Wednesday, June 24, 2020

Wirecard: Details Of Herr Braun's Margin Loan Liquidation

The writer is editor of FT investigations.
From FT Alphaville:

Deutsche’s Wirecard tap

Four news releases from Wirecard were pinged out by the clunky DGAP German regulatory announcement feed at the close of play on Tuesday.

Together they show how the stock that now-departed chief executive Markus Braun lodged as collateral with Deutsche Bank back in 2017 for a €150m loan has been sold to cover the debt.
The detail here is quite interesting — and likely to get lost in the rush of news around the implosion of this once high-flying fintech. So let’s take a look . . . 

Mr. Murphy sounds like one of those presenters on the old-timey science shows: "Let's take a look, shall we?"
I think the knife has gone in past the hilt.