At its peak, Wirecard was worth more than German giant Deutsche Bank. Here are key things to know about the scandal, which has drawn comparisons with the massive accounting fraud that brought down US energy giant Enron in the early 2000s. Porn and gamblingFounded in 1999 near Munich, Wirecard started out processing online payments for porn and gambling websites. In fact, when the FT's articles wreaked havoc on Wirecard's stock price, Bafin's response was to impose a temporary ban on shorting Wirecard shares. But with former COO Jan Marsalek still on the run, perhaps the most gripping part of the Wirecard tale remains untold.

Source: The Star December 05, 2022 12:13 UTC