German Wirecard Papers Jump By 300% in 2021

Shares of the Wirecard Group, notorious for the scandal surrounding the group’s fraudulent manipulation, have risen 300% since the beginning of this year, trading data show.

The value reached $1.345 in trading, the highest since August 2020.

The stock has nearly depreciated over the past year, with a share of the group worth about $130 at the beginning of the year and just $0.3 at the end. Wirecard securities were up nearly 60 percent on the first day of trading in 2021 and 112 percent – on the second. As a result, the stock is up 332.5% since the beginning of the year.

A major financial scandal erupted in Germany in June when Wirecard, one of Germany’s IT market leaders, withdrew its 2019 financial report after auditors recorded a cash shortfall of €1.9 billion in its accounts.

Against this backdrop, the head of the company, Marcus Braun, resigned. He was later detained but later released on bail, he is suspected of artificially boosting Wirecard’s balance sheet through sham transaction income in order to present the company as more wealthy and attractive to investors and customers.

German authorities are currently investigating former Wirecard managers. Three of them, including Brown, have been arrested. One of the key former employees, Austrian Jan Marsalek, is hiding from the investigation.

According to German media, he may be in Belarus or Russia.

source: ft.com

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