HERO OR DESPOT the Ever-Changeable Rule of President Aleksandar Vučić E

Total Page:16

File Type:pdf, Size:1020Kb

HERO OR DESPOT the Ever-Changeable Rule of President Aleksandar Vučić E August EUR PE 2020 Diplomatic magazine KILLER ROBOTS - WHOSE FINGER ON THE TRIGGER? The controversy over ‘lethal autonomous weapons’ FEE-FI-FO-FUM! One woman tackles a 4-headed giant Europe’s competition commissioner Margrethe Vestager HERO OR DESPOT The ever-changeable rule of President Aleksandar Vučić E 3 BRUSSELS - PARIS - GENEVA - MONACO EUROPEDIPLOMATIC IN THIS ISSUE n Hero or despot The ever-changeable rule of President Aleksandar Vučić ................................................p.5 n Fee-fi-fo-fum! One woman tackles a 4-headed giant Europe’s competition commissioner Margrethe Vestager ....................................................................................................................................p.11 5 n Turkey’s latest political battleground Byzantine basilica becomes a mosque ......................................................................................................................p.18 n Killer robots whose finger on the trigger? The controversy over ‘lethal autonomous weapons’ ........................................................................ p. 21 11 n News in brief ............................................................................................................................................................................................................. p. 28 n Still going strong at 70 The birthday of the European Convention on Human Rights ..................................... p. 30 n The United Nations of Europe Europe likely to recover faster than anywhere else, thanks to the European model ................................................................................................................................................ p. 37 21 n Schadenfreude for fun and profit The surprising fall of Wirecard an emerging German giant ............................................. p. 40 n Covid-19 European Commission secures EU access to Remdesivir for treatment of covid-19 ................................................................................................................ p. 48 30 n Newly accredited European Ambassadors ............................................................................................ p. 50 n A place to visit August 2020 - January 2021 ............................................................................................ p. 52 n Van Gogh museum acquires 1888 letter from Van Gogh and Gauguin to Bernard for 210,600 euros ............................................................................................. p. 54 40 n Books Our selection ......................................................................................................................................................................................... p. 58 EUR PE “EUROPE DIPLOMATIC MAGAZINE” is characterized by a very open editorial line that allows it to capture all the themes that affect directly or indirectly the European political, economic, social and security issues. Whether piracy in the Gulf of Aden Diplomatic and its threats to the global economy, articles about political leaders, geostrategic situations or technological developments magazine affecting our civilization, Europe Diplomatic Magazine strives to work in comparing opinions and providing an objective analysis based on extensive research. For a wide audience composed of both members of the diplomatic corps, lobbyists, international officials or academics, the magazine gives everyone the necessary and useful information about all topics that make up our daily lives. Covering sensitive issues such as nuclear, the rise of Islamism and energy dependence, the magazine opens its pages to recognized specialists who would like to express first order and exclusive information. But Europe Diplomatic Magazine is not only a source of information on recent topics. It is also addressing older facts with deep thought fur further analysis. Whether it’s news, security, diplomacy, technology, energy, terrorism, European affairs, no subject is treated superficially. Europe Diplomatic Magazine is an independent media, conveying balanced ideas of openness and analysis based on almost 30 years of experience in the journalistic world. Visit our site and please give us your comments: https://europe-diplomatic.eu/ [email protected] 3 EUROPEDIPLOMATIC Nikola Hendrickx 4 EUROPEDIPLOMATIC © Predsednik President Vučić visiting the 15th Tank battalion of the ground troops First Brigade HERO OR DESPOT The ever-changeable rule of President Aleksandar Vučić “A riddle wrapped in a mystery inside an enigma.” That was how Britain’s wartime leader, Winston Churchill, described the likely reaction of Stalin’s Russia to the outbreak of the Second World War (In fact, Churchill said it in 1939, shortly before he became prime minister; Neville Chamberlain was still in charge at the time). It would also be, however, a reasonable description of Serbian President Aleksandar Vučić, whose rule in Serbia still commands some support among EU member state leaders whilst appearing to lapse at times into autocracy. Videos of severe police brutality, described by the news website Euractiv as “unmatched anywhere in contemporary Europe”, have gone viral around the world. riddle wrapped in a mystery contemporary Europe”, have gone viral COVID-19 and resistance to Vučić’s inside an enigma.” That was how around the world. decision to impose a weekend lockdown. Britain’s wartime leader, Winston We’ve seen similar protests in other “AChurchill, described the likely reaction The violence was certainly extreme countries, especially the United