I hope that the automatic translator translates well, perhaps it is better that I write in English because the grammatical construction in German is very complicated and perhaps the translator does not translate well.
The Financial Times article on EY is not very clear, it says that they are changing management and reflecting on how to recover the relationship with Germany but does not explain the details.
As far as Freis is concerned, from what I understand, he is no longer CEO of Wirecard. Probably the same doubts that we have about the way in which insolvency was requested are also held by your political leaders and they have probably removed him.
As I understand it, the contact person with the government should be Thomas Eichlmann, and I don't believe that Jaffè has any operational functions within Wirecard. Jaffé is simply the liaison between the creditors' committee and Wirecard, a list of parts to be sold has been made and he has to complete it within a certain timeframe, otherwise he too would be fired.
And in fact the sales were completed quickly otherwise he would be fired.
The fact that not everything has been put up for sale might suggest that they have left themselves open to a way to keep Wirecard from going bankrupt.
It will all depend on Eichlmann's report to the government, if the report says that the company is profitable I don't think they will put it out of business.
When the report is made there will certainly be the current accounts and if they are good, wirecard will not go bankrupt, otherwise they will bankrupt it. But we do no have precise information. At some point in time surely will be release the wirecard actual numbers to government if good they will be public otherwise they will declare that Wirecard eill default.
In Italy we have had several bankruptcies, so I think we have good laws on the bankruptcy of companies, for example for large companies we have the administration controlled by a commissioner of the government, for what I understand in Germany you do not have such a thing and the bankruptcy procedure is handled informally without any precise procedure. |
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