ASX-listed shares of Jack Dorsey-led Block Inc plunged nearly 16% on Friday after Hindenburg Research alleged that the payments firm overstated its user numbers and understated its customer acquisition costs.
Britain's new body overseeing accounting rules following Brexit said it was braced for a "lot of noise" from the 1.7 trillion pound ($2.33 trillion) insurance sector about measures to increase transparency of financial positions and performance.
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FRANKFURT (Reuters) -German chancellor Angela Merkel rejected criticism of her lobbying for Wirecard in China months before it collapsed, telling lawmakers she had no reason to suspect the firm of criminality as she sought to help it do business there.
German Chancellor Angela Merkel is seated prior to testifying in front of a parliamentary committee investigating the financial scandal over payment systems provider Wirecard in Berlin, Germany April 23, 2021. John MacDougall/Pool via REUTERS
Her detailed account of events leading to a state visit to China in September 2019 shone a rare light on the inner workings of government and its lobbying for business, marking the climax of a public inquiry into the country’s biggest post-war fraud.
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FRANKFURT (Reuters) - The German government examined the possibility of bailing out Wirecard just three days before it collapsed, according to documents seen by Reuters showing that officials were blindsided by the country’s biggest post-war fraud scandal.
FILE PHOTO: Wirecard s former boss Markus Braun looks on during a break in his hearing before a German parliamentary committee in Berlin, Germany, November 19, 2020. REUTERS/Fabrizio Bensch/Pool/File Photo
The payment company filed for insolvency on June 25 last year, owing creditors almost $4 billion, after disclosing a 1.9 billion euro ($2.3 billion) hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.