States, of Stalin’s Russia to the outbreak of the and shocking, with protestors being where conspiracy theories seem more Second World War (In fact, Churchill beaten to the ground with batons and infectious than the Sars-CoV-2 virus, said it in 1939, shortly before he became then repeatedly kicked. In one incident, but the brutality of the Serbian police prime minister; Neville Chamberlain was three men simply sitting together on a was extreme. Serbia’s Interior Minister, still in charge at the time). It would also park bench are targeted by the baton- Nebojsa Stefanović said the police had be, however, a reasonable description wielding thugs of Belgrade’s finest and acted ‘with restraint’ and only in self- of Serbian President Aleksandar Vučić, beaten to the ground. These are horrific defence. The footage now on the internet whose rule in Serbia still commands scenes and demonstrate that something suggest that Stefanović is suffering from some support among EU member state is rotten in the state of Serbia, as Hamlet’s self-delusion over self-defence. Vučić leaders whilst appearing to lapse at times friend Horatio might have said. In this himself blamed ‘far-right radicals’ (having into autocracy. Videos of severe police particular instance, though, the cause been one once upon a time he ought brutality, described by the news website of the violence was - theoretically - the to know them) and ‘foreign agents’ for Euractiv as “unmatched anywhere in spread of conspiracy theories about the trouble. The country’s ombudsman 5 EUROPEDIPLOMATIC insisted that the police had not used and other kinds of poison. You have to on Vučić to try to rein in his excesses, excessive force. In that case, I’d hate to be have a ruthless autocrat and politician to but the EU, as on previous contentious there when they are using excessive force. even want that sort of control, anyway. occasions, prefers to keep its head One reason for the protest is that there The problem is that Serbia seems to have down and hum to itself to drown out have been credible claims that Vučić lied one of its very own, in the person of the the cries and screams. It’s never brave about the number of COVID-19 cases in country’s President, Aleksandar Vučić. when confronting contentious issues, Serbia in order to calm the public before generally preferring the status quo to elections that he wanted to go ahead. Serbia is rated by the US-based non-profit continue as long as ‘stability’ triumphs. These allegations came first from the NGO Freedom House as a “transitional That’s why so far, their response to or hybrid regime”. Corruption is rife and Balkan Investigative Research Network the violent repression is, largely, an some of his opponents have pointed out (BIRN), which wrote in an article that, embarrassed (and embarrassing) silence. Vučić’s venality since he took power in according to its investigation of the data, Six member states have blocked further 2012 as evidence that the country is a the number of deaths from the pandemic negotiations for membership, partly virtual kleptocracy, lining the pockets up to the 1st June was 632 instead of the because Vučić still insists that Kosovo, of Vučić and his cronies (or allies, if you reported 233. The sudden clampdown an ethnically Albanian province, should prefer). Freedom House cites another came as a shock, while some were again become part of Serbia; he refuses example of political violence that to recognise its independence. Kosovo circulating the sort of conspiracy theories almost marks a turning-point in the created to sow doubt and discord. broke away in 2008 after a brutal war country’s recent development: “As 2018 in which atrocities were committed drew to an end, one event set the scene on both sides. Vučić was Minister of for the start of 2019,” it says in a report Information during that conflict, and he on Serbia. “In November, just before introduced huge fines
Recommended publications
  • FINANCIAL CRIME DIGEST July 2020
    FINANCIAL CRIME DIGEST July 2020 Diligent analysis. Powering business.™ aperio-intelligence.com FINANCIAL CRIME DIGEST | JULY 2020 ISSN: 2632-8364 About Us Founded in 2014, Aperio Intelligence is a specialist, independent corporate intelligence frm, headquartered in London. Collectively our team has decades of experience in undertaking complex investigations and intelligence analysis. We speak over twenty languages in- house, including all major European languages, as well as Russian, Arabic, Farsi, Mandarin and Cantonese. We have completed more than 3,000 assignments over the last three years, involving some 150 territories. Our client base includes a broad range of leading international fnancial institutions, law frms and multinationals. Our role is to help identify and understand fnancial crime, contacts, cultivated over decades, who support us regularly integrity and reputational risks, which can arise from a lack in undertaking local enquiries on a confdential and discreet of knowledge of counterparties or local jurisdictions, basis. As a specialist provider of corporate intelligence, we enabling our clients to make better informed decisions. source information and undertake research to the highest legal and ethical standards. Our independence means we Our due diligence practice helps clients comply with anti- avoid potential conficts of interest that can affect larger bribery and corruption, anti-money laundering and other organisations. relevant fnancial crime legislation, such as sanctions compliance, or the evaluation of tax evasion or sanctions We work on a “Client First” basis, founded on a strong risks. Our services support the on-boarding, periodic or commitment to quality control, confdentiality and respect retrospective review of clients or third parties. for time constraints.
