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Wirecard (Main Reasons (Lack of government intervention based on desperate…
Wirecard
Main Reasons
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EY Failure
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Business models of Big 4 further accelartes the conflict on interest, audit vs consulting
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- Lack of government intervention based on desperate need -> disabled BaFin
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Media Given the reaction of Government + BaFin, prominent german media outlets (Handelsblatt, FAZ) kept publishing positive news about Wirecard and promoted Markus Braun as personality heavily
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Strong Connections to politician, e.g. zu Guttenberg pushing Merkel for supporting Wirecards market entrance into china
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- conflict of interest between CEO and stakeholder
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Jan Marsalek relationship with intelligence agency russia, urkaine?
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- Strong Resilience of Wirecard
illegal measurements such as Harassment, Blackmail, intimidation, hacking
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- Complex Structure and intransparency
shifting main business to asia and setting up holding companies in low regulatory countries, e.g. India, Mauritius, Philippines
1. General Background
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Given its early entrance into the e-commerce market, no real competitor in the German market + intransparency -> investor had to rely on wirecards statements
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