Wirecard scandal: Inside story of how bosses of payments company pulled off biggest bank robbery in Germany's history

Loading player...
Bosses at South African multinational Steinhoff built an elaborate web of transactions to fool investors, but it eventually started to unravel in 2017. There are parallels in the Steinhoff story with the Wirecard scandal. Behind one of the largest companies listed on Germany's Dax lay an elaborate scheme of fake profit and income statements. Auditors signed off on accounts even though they were a fraud. Prosecutors were slow in the Wirecard case; and so far appear to have turned a blind eye to Steinhoff bosses. BizNews partners at Bloomberg share the fascinating story of the massive corporate fraud that sucked in at least 22bn euros. Meanwhile, South Africans wait for justice to be served on Steinhoff's former CEO and auditors. Learn more about your ad choices. Visit megaphone.fm/adchoices
4 Feb 2021 12PM English South Africa Investing · Business News

Other recent episodes

BN Daybreak Thurs 15 Jan: Abedian on SA Silence about “21st Century Nazis”; Mining Indaba's back story; Sasol Surges

In this morning's briefing, Alec Hogg unpacks a volatile geopolitical landscape where conflicting reports emerge from Iran—Donald Trump claims de-escalation while internal memos suggest mass casualties. We speak to Iranian-born and bred entrepreneur and former UCT Economics Prof Iraj Abedian, who delivers a scathing critique of the South African government's…
14 Jan 11PM 17 min

BN Briefing: Leaked Iran death toll, US-SA relations, and Equities vs Gold

In this BizNews Briefing, Dr. Iraj Abedian reveals leaked reports of 12,000 deaths in Iran, questioning the South African government’s silence. The Hudson Institute's Josh Meservey analyses Pretoria’s alignment with American adversaries. Plus, David Shapiro discusses the "survival mode" of South African business, and Peter Major explains why equities historically…
14 Jan 5AM 13 min

Wayne Sussman - The 2026 battles facing SA’s political parties - and leaders

In this latest edition of the Electoral Roadshow with Chris Steyn, Analyst Supremo Wayne Sussman reviews the most important political trends that emerged from last year’s by-election results, and previews the electoral battles still ahead in 2026. He also examines the political futures of Democratic Alliance (DA) leader John Steenhuisen…
14 Jan 6AM 17 min