    [Show full text]
  • Controversial Business Practices in 2020
    Retrospective Controversial Business Practices in 2020 Inrate Analyst Team January 22, 2021 Zurich Office Geneva Office Memberships Partner Inrate AG Inrate SA Binzstrasse 23 Rue de Berne 10 CH-8045 Zürich CH-1200 Genève Tel. +41 58 344 00 00 Tel. +41 58 344 00 00 [email protected] [email protected] www.inrate.com www.inrate.com Executive Summary The food processing industry proved to be especially vulnerable to the COVID-19 outbreak. Inrate manages a database with more than While several companies came under scrutiny for 16’000 controversial business practices of over mismanagement and neglect of occupational safety measures during the pandemic, the Tyson 3’000 companies of major indices such as MSCI Foods case stood out due to its extent. The Developed Markets, MSCI Emerging Markets and company’s negligent behavior had severe the Swiss Performance Index collected over ten consequences for local communities as it was years. News articles are screened on a daily responsible for several outbreaks by ignoring basis, recorded, categorized as well as evaluated basic hygiene standards resulting in a large in detail. number of infections and a considerable death toll. As the year comes to a close, we have taken One of the biggest accounting frauds occurred in some time to reflect upon controversial business 2020 when Wirecard filed for bankruptcy shortly practices of 2020 and have compiled a list of five after it was published that EUR 1.9 billion in controversies that caught our attention the most balances were missing. These revelations were during the last twelve months. Every chosen followed by the arrest of the chief executive officer example is unique in nature, albeit for different and an international manhunt for the former chief reasons.
    [Show full text]
  • Letter from Berlin
    LETTER FROM BERLIN THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY 220 I Street, N.E., Suite 200 Washington, D.C. 20002 202-861-0791 www.international-economy.com Germany’s Wirecard Scandal [email protected] The largest accounting fraud in the country’s postwar history. By Klaus C. Engelen hile all of Europe broke. When Wirecard took the place of the world electronic payment trans- is still in the grip of Commerzbank AG in the DAX in action services as well as the issuing of of the worst pan- September 2018, the fintech’s shares physical cards. According to its promo- demic in a century, were worth about €20 billion. tion material, Wirecard authorized and Germany’s po- Its Austrian CEO Markus Braun, processed payments for about 280,000 Wlitical and financial establishments are who owned 7 percent of Wirecard, merchants, issued credit and prepaid also haunted by the Wirecard AG scan- was a billionaire. Now Braun (51) is in cards, and provided technology for dal. It is turning out to be the largest detention awaiting trial with two other contactless smartphone payments. case of accounting fraud in the coun- company executives. His second-in- Clients included German discounters try’s post-war history. The sad story is command Jan Marsalek (40), also Aldi and Lidl as well as nearly one that most of the political and financial Austrian, who was in charge of the hundred airlines. Since January 2006, establishments at all levels aided and company’s Asian business, has van- the group included a bank with a full abetted the mega-fraud.
