Sources: 07.09.20;  10:00 - Isaan News ( Inside report   

The strange supervisors of Wirecard AG - Illuster and in the DAX

When and how inexperienced inspectors drive a DAX company into ruin and are managed by experienced criminals.

The management staff at Wirecard do not meet the requirements that one must make of a Dax 30 group. The founder and major shareholder Markus Braun leads the company as CEO himself. The other three board members have all been with the group for over twelve years. There is a lack of external expertise and diversity. Three out of four board members are all roughly the same age and three out of four board members come from Austria. The board of directors looks more like a young group of start-up friends who have been sitting together for many years, and not like the management board of a Dax 30 group.

Supervisory board Markus Braun has millions of villas in Kitzbuehl, Vienna, Bohgenhausen - pays 45,000.- rent for villas, everything from a relatively small salary as a supervisory board member but a private property of 170 million euros? It's wrong in the back and front.

Inexperienced supervisory board

Even stranger is the composition of the Supervisory Board, which at Wirecard only consists of six people: Chairman Wulf Matthias worked for several years as a member of the Board of Directors of the German subsidiary of Credit Suisse, but has no experience at the top of a large corporation. Even among the other five supervisory boards, there is no one who could shine with a previous executive position or a supervisory board mandate in another large corporation. Half of the members work as "independent management consultants" so that conflicts of interest cannot be ruled out from the outset. In terms of age, too, the structure of the committee is rather unusual for German standards: In addition to the two oldies at the top of the supervisory board - both of whom are already around 75 - only young managers with an average age under 50 sit on the control committee.

And there is another specialty, Jan Marsalek, without a school diploma, no experience in any way or discipline to lead a "fintech company". With 30 years at the helm of Wirecard AG, shouldn't the committees have noticed? Something was wrong here from the start!

There is no other supervisory board among the Dax 30 corporations that combines so little collective management experience as the Wirecard team. Of course, one can argue that the Group's innovative business area, which did not even exist 25 years ago, enforces different leadership figures than in other groups. But the argument doesn't go too far - just look at the supervisory board of SAP SE for comparison, which includes, for example, a former Eon CFO and a high-ranking Google manager. You need such experienced managers especially when a company is in a slump, like Wirecard.

The two main actors on the supervisory board, Markus Braun and Wulf Matthias, work as consultants with compensation of EUR 3,485,000 (at least that's what the official reports say), Markus Braun gets the highest, Wulf Matthias only gets 251,000. These huge differences alone should have caught the eye.

Wulf Matthias serves as Member of the Supervisory Board of the Company. He serves as Financial Advisor at Wulf Matthias Wirtschaftsberatung. He is also Member of the Supervisory Board of Wirecard Bank AG and Deufol S.E.

That one business consultancy, which always pursues its own interests, sits as a member of the supervisory board in a DAX company is certainly new and unusual, especially since the consultant company is a single company that builds on the experience of Wulf Matthias.only.

Wulf Matthias' résumé says a lot: 2014-2016 Warburg Bank (that was the CumEx time of Warburg) - 2011-2013 MD at Safra Sarasin AG, 2001-2013 Credit Suisse, 1984-1991 Sal Oppenheim, as well as various other positions but all of them have little to do with an experienced supervisory board.

There is no information about the activities at WireCard. Significant activities in addition to the supervisory board mandate none - Advisory tasks for major competitors none - Membership in other supervisory bodies Member of the Board of Directors of Deufol SE, Hofheim / Ts. - Significant participation in Wirecard none - Other business relationships none - Employment at Wirecard within the last 5 years none - No government activity .., Question what did Mr. Matthias do at WireCard for the monthly salary?

Then, the payment service provider Wirecard starts the new year with a bang in terms of personnel. The chairman of the supervisory board, Wulf Matthias, resigned his position with immediate effect, the company announced on Friday evening. The previous head of the audit committee, Thomas Eichelmann, now heads the committee.

Matthias will be a regular member of the Supervisory Board until the end of his term in office in summer 2021, it said. The procedure was justified with the wish of the 75-year-old Matthias to initiate a generation change (or the rats leave the sinking ship). Investors reacted with relief to the change in the supervisory board. The payment service provider from Munich has been suffering from regular attacks from short sellers who accuse the company of incorrect accounting for years. As long as Wirecard does not improve its corporate governance and ensure more transparency, the company will find it difficult to counter the attacks. Investors see Wirecard's move to replace the chief supervisor as a step in the right direction.

