Softbank Analyst
Testimony of Softbank Analyst Max Ohrstrand
July 26, 2023
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Another Wirecard day at Munich's prison court with interesting revelations. Today, SoftBank Investment Advisor Max Ohrstrand was questioned concerning Softbank's $900 million investment into Wirecard's from 2019
Ohrstrand confirmed that various Credit Suisse entitites were involved in the deal, that a certain A-note and B-note convertible note issuance from Wirecard enabled the investment from Softbank.
Convertible notes are a certain form of debt that can be repaid in stock, rather than in cash. The A and B notes issued had a five-year maturity and converted into a 6% stake in Wirecard. At time of negotiations, Wirecard share was at 110 Euros, 150 at deal time months later
Court mentioned a Luxembourg SRL and an organisation named SSIP Waterloo Cayman as issuer, Credit Suisse affiliate Agentum Netherlands. A-note was sold as premium, B-note was held back by SoftBank.
The 900 million Wirecard-SoftBank deal with money that came from Credit Suisse generated a profit of around 100 million for Credit Suisse, when calculating all share and interest rate gains for A- and B convertible notes. Responsible was a team of 5-6 people at Credit Suisse.
Ohrstrand received SoftBank concerns regarding irregularities about EMIF deal and forwarded questions to Wirecard directors. Despite issue being unaddressed, the deal went forward. Ohrstrand stated he found Wirecard annual reports and business model "hard to understand".
At the end of today's court meeting, Braun's lawyers explained during a comprehensive and rather impressive taking of evidence that Head of Legal Department Andrea Goerres' explanations and allegations towards former CEO Braun were misleading at a minimum.
Various emails and circumstances were mentioned which clearly prove that former Wirecard CEO Markus Braun and other Directors were taking actions after damning @FT report from January 2019 and internal results - Goerres stated earlier Braun prevented consequences.
The emails and circumstances surrounding Wirecard's early response to FT's and @Laan_Pa's findings around end January 2019 hint towards idea to issue criminal complaint against Dan McCrum could have come from Andrea Goerres, not from managing directors or Braun.
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