the world and consistently ranks as one of the top global management consulting firms. The company specializes in the fields of corporate finance and restructuring, economic consulting, forensic and litigation consulting, strategic communications and technology. Founded as Forensic Technologies International Ltd in 1982, FTI Consulting employs more than 6,200 staff in 28 countries. The firm was involved in the Lehman Brothers and General Motors bankruptcies,FTI Consulting chairman: West Palm Beach is good for business ''South Florida Business Journal'' 27 Jan. 2012. the investigation into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schillings
Schillings (originally Schilling & Lom) is an international reputation and privacy consultancy staffed by reputation, privacy and family lawyers, risk consulting, cyber security and intelligence specialists. The company is an Alternative Business Structure (ABS) and regulated and authorised by the United Kingdom's Solicitors Regulation Authority (SRA). It employs 33 lawyers, risk managers and IT security consultants and offers services covering risk consulting, legal services and IT security. History The firm was founded in 1984 by Keith Schilling and Nicholas Lom and focused largely on media law, libel, and privacy protection. It was called by Index on Censorship as "the scourge of many a Fleet Street editor" for obtaining anonymised gag order, gagging orders to protect celebrity clients' privacy. In the early 2010s, the firm began to move away from pure media and libel work towards reputation protection for a largely corporate, non-celebrity clientele. In 2012 Schillings a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange. IFRS have replaced many different national accounting standards around the world but have not replaced the separate accounting standards in the United States where U.S. GAAP is applied. History The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework. These were looked to by many national accounting standard-set ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short (finance)
In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises. There are a number of ways of achieving a short position. The most fundamental method is "physical" selling short or short-selling, which involves borrowing assets (often securities such as shares or bonds) and selling them. The investor will later purchase the same number of the same type of securities in order to return them to the lender. If the price has fallen in the meantime, the investor will have made a profit equal to the difference. Conversely, if the price has risen then the investor will bear a loss. The short seller must usually pay a fee to borrow the securities (charged at a particular rate over time, similar to an interest payment), and reimburse the lender for any cash returns such as dividends that were due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BaFin
The Federal Financial Supervisory Authority (german: Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin is the financial regulatory authority for Germany. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance. BaFin supervises about 2,700 banks, 800 financial services institutions, and over 700 insurance undertakings. History Background Prudential banking supervision in Germany essentially started as a consequence of the banking crisis of 1931, prior to which the only supervised credit institutions were the public savings banks. On , a decree established the office of (), for which Chancellor Heinrich Brüning appointed . In 1934, this was transformed into the , by new comprehensive banking legislation (german: Kreditwesengesetz of ). Initially the Reichsbank was associated with the supervisory p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Handelsblatt
The ''Handelsblatt'' (literally "commerce paper" in English) is a German-language business newspaper published in Düsseldorf Düsseldorf ( , , ; often in English sources; Low Franconian and Ripuarian: ''Düsseldörp'' ; archaic nl, Dusseldorp ) is the capital city of North Rhine-Westphalia, the most populous state of Germany. It is the second-largest city in th ... by Handelsblatt Media Group, formerly known as Verlagsgruppe Handelsblatt. History and profile ''Handelsblatt'' was established in 1946 by journalist Herbert Gross (journalist), Herbert Gross, but after some months Friedrich Vogel (journalist), Friedrich Vogel (1902–1976) became publisher. In 1969, Georg von Holtzbrinck became partner of Friedrich Vogel. Since 2021, its editor-in-chief is Sebastian Matthes. Its publisher, Handelsblatt Media Group, also publishes the weekly business magazine ''Wirtschaftswoche'' of which the editor-in-chief is Beat Balzli. ''Handelsblatts headquarters are in Düsseldorf. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant #Citicorp, Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is Delaware General Corporation Law, incorporated in Delaware. Citigroup is the List of largest banks in the United States, third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. It is considered a Systemically important financial institution, systemically important bank by the Financial Stability Board and is commonly cited as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TecDAX
The TecDAX stock index tracks the performance of the 30 largest German companies from the technology sector. In terms of order book turnover and market capitalization the companies rank below those included in the DAX. The TecDax was introduced on 24 March 2003. It succeeded the NEMAX50 (''Neuer Markt'' — new market) stock index of German new economy companies that existed from 1997 to 2003 and was discontinued after extreme value loss due to the burst of the dot-com bubble. TecDAX is based on prices generated in Xetra. The index is calculated on every trading day, between 9am and 5.30pm CET . In 2018, the TecDAX had an average performance of 23,3 % in five years, outpacing even the NASDAQ. Companies The following 30 companies make up the index as of the quarterly review effective February 2021. *1&1 Drillisch *Aixtron *Bechtle * Cancom AG *Carl Zeiss Meditec * CompuGroup Medical SE *Deutsche Telekom *Dräger (company) * Eckert & Ziegler Strahlen- und Medizintechnik AG ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reverse Takeover
A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public company is bought by the private company through an asset swap and share issue. The transaction typically requires reorganization of capitalization of the acquiring company. Process In a reverse takeover, shareholders of the private company purchase control of the public shell company/ SPAC and then merge it with the private company. The publicly traded corporation is called a "shell" since all that exists of the original company is its organizational structure. The private company shareholders receive a substantial majority of the shares of the public company and control of its board of directors. The transaction can be accomplished within weeks. The transaction involves the private and shell company exchanging information on each other, neg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime Standard
The Prime Standard is a market segment of the Frankfurt Stock Exchange that includes companies which comply with transparency standards higher than those of the General Standard, which is regulated by law. The Prime Standard includes quarterly reporting as well as ''ad hoc'' disclosure in German and English, application of international accounting standards (IFRS/IAS or US-GAAP), publication of a financial calendar and staging of at least one analyst conference per year. Companies must satisfy the requirements of the Prime Standard to be listed in the DAX, MDAX, TecDAX and SDAX The SDAX (German abbreviation for ''Small-Cap-deutsche Aktienindex'') is a stock market index composed of 70 small and medium-sized companies in Germany. These so-called ' small caps' rank directly below the MDAX (mid-cap) shares in terms of o .... References {{Reflist Stock market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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