Wirecard’s insolvency manager, Michael Jaffe, wants to recover about 47 million euros in shareholder profits for the collapsed payment processor, according to an agency report. According to Reuters, this stems from the bankruptcy director’s recent case report, which Jaffe submitted recently to the Munich District Court.
According to the information, he wants to cancel the annual reports for 2017 and 2018 because a large portion of sales and profits, at least in these years, was only on paper. Then the distributions to shareholders would also become obsolete at a later time. In the interest of creditors, the insolvency manager must challenge illegal payments made in the years prior to bankruptcy.
Wirecard went bankrupt in June 2020 after opening a balance sheet gap of € 1.9 billion. Certification under the 2019 balance sheet was rejected by auditors. Süddeutsche Zeitung was the first to report the contents of the case report. Wirecard’s board of directors about prisoner Markus Braun and fugitive Jan Marsalek are accused of inflating the balance sheet with bogus deals. In fact, according to the calculations of the Jaffe, Wirecard accumulated losses totaling 1.1 billion euros.