Economy & Politics

The fairy tale of Aschheim

Showtime: The presentations by former Wirecard boss Markus Braun resembled the high offices of finance capitalism Photo: picture alliance / dpa

Balance sheet fraud is nothing new in Germany. But the dimensions of the Wirecard affair also worry politics. Rightly so, my experts.

Munich – It was dream returns with which Wirecard impressed the stock exchange. Dream returns in a rather sober business. Payment services are considered low-margin business. A company arranges cashless payments from buyers to sellers and collects a small fee. Competitors have always wondered why Wirecard was able to generate profits in excess of 20 percent. Prosecutors are now providing the answer. The beautiful profits of the company from Aschheim near Munich have never existed, at least not since 2015. Rather, the Dax group has only achieved losses with its real business over the past five years, according to the investigators.

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