Wirecard trial: Serious allegations against EY
“It would have been possible to react differently at that point, and then it would have been uncovered a year and a half earlier.”
In the proceedings against Markus Braun and other ex-Wirecard managers, state witness Oliver Bellenhaus described in detail the deceptions carried out by him and the other defendants. Specifically, this concerned the year 2018, in which a special investigation of the former Dax company’s Asian business took place following allegations by whistleblowers. It was found that several contracts with partner companies were simply forged.
Bellenhaus, the company’s governor in Dubai, had been responsible for the task: “I was the fixer.” Thus, Bellenhaus had succeeded in falsifying new contracts and thus faking ten million euros in revenues. Subsequently, only corrections of 3.6 million euros had to be made to the results.
EY’s auditors had been aware of this. The reaction of presiding judge Markus Födisch was accordingly clear: “The auditors knew that there were falsified software contracts at Wirecard? What was the consequence?”. And later: “One could have reacted differently at that point, then it would have been uncovered a year and a half earlier.”
We see these statements in the criminal trial as confirming our claims for damages against EY. Based on the state of the investigation to date, we assume that a properly functioning auditor should have discovered the fraud and thus the damage to investors years ago. In addition, EY faces accusations of having actively helped to shape the business model, or at least of having covered it with full knowledge.
If you have not already done so, you should decide to file a lawsuit now, before the statute of limitations expires, and thus become a party to the test case. If you do so, we will be happy to assist you.
All information on the Wirecard scandal and on the options for action for aggrieved investors can be found here.