1999 wirecard is created in a munich area, supported by venture capital in late phases of dotcom increase. a payment processor, it can help sites gather charge card repayments from customers.
2002 after the team virtually goes breasts, markus braun, an old kpmg specialist, gets control as chief executive and merges wirecard with a munich competitor, electronic business techniques.
2005 wirecard joins the frankfurt stock market if you take across set of a defunct telephone call centre team, a course that prevents the scrutiny of a short general public providing. it offers 323 employees and core of their company is managing repayments for gambling on line and pornography.
2006 wirecard moves into financial using the buy of xcom. the renamed wirecard bank is certified by visa and mastercard, meaning it may both issue charge cards and deal with cash on behalf of merchants. this uncommon hybrid of financial and non-banking operations makes its reports harder examine with peers, and assists sway people to depend on the companys adjusted variations of monetary statements.
2008 your head of a german shareholder association publishes an attack on wirecard, suggesting stability sheet problems. ey is appointed to perform a particular review, and the next 12 months replaces the little munich company which had previously acted as team auditor. the german authorities sooner or later prosecute two guys associated with the attack, who had maybe not revealed opportunities in wirecard stock.
2010 jan marsalek, a protg of markus braun and an other austrian, is appointed primary running officer. they tell staff that wirecard features worldwide aspirations, so the organization will operate in english and plot a worldwide expansion.
2011 to 2014 wirecard raises 500m from investors and continues a shopping spree. it buys up obscure repayments businesses across asia in a number of oddly structured discounts, starting in singapore, which becomes its head office in the area. investors tend to be interested in wirecards fast development and claims of superior repayments technology.
2015 the financial times starts to publish its home of wirecard show on ft alphaville, raising questions about inconsistencies within the teams reports. when the ft suggests that there is apparently a 250m gap within the teams stability sheet, wirecard reacts with letters from schillings, a uk law firm, and hires fti asking in london to manage its exterior advertising.
In october, wirecard announces its largest-ever takeover, of indian repayments organizations in a 340m price.
J capital research states that wirecards businesses dotted across asia are far smaller compared to it promises. wirecard states brief vendors taken care of the report. financial investment bank analysts report straight back favourably from a trip associated with groups asian offices.
2016 unknown quick sellers publish a dossier of allegations associated with money laundering under the pseudonym zatarra. wirecard denies everything and bafin, the german economic regulator, investigates zatarra yet others for alleged market manipulation.
A european private investigations company outlines intends to target the ft and several london financiers. journalists, researchers, hedge resources and quick vendors crucial of wirecard begin to obtain spear-phishing emails in a campaign of hacking that continues for decades. it is not clear who had been behind these attempts.
Wirecard announces it really is purchasing a prepaid payment card company from citigroup, entering the us marketplace.
2017 a clean review from ey and a noticeable improvement in stated cash generation prompt renewed trader enthusiasm for wirecard shares, which over two fold in expense. the team declares a deal to take over citis repayment processing operations across 11 countries in asia, a transaction made to make wirecard a household title in your community.
Markus braun concludes the year by borrowing 150m from deutsche bank in a margin loan secured with big areas of their 7 percent stake in wirecard.
March 2018 inside wirecards singapore headquarters the groups very own appropriate staff start an investigation into three people in the finance staff. the probe is established after an inside whistleblower increases allegations about a strategy to fraudulently send money to asia via third parties in a form of plan referred to as round tripping.
August 2018 wirecard stocks struck a top of 191, valuing it at above 24bn. the group claims this has 5,000 staff members, which process repayments for around 250,000 merchants, concern credit and prepaid cards and supply technology for contactless smartphone repayments. clients include german discounters aldi and lidl, also near to 100 airlines.
September 2018 wirecard changes commerzbank in prestigious dax 30 index, rendering it an automatic investment for retirement funds across the world. as europes largest fintech, its viewed as an uncommon german tech company capable challenge the leaders of silicon valley.
Mr braun, whose private stake into the group is well worth 1.6bn, informs people that profits will double next two years.
October 2018 whistleblowers contact the ft concerned that internal investigation in singapore has been squashed.
January 2019 the ft publishes its very first story regarding the singapore examination, which will be straight away described as untrue by wirecard. bafin starts to investigate the ft over an allegation of marketplace manipulation.
February 2019 the singapore authorities raid wirecards workplaces. bafin announces a two-month ban on brief selling, citing wirecards significance for economic climate together with serious danger to promote self-confidence, after the share price falls below 100.
March 2019 the ft reports that half of wirecards business is really outsourced, because of the repayments handling managed by partners which pay wirecard a payment.