    [Show full text]
  • English Version
    Sources: 14.08.20; 10:00 Isaan News (https://isaan-news.com) and some confidential sources English Version The Wirecard "Club" nobody wants to know anything more. The urgently and legally correct demanded investigation committee by the opposition parties, is been blocked with references to strange confidentiality regulations. Who are the real brains behind Wircard and a Fraud that has been planned for over 15 Years, by people who knew each other. The Munich public prosecutor's office ("coincidentally the same public prosecutor who investigated Wirecard for money laundering 10 years ago") is keeping a low profile and supposedly does not want to know anything. The German TV show Aktenzeichen XY is looking for the supposed super brain of the scandal - Jan Marsalek - must be a Joke . Missing Wirecard exec escaped to Russia and 'has close ties to Russian government officials and possibly organized crime,' intelligence sources say.. The German TV show Aktenzeichen XY is looking for the supposed super brain of the scandal - Jan Marsalek - must be a Joke ...Why? Isaan News has learned from confidential sources in an Asian country that the German BKA and the BND know exactly where Jan Marsalek is. It is also said that Marsalek has a list of 30,000 - 300,000 names and dates from accounts that they have held at the various Wirecard banks. Accounts in Germany, which were either used for money laundering, or Visa card payment accounts which were used for the pornographic network of websites that Wirecard hosted on its data servers in Germany. Customers from the upper social classes are assumed to be customers on this list, as well as high-ranking politicians from many countries.
    [Show full text]
  • Mark Dalpoggetto, Et Al. V. Wirecard AG, Et Al. 19-CV-00986-First
    Case 2:19-cv-00986-FMO-SK Document 62 Filed 02/14/20 Page 1 of 80 Page ID #:699 1 Reed R. Kathrein (139304) Danielle Smith (291237) 2 Lucas E. Gilmore (250893) 3 HAGENS BERMAN SOBOL SHAPIRO LLP 715 Hearst Avenue, Suite 202 4 Berkeley, CA 94710 5 Telephone: (510) 725-3000 Facsimile: (510) 725-3001 6 [email protected] 7 [email protected] 8 [email protected] 9 Attorneys for Lead Plaintiff Lawrence Gallagher 10 [Additional counsel listed on signature page] 11 12 UNITED STATES DISTRICT COURT 13 FOR THE CENTRAL DISTRICT OF CALIFORNIA 14 15 MARK DALPOGGETTO, Individually Case No. 2:19-cv-00986-FMO-SK and On Behalf Of All Other Similarly 16 Situated FIRST AMENDED CLASS ACTION 17 COMPLAINT FOR VIOLATION OF Plaintiff, THE FEDERAL SECURITIES 18 LAWS 19 v. 20 WIRECARD AG, MARKUS BRAUN, 21 BURKHARD LEY, ALEXANDER VON KNOOP, JAN MARSALEK, and 22 SUSANNE STEIDL, 23 Defendants. JURY TRIAL DEMANDED 24 25 26 27 28 FIRST AMENDED CLASS ACTION COMPLAINT 010821-11/1240725 V1 Case 2:19-cv-00986-FMO-SK Document 62 Filed 02/14/20 Page 2 of 80 Page ID #:700 1 TABLE OF CONTENTS 2 3 4 I. NATURE OF THE ACTION ............................................................................. 1 5 II. JURISDICTION AND VENUE ......................................................................... 3 6 III. PARTIES ............................................................................................................ 5 7 A. Plaintiff ..................................................................................................... 5 8 B. Defendant Wirecard and Its
    [Show full text]
  • Mark Dalpoggetto, Et Al. V. Wirecard AG, Et Al. 19-CV-00986-U.S. District Court Civil Docket
