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Wirecard… and the cracks begin to show

Financial Regulation International

Wirecard… and the cracks begin to show

On 27 June 2020, Wirecard filed for insolvency with its share price plummeting 90 per cent in a massive accounting scandal. After the ex-chief executive was arrested for alleged market manipulation and false accounting, this news came to the public. It has emerged that €1.9 billion went missing from the company’s balance sheet with Ernst & Young (EY) failing to sign-off on Wirecard’s accounts. This article will reflect on Wirecard’s mishaps, what this means for financial regulators, and the impact on the broader economy.

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