July 2, 2020
Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing …
July 1, 2020
Allianz said on Wednesday that it was ending its relationship with Wirecard Bank and removing from the market a mobile payment app that the two companies had developed. The move is further fallout in corporate Germany amid an accounting scandal …
June 26, 2020
The European Union is investigating Germany’s financial regulator over the collapse of payments company Wirecard in a rare move that heaps embarrassment on Berlin days before it is due to take over the EU’s rotating presidency. Wirecard’s implosion on Thursday, …
June 23, 2020
FRANKFURT – Wirecard’s former boss was arrested on Tuesday on suspicion of falsifying accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf. Markus Braun turned himself …
December 18, 2019
British accountants could be required to look for fraud at companies they audit under proposals made in a government-backed review of recent corporate scandals which went undetected. Lawmakers called for a shake-up of auditing after the collapses of construction company …
August 13, 2019
Scandal-hit South African retailer Steinhoff said on Tuesday its only hope for survival is to sell off assets to become a retail-focused investment holding firm, as it fights to contain the fallout of a $7 billion accounting fraud. The company …
March 19, 2019
Former Steinhoff Chief Executive Markus Jooste and seven others were involved in a 6.5 billion euro ($7.4 billion) accounting fraud at the South African retailer, the new CEO said told lawmakers on Tuesday. Steinhoff said on Friday an independent report …
January 23, 2019
U.K. entrepreneur Luke Johnson’s efforts to save Patisserie Valerie failed as an accounting scandal pushed the bakery chain’s parent into insolvency, threatening as many as 2,800 jobs on Britain’s beleaguered shopping streets. Patisserie Holdings Plc appointed KPMG as administrator after …
October 12, 2018
Patisserie Holdings Plc finance chief Chris Marsh was arrested as U.K. fraud prosecutors opened a probe into an accounting scandal that threatens to shutter the cake baker’s 200-plus stores. The police in Hertfordshire, England, said they had arrested a 44-year-old …
February 24, 2011
New York state regulators face their first test soon in their accounting fraud lawsuit against Ernst & Young LLP over its role as auditor for Lehman Brothers Holdings Inc. The first major government legal action stemming from Lehman’s 2008 bankruptcy …