    US District Court Civil Docket as of October 9, 2020 Retrieved from the court on October 9, 2020 UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA (Western Division - Los Angeles) CIVIL DOCKET FOR CASE #: 2:19-cv-00986-FMO-SK Mark DalPoggetto v. Wirecard AG et al Date Filed: 02/08/2019 Assigned to: Judge Fernando M. Olguin Date Terminated: 10/08/2020 Referred to: Magistrate Judge Steve Kim Jury Demand: Plaintiff Cause: 15:78m(a) Securities Exchange Act Nature of Suit: 850 Securities/Commodities Jurisdiction: Federal Question Plaintiff Mark DalPoggetto represented by Laurence M Rosen Individually and On Behalf of All Others Rosen Law Firm PA Similarly Situated 355 South Grand Avenue Suite 2450 Los Angeles, CA 90071 213-785-2610 Fax: 213-226-4684 Email: [email protected] LEAD ATTORNEY ATTORNEY TO BE NOTICED Reed R Kathrein Hagen Berman Sobol Shapiro LLP 715 Hearst Avenue Suite 202 Berkeley, CA 94710 510-725-3000 Fax: 510-725-3001 Email: [email protected] LEAD ATTORNEY ATTORNEY TO BE NOTICED Danielle Smith Hagens Berman Sobol Shapiro LLP 715 Hearst Avenue Suite 202 Berkeley, CA 94710 510-725-3038 Fax: 510-725-3001 Email: [email protected] ATTORNEY TO BE NOTICED Lucas E Gilmore Hagens Berman Sobol Shapiro LLP 715 Hearst Avenue Suite 202 Berkeley, CA 94710 510-725-3000 Fax: 510-725-3001 Email: [email protected] ATTORNEY TO BE NOTICED Plaintiff Lawrence Gallagher represented by Reed R Kathrein (See above for address) LEAD ATTORNEY ATTORNEY TO BE NOTICED Danielle Smith (See above for address) ATTORNEY TO BE NOTICED Lucas E Gilmore (See above for address) ATTORNEY TO BE NOTICED V.
    [Show full text]
  • Business Business | 02 Business | 03
    BUSINESS BUSINESS | 02 BUSINESS | 03 BoE slows bond Italy’s Atlantia purchases as seeks EU it sees some support in clash recovery signs with government FRIDAY 19 JUNE 2020 Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 20.73 QAR/PHP : 13.62 QAR/LKR : 50.85 QAR/BDT : 23.16 EUR/QAR : 4.32 GBP/QAR : 4.78 CAD/QAR : 2.86 AUD/QAR : 2.71 CHF/QAR : 4.04 SGD/QAR : 2.83 KWD/QAR : 12.05 OMR/QAR : 9.58 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 Swiss National Europe’s central Bank signals to maintain bank hands out negative rates REUTERS - BERN €1.3tln in loans The Swiss National Bank will keep its ultra-expansive mon- etary policy for “some time” after AP - FRANKFURT cutting its inflation outlook and saying it needs negative rates and The European Central Bank has currency interventions to shield handed out €1.31 trillion ($1.46 The credit offer Switzerland from the corona- trillion) in long-term, ultra- virus driven-recession. cheap credit to hundreds of takes its place Switzerland is facing its banks as part of its emergency alongside the sharpest downturn in decades support aimed at cushioning the after the pandemic shut down impact of the coronavirus pan- bank’s pandemic many businesses, pushed up demic on businesses and bond purchase unemployment and dented workers.
    [Show full text]
  • Wirecard: the Frantic Final Months of a Fraudulent Operation
    Wirecard: the frantic final months of a fraudulent operation A plan to buy Deutsche Bank is now seen as part of a desperate effort to disguise fraud at the German payments group Olaf Storbeck in Frankfurt AUGUST 25 2020 The codename was “Project Panther”. Markus Braun, the Six months later the curtain fell on Wirecard. On June 25, chief executive of German payments group Wirecard, had the group collapsed into insolvency after it was exposed hired McKinsey & Co to help prepare his most audacious as one of Germany’s biggest postwar accounting frauds. idea yet, a plan to take over Deutsche Bank. Prosecutors in Munich suspect that €3.2bn in debt raised since 2015 has been “lost”. Around €1bn was handed out In a 40-page presentation last November, the consultants in unsecured loans to opaque business partners in Asia. insisted the new entity, to be dubbed “Wirebank”, would be “thinking and acting like a fintech, at the scale of a global bank”. By 2025, it could generate €6bn in additional profit, McKinsey claimed. While Germany’s largest bank sat on €1.4tn in assets, it was worth a mere €14bn on the stock market, roughly the same as Wirecard. The McKinsey report promised that the combined stock market valuation would double to close to €50bn. A deal to acquire Deutsche Bank would have been the crowning achievement for a company which within a few years had become one of the most valuable in the country, winning the label of “Germany’s PayPal”. An upstart financial technology company would be running Germany’s most illustrious bank.
