LVC-Privat

Business & Finance

German ministers face grilling over Wirecard collapse

2 months ago

Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Former CEO Markus Braun has been arrested on suspicion of falsifying accounts and market manipulation.

The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.

Germany’s parliamentary finance committee has asked Finance Minister Olaf Scholz and Economy Minister Peter Altmaier to attend a closed door special hearing to shed light on the saga from 1400 GMT.

Questions are likely to focus on when exactly government officials and regulators learned of accounting irregularities at Wirecard, and if there were any

Business & Finance

This finance master class bundle is just $40

2 months ago

With lessons that are aimed at people with little to no background in finance or economics, this training bundle will act as your go-to resource for learning about both the basics and more in-depth elements of trading and investment strategies that are used by professionals every day.

There’s a course that offers a sweeping explanation of simple finance through lessons that focus on accounting principles, a course that will help you master the world of day trading through the application of detailed analysis, a course that will help you make more long-term investments in both the stock market and real estate, and more.

You’ll even learn how to develop detailed financial models that can predict future trends in multiple markets.

These top-rated courses are also designed to be beneficial regardless of how much money you have in the bank right now, and the examples provided are easy to apply directly

Business & Finance

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

3 months ago Amanda T. Noriega

(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

Business & Finance

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

2 months ago Amanda T. Noriega

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 by the Financial Times as

Business & Finance

Germany to overhaul accounting regulation after Wirecard scandal

3 months ago Amanda T. Noriega

Markus Braun, former chief executive of Wirecard - Michael Daider /Reuters — Markus Braun, former chief executive of Wirecard – Michael Daider /Reuters

Germany’s accounting watchdog is set to be stripped of its powers in the wake of the Wirecard scandal.

The government will end its contract with the Financial Reporting Enforcement Panel (FREP) as soon as Monday, according to reports.

The job of overseeing company accounts will be taken on by Bafin, Germany’s financial regulator.

“We have reached an agreement with the Finance Ministry to terminate the contract,” a Justice Ministry official told the Bild am Sonntag newspaper

Germany has been rocked by the collapse of payments company Wirecard, which filed for insolvency last week after admitting that €1.9bn (£1.7bn) of cash on its balance sheet probably didn’t exist.

Markus Braun, chief executive of the Dax-listed company, resigned on June 19 and was then arrested on suspicion of accounting fraud and market manipulation.

German authorities are facing questions over

Business & Finance

Troll Token? Why DeFi Yield Farmers Are Now All About YFI

2 months ago

A new governance token in decentralized finance (DeFi) is captivating yield farmers’ attention. Its creator didn’t set aside any of the tokens for himself and he insists the new token has no monetary value.

Still, that hasn’t stopped it from trading as high as $2,374 a pop, according to CoinGecko.

YFI is the governance token for Yearn.Finance, a site that performs a variety of functions for DeFi users, moving their assets in and out of different liquidity pools in order to find the best yields. Its name may also be a reference to an unflattering internet acronym.

“Each of these systems have control mechanisms, configurable fees, maintenance controls, and rules that can be modified. Thus far, these have been managed by us,” Yearn’s creator,

M	T	W	T	F	S	S
	1	2	3	4	5	6
7	8	9	10	11	12	13
14	15	16	17	18	19	20
21	22	23	24	25	26	27
28	29	30

Main Story

How to Max Out on the Deals Offered by Coupon Code Discount

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

Can Be QQQ Stock A Obtain at the Moment

Why Selling Your EBook Through a Print Publisher Means Profit

Important Facts to Earn Desired Property Investments

Editor’s Picks

How to Max Out on the Deals Offered by Coupon Code Discount

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

Featured Story

How to Max Out on the Deals Offered by Coupon Code Discount

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

Can Be QQQ Stock A Obtain at the Moment

Why Selling Your EBook Through a Print Publisher Means Profit

Important Facts to Earn Desired Property Investments

German ministers face grilling over Wirecard collapse

This finance master class bundle is just $40

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

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

Germany to overhaul accounting regulation after Wirecard scandal

Troll Token? Why DeFi Yield Farmers Are Now All About YFI

You may have missed

How to Max Out on the Deals Offered by Coupon Code Discount

Use Costume Supercenter Coupons to Get Discounts for Children Costumes

Can Be QQQ Stock A Obtain at the Moment

Why Selling Your EBook Through a Print Publisher Means Profit

Important Facts to Earn Desired Property Investments

Main Story

Editor’s Picks

Trending Story

Featured Story

You may have missed