And countries practice the sort of economic protectionism that this exemplifies.
Germany banned being able to short this companyâŚ
They also investigated the whistleblowers for share price manipulation.
The biggest worry here is the auditorsâ failures. Their only job is to make sure things like that doesnât happen, and theyâre paid big money for that job. They should have the book thrown at them and any other company they âauditedâ should also be scrutinized because thereâs a risk theyâve done the same mistake elsewhere.
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The missing money was supposed to be sitting in trustee accounts with the two biggest Filipino banks. EY refused to sign off accounts when there was no material evidence of the funds. So I suppose they will argue they did their job.
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In this case EY were paid ÂŁ5 million. Which isnât a lot for this kind of work. You buy cheapâŚ
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The problem is they did sign it off for 3 years without verifying the money existed.
EY are not small fry. If their audits arenât reliable then thatâs a huge spanner in the works for a lot of companies (and their investors). What happens to them (beyond the investigation and current lawsuits) is as important as wirecard itself.
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I suspect they may have been prevailed upon to not look too far.
Oh, absolutely, I was just speculating about what theyâre likely to argue. Accountants always have at least three excuses ready 
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Iâm thinking more incompetence than collusion⌠theyâre huge, youâd have to bribe a hell of a lot to make them look the other way, and theyâve got too much to lose.
Hmmm, just reading an article about this.
âItâs not normal for a multinational corporation to engage with business partners that work out of dingy offices. This report should have triggered an investigation into the accounting practices at Wirecard. The German financial regulator BaFin should have intervened. Instead, a few days after the FT report went live Bafin sued several people including the FTâs lead investigative journalist McCrum for suspicion of market manipulation. This was after the regulator had already banned people from betting against the companyâs stock. These were unprecedented restrictions imposed on people of a relatively free societyâ
Imagine if the FCA went after a whistleblower. This is pure economic nationalism and protectionism. And before I am accused of prejudice, my partner is German and I am half German.
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Just looking at the FairFX and PockIt websites (I only have the former). The FairFX card has quite a few euros on it, and prevailing narrative seems to have gone from saying âwe are working towards getting you up and running again next weekâ to now saying âwe hope to be able to recover some of your moneyâ
Can you please provide links to a latest statement from both companies where they talk about ârecovering some money?
I canât see that sentiment on either blogpost:
https://blog.fairfx.com/important-service-update-wirecard-card-solutions-ltd/
As per FCA guidelines â all issuers, including Wirecard, are required to hold customersâ funds in a safeguarded account, which means that they are protected in situations like this.
https://blog.pockit.com/important-update-pockit-accounts-temporarily-inaccessible-4b038228cc93
Your funds are being held by Wirecard in a ring-fenced designated account with Barclays. This means in the event of a Wirecard going bust you are protected.
And the share price sky rockets !!! 
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yes the guys that âinvestedâ at 150 euro are coining it now having doubled the share price today from open at 1.77 euro to almost 3 and a bit euro 
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A dead cat bounce? Their value has dropped 98% in the last 12 months.
âInvestingâ in companies like this is basically gambling.
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This is really sad. The FCA must have major concerns about how safe customer money is
Looks like things will work again imminently:
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Same with FairFX, who inform their money is safe with Barclays and the FCA have unfrozen funds - so back to business-as-usual. Although they are quickly developing a non-Wirecard operationâŚ
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