    [Show full text]
  • Transition to Tomorrow Annual Report 2018 Key Figures
    Transition To Tomorrow Annual Report 2018 Key figures Wirecard Group 2018 2017 Revenues 2,016.2 1,488.6 in EUR million EBITDA 560.5 410.3 in EUR million EBIT 438.5 311.5 in EUR million Earnings per share (basic) 2.81 2.07 EUR Equity 1,922.7 1,640.0 in EUR million Total assets / total equity and liabilities 5,854.9 4,532.8 in EUR million Cash flow from operating activities (adjusted) 500.1 375.7 in EUR million Employees (average) 5,154 4,449 of which part-time 317 329 Segments 2018 2017 Payment Processing & Risk Management Revenues 1,479.9 1,064.8 in EUR million 38.99% EBITDA 481.3 322.7 in EUR million 49.13% Acquiring & Issuing Revenues 609.3 488.5 in EUR million 24.73% EBITDA 79.9 86.6 in EUR million –7.69% Call Center & Communication Services Revenues 9.1 9.9 in EUR million –7.65% EBITDA –0.5 1.0 in EUR million –154.08% Consolidation Revenues –82.2 –74.6 in EUR million 10.27% EBITDA –0.1 0.0 in EUR million 370.70% Total Revenues 2,016.2 1,488.6 in EUR million 35.44% EBITDA 560.5 410.3 in EUR million 36.61% Content Letter from the CEO 8 III. Forecast and report on opportunities Report of the Supervisory Board 10 and risks 86 Corporate Governance Report and Corporate 1. Forecast 86 Governance Statement 15 2. Report on opportunities and risks 92 Wirecard stock 25 3. Overall statement on the Group’s expected development (outlook) 115 I.
    [Show full text]
  • Handelsblatts: Die Existenz E-Stoxx 50 Ten: Der Norwegische Zertifizierungs- Weiterer 800 Millionen Euro an Treu- 3.528 Pkt
    MONTAG, 30. NOVEMBER 2020 Deutschlands Wirtschafts- und Finanzzeitung G 02531 NR. 232 Serie: Die besten Hotels Mäzene Brexit-Attraktionen Franziska Giffey Was ausgezeichnete Wofür Deutschlands Auf diese britischen Getrübte Freude nach Herbergen ihren Gästen Milliar däre auch in Aktien setzen der Wahl zur Berliner bieten. Krisenzeiten spenden. Fonds manager. SPD-Chefin. ► 24 ► 26 ► 34 ► 47 Nord Stream 2 Der Jahrhundert-Coup Märkte Ab 5. Dezember wird Dax weitergebaut Vor der Insolvenz floss noch viel mehr Geld aus dem Konzern als bisher 13.336 Pkt. +0,37 % Die umstrittene Ostseepipeline Nord vermutet. Ex-Vorstand Marsalek dirigierte eine ganze Bande von Mitwissern. Stream 2 soll ab dem 5. Dezember fer- MDax 29.375 Pkt. tiggestellt werden. Das bestätigte die er Betrug beim insolventen Be- +0,78 % Nord Stream 2 AG am Wochenende. zahldienstleister Wirecard ist of- Die Arbeiten beginnen im deutschen Jan Marsalek: fenbar noch größer als bisher an- TecDax Teil der Ostsee. Weitere Abschnitte, Der flüchtige D genommen. 1,9 Milliarden Euro 3.129 Pkt. die noch fehlen, befinden sich in däni- Ex-Vorstand hatte fehlten in der Bilanz, so lautete die bis- +1,39 % schen Gewässern. Kurz zuvor hatte das beste Kontakte in herige Rechnung. Nun zeigen Recher- Unternehmen einen Rückschlag erlit- Fern- und Nahost. chen des Handelsblatts: Die Existenz E-Stoxx 50 ten: Der norwegische Zertifizierungs- weiterer 800 Millionen Euro an Treu- 3.528 Pkt. spezialist Det Norske Veritas – Germa- handvermögen ist ebenfalls fraglich. +0,48 % nischer Lloyd (DNV-GL) hatte Ende Zentrale Figur in diesem betrügeri- vergangener Woche angekündigt, die schen Jahrhundert-Coup ist der flüchtige Dow Jones Zusammenarbeit mit den russischen 29.910 Pkt.
