First investor complaint from the USA

The first investor files a lawsuit against Wirecard for making misleading statements with a U.S. federal district court in Los Angeles. The complaint is directed against the Wirecard Management Board and the AG itself.

This occurs a few days after the Financial Times' important publications at the end of January 2019 from Dan McCrum. McCrum had received information from Wirecard Asia Director and whistleblower Pav Gill a full five months earlier.

By this time, two U.S. investment firms are betting big on falling Wirecard share prices: Slate Path Capital, which owned 1.5 percent of Wirecard's shares at the time, and Odey Asset Management.

Short seller ban on Wirecard shares

The German Banking Authority BaFin invokes a historic ban on short sales of Wirecard shares until April 18, 2019, to prevent speculations on falling share prices.

Wirecard submits results to the Munich public prosecutor's office

Wirecard submits the results of the KPMG special audit of April 27, 2020 to the Munich Public Prosecutor's Office for the first time, also and especially regarding the third-party business.

Munich Police Headquarters involved

On the impulse of the Munich public prosecutor's office, Munich's Police Headquarters deals with Wirecard's auditor report from April 27, 2020 for the first time.

Effecten-Spiegel files lawsuit

Investor magazