German ministers face grilling over Wirecard collapse

Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Former CEO Markus Braun has been arrested on suspicion of falsifying accounts and market manipulation.

The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.

Germany’s parliamentary finance committee

Read More

KKR Real Estate Finance Trust Inc. — Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

Rating Action: Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

New York, July 27, 2020 — Moody’s Investors Service, (“Moody’s”) has assigned a first-time Ba3 corporate family rating to KKR Real Estate Finance Trust Inc. (KREF) and a backed Ba2 rating to the company’s senior secured term loan B, issued by subsidiary KREF Holdings X LLC. The outlook for both entities is stable.

The rapid and widening pandemic and corresponding deterioration in the global and US economic outlooks are leading to significant declines in commercial activity, eroding the financial … Read More

Who’s on top in the first sustainable finance league table?

Welcome to Moral Money. Today we have:

Refinitiv launches the first-ever sustainable finance league tables

How the pandemic and PPE are adding to the plastic pollution problem

Junk bonds go green in Europe

More from the Financial Times

ESG proponents optimistic about US proxy adviser regulation

Investors fire back at US anti-ESG rule for retirement market

Refinitiv this week launched the first-ever league tables for sustainable finance, which represents an important milestone for the maturation of the ESG investing market.

The rankings cover a breadth of different sectors, listing the top banks and deals across debt and equity capital markets,

Read More

Former Wirecard CEO Markus Braun was arrested for a 2nd time in relation to the company’s $2 billion accounting scandal

2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG
2020 07 09T000000Z_470162734_RC2LPH9XW46N_RTRMADP_3_WIRECARD ACCOUNTS COLLAPSE.JPG

Reuters

  • Wirecard’s former chief executive Markus Braun has been rearrested in Munich as German prosecutors dug deeper into allegations of fraud at the fintech firm.

  • Two other executives — revealed by the Financial Times as Wirecard’s former finance boss, Burkhard Ley, and Stephan von Erffa, ex-head of accounting — were also arrested.

  • Former chief operating officer, Jan Marsalek, has likely escaped to Russia with the “clear help of Russian intelligence,” two officials told Business Insider. 

  • Wirecard filed for insolvency a month ago soon after revealing an amount of 1.9 billion euros ($2 billion) was missing

Read More