The Wirecard AG Supervisory Board is currently composed of Thomas Eichelmann (successor to Wulf Matthias) (Chairman), Stefan Klestil (Deputy Chairman), Anastassia Lauterbach (Anastassia Lauterbach is a German-Russian multi-member of the Supervisory Board, entrepreneur and expert in artificial intelligence and cybersecurity. Lauterbach (she is Russian - Marsalek is supposed to be in Russia - everything is "coincidental?") has supervisory board mandates at Dun & Bradstreet, Censhare, COGITANDA and Wirecard.), and Vuyiswa V. M'Cwabeni. The successor to Susana Quintana-Plaza - (Supervisory Board member Quintana-Plaza is leaving Wirecard for personal reasons Susana Quintana-Plaza has resigned from her position as Supervisory Board member at Wirecard. According to the company, her departure took place independently of the ongoing KPMG special audit.) - is supposed to be Hauke Stars take over from Deutsche Börse,

Markus Braun, who is now in custody in Munechen, has no pendulous property, because his property is managed by MB Beteiligungsgesellschaft.

Private assets of Wirecard managers frozen In the Wirecard scandal, the Munich public prosecutor's office secured half a billion euros in private assets from managers. Surely only pocket money for these managers, the real fortune is safe in the Caymans or even Singapore.

In the Wirecard scandal, the Munich public prosecutor's office frozen more than half a billion euros in private assets, according to information from the Frankfurter Allgemeine Sonntagszeitung. But this does not even come close to compensating for the damage caused. Affected by the measure are ex-CEO Markus Braun (currently in custody), the volatile member of the board Jan Marsalek ( laughing in Russia ) and two other people.

Marsalek's villa alone cost 45,000 euros a month. Braun owns several properties in Munich, Vienna and Kitzbühel. According to an extract from the land register, he is the owner of 113 square meters of living space in an Art Nouveau villa in Bogenhausen, although his wife is also noted there as a co-owner. Accordingly, Braun managed his assets through his MB Beteiligungsgesellschaft in Munich. The entries in the commercial register show that Braun's private assets brought in there has grown steadily - to 170 million euros in 2017. One company in Braun's private portfolio was a fashion brand from Munich. The tenant of the Marsalek villa was IMS Capital Partners. In the case of Jan Marsalek, who is wanted as a fraudster, the landlady of the property that has become known as the Marsalek villa in Munich's Prinzregentenstrasse also wants her money. The 81-year-old from Munich, who built a flourishing carpenter's workshop after the war and invested the profits in real estate, has not received any payments for two months. The rent is around 45,000 euros a month. All a great money laundering machine!

Jan Marsalek was happy to invite illustrious guests to the villa, reports the Frankfurter Allgemeine Sonntagszeitung, but was not an official tenant of the building. The lease includes the company IMS Capital Partners, which, according to its own reports, invests the money of wealthy private individuals in companies. Various companies belong to the atmosphere of those investors: from a newly founded corona rapid test producer to a "national and international investigation and monitoring service".

But the MANAGERS STILL IN OFFICE: The defiant rulers of Wirecard.

Strangely, the old people are still on the move, if not as a supervisory board member, but then as a manager. At Wirecard, by no means everyone was chased from the court who had something to do with the billion-dollar fraud. On the contrary: the old guard is still in office and honor on the Wirecard Bank Supervisory Board. Now the financial regulator could step in.

Everything must Go. Everything is now on the table at Wirecard. And what insolvency administrator Michael Jaffé pulls out is not nice at all. High debts, hardly any usable. The only part of value is apparently the Wirecard Bank, an independent institute with a banking license, a 100 percent subsidiary of the insolvent parent company. Naturally, the ties are close, both in terms of content and personnel.

It is all the stranger that managers with a burden can still hold their own here while the Wirecard board of directors received their papers in the middle of last week, the only thing that has the say now is the insolvency administrator Jaffé. In contrast, the bank's supervisory board is governed by the old staff who have been involved in building up the Wirecard lie for years, acted stupidly or - in the best case for them - were "overwhelmed".

Conclusion - what an illustrious supervisory board - welcome to the DAX


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