Why bgh Is Trending Today?

Wirecard, a German fintech company, faces ongoing investigations and legal troubles following a major accounting scandal. The company's former CEO, Markus Braun, was arrested in June 2020 on suspicion of falsifying accounts, leading to a €3.2 billion hole in Wirecard's balance sheet. Meanwhile, Wirecard's former COO, Jan Marsalek, remains at large. The scandal has resulted in the company's delisting from the DAX index and the loss of its banking license.

The German Federal Court of Justice (BGH) has ruled against Wirecard's shareholders, dealing a significant blow to their hopes of receiving compensation from the insolvency proceedings. The court's decision means that the approximately 650 million euros from the insolvency estate will primarily go to the company's creditors, leaving the shareholders with little to no compensation. This ruling comes after Wirecard's collapse in 2020, which involved a major accounting scandal and fraud allegations. Meanwhile, in Singapore, a former director of Wirecard Asia has been arrested, and a German national has been linked to an international criminal ring that defrauded over 4.3 million victims.