Wanting to check out many of these wirecard lovers into the philippines, the ft as an alternative discovers a retired seaman and his household, who will be bemused to learn that their residence is supposedly your website of an international payments company.
Wirecard announces it'll sue the financial instances.
Wirecard sues the singapore authorities, challenging the criminal investigation. prosecutors there name five wirecard staff and eight asian subsidiaries associated with the team as suspects.
April 2019 wirecard announces a 900m shot of cash from softbank, an obvious vote of confidence from a japanese conglomerate known for huge tech assets.
On a single day the ft publishes additional information on wirecards outsourced payments handling. it appears that plans with three partner companies into the philippines, singapore and dubai had been responsible for almost all of the teams worldwide profits. mr braun rubbishes the figures in a press seminar, calling them incorrect.
Ey approves the 2018 accounts with minor qualifications relating to singapore, and wirecard announces several new conformity steps.
July 2019 the ft directs pre-publication concerns to wirecard regarding its relationship because of the dubai companion. in response wirecard alleges collusion with brief vendors, according to a tape recording gotten in a sting operation overseen by rami el obeidi, previous head of international intelligence in libyas national transitional council, which governed the country briefly into the aftermath of muammer gaddafis demise. the german paper handelsblatt states wirecards allegations.
The ft appoints a law firm to conduct a study into the claims by a london financier inside recording to possess advance warning of tales, which finds all of them groundless.
September 2019 wirecard problems 500m of bonds categorized as investment level by moodys, the credit rating company. credit suisse in addition offers softbanks 900m convertible relationship to various other people.
Mr el obeidi oversees personal investigators conducting a sprawling surveillance operation targeting london financiers, including crispin odey, the hedge fund supervisor having publicly shorted wirecard.
The ft is served with court papers. wirecard is suing for misuse of trade secrets, about january and februarys articles.
October 2019 the ft posts documents showing that earnings at wirecard units in dubai and dublin had been fraudulently filled, which consumers listed in papers supplied to ey failed to occur.
Wirecard claims the papers are not genuine and reiterates once more its staff and executives did nothing incorrect. under pressure from investors it appoints kpmg to perform a special review, which it states will clear it of wrongdoing.
December 2019 the ft reports that wirecard seems to have counted cash held in escrow records managed by trustees in the money balances declared on its financial statements.
Wirecard claims judgments about money tend to be susceptible to step-by-step analysis in its audit procedure.
March 2020 the kpmg audit is supposed to close out, but book of a report through the bookkeeping firm and full-year outcomes audited by ey tend to be postponed towards end of april.
Ey obtains papers purporting is from a trustee into the philippines that record 1.9bn reported to be held in records at two finance companies in the united states.
April 28 2020 kpmgs report is published. the accounting firm claims it cannot verify that arrangements in charge of the lions share of wirecard earnings reported from 2016 to 2018 were genuine, mentioning a few obstacles to its work.
Kpmg in addition queries 1bn of money balances, on foundation the only proof the amount had been documents supplied by a singapore trustee that cut connections with wirecard across the time the unique audit began.
Mr braun tells investors that e&y informed us this morning they own not a problem anyway to sign-off the audit 2019. book of results is postponed to june, a delay related to coronavirus. any wrongdoing is denied.
Summer 5 police search wirecards workplaces after munich prosecutors introduce an unlawful investigation against leader markus braun and payment groups three other executive board users.
The search follows a criminal complaint submitted a couple of days earlier by bafin, germanys monetary watchdog. the complaint relates to possibly inaccurate statements produced by wirecard to people in front of the book of this kpmg report.
Summer 16 the philippine finance companies bpi and bdo inform ey that papers supposedly detailing 1.9bn in balances are spurious.
Summer 18 wirecard is meant to publish audited results for 2019. as an alternative it announces that 1.9bn is lacking.
Mr marsalek is suspended. james freis joins the administration board as primary compliance officer.
June 19 markus braun resigns. on his 2nd time when you look at the work mr freis becomes interim ceo.
Wirecard announces it's in useful talks with banks having the ability to terminate 2bn of financial loans because of the not enough audited accounts.
June 22 wirecard acknowledges the very first time the possibility scale of a multiyear bookkeeping fraud, caution that the 1.9bn of money probably does not exist.
The repayments organization states it really is assessing whether, by which way and to what level these types of company has actually really already been carried out for advantage of the organization. formerly launched economic figures may not be dependable, it adds.
Mr marsalek, that has direct oversight of this areas worried, is sacked.
Summer 23 mr braun is arrested on suspicion of untrue bookkeeping and marketplace manipulation. a spokeswoman when it comes to munich prosecutors company tells the ft that companys former management board can be under research.