    [Show full text]
  • Singapore Company Director Charged Over Wirecard Scandal 7 August 2020
    Singapore company director charged over Wirecard scandal 7 August 2020 But the accounts did not hold such amounts and the letters were produced with the "intent to defraud", according to the charges, filed last month. Shanmugaratnam could not immediately be reached for comment. Authorities in the city state last month launched an investigation into Citadelle and another company over suspicions they falsified accounts, and Shanmugaratnam is the first person to face charges. Wirecard's woes began in January 2019 with a The headquarters of scandal-hit German payments series of Financial Times articles alleging provider Wirecard in Aschheim, near Munich accounting irregularities in its Asian division, headed by chief operating officer Jan Marsalek. German and Philippine authorities want to question A company director has been charged in Marsalek as part of separate investigations into Singapore with falsifying letters linked to scandal- Wirecard, but his whereabouts are unclear. hit German payments giant Wirecard, according to court documents, as the fallout from the firm's Last month, the Philippines justice minister said collapse spreads further around the world. immigration officers falsified records to show he briefly visited the country after being sacked. The fintech company filed for insolvency in June after admitting that 1.9 billion euros ($2.2 billion) Entries in the Bureau of Immigration database missing from its accounts did not exist, revelations show Marsalek arrived in the Philippines on June that stunned Germany and drew comparisons with 23—the day after he was fired—and left for China on the Enron accounting scandal. June 24. R. Shanmugaratnam, director of a business But CCTV footage, airline manifests and other administration firm in Singapore at the centre of records prove Marsalek was not in the country on investigations into the case, has been charged with those dates, minister Menardo Guevarra said in a falsifying letters showing it held money in escrow statement.
    [Show full text]
  • Global Governance Lessons from Europe's Enron
    FEATURE ANALYSIS OF A FRAUD Global Governance Lessons From Europe’s Enron FOR ITS SHEER SCOPE, DARING, AND SIZE, WIRECARD IS BEING COMPARED TO ENRON. WHAT HAPPENS NEXT SEEMS BOTH PREDICTABLE AND INEVITABLE. By Andrea Bonime-Blanc and Michael Marquardt ast June, members of the Wirecard supervisory board dialingL into a hastily convened emergency call could hardly believe what they were hearing. The fast-growing ­German­­financial­services­provider­that­they­were­charged­with­over- seeing only recently had been rumored to be in takeover talks with Deutsche Bank. Now, Wirecard board members were being told that €1.9 billion ($2.2 billion) in cash was missing and the company was €3.2 billion ($3.7 billion) in debt. Could Wirecard’s vast international business empire really have been based on lies and obfuscation? Indeed, it appears so. 36 Directorship January/February 2021 January/February 2021 NACDonline.org 37 FEATURE ANALYSIS OF A FRAUD KEY PLAYERS IN THE On June 25, 2020, Wirecard filed for clude organized commercial criminal WIRECARD STORY insolvency. Then, on Aug. 25, a court- fraud, breach of trust, false accounting, appointed administrator issued a press and market manipulation. All of the for- 1. Founders/Management Board release stating that it had been able “to mer Wirecard executives now awaiting tri- Oliver Bellenhaus, managing stabilize the ongoing business and create al have declared their innocence. director of Dubai-based Wirecard a basis for [Wirecard’s] continuation.” As unit (currently in jail awaiting trial) part of the stabilization efforts, all mem- OMINOUS QUESTIONS Markus Braun, CEO (currently in a bers of Wirecard’s management board—at Wirecard, like Enron until its own spectac- German jail awaiting trial) least those who had not already resigned or ular demise in 2001, had been on a wild Burkhard Ley, CFO of Wirecard fled Germany—and some 730 employees and aggressive trajectory of growth.
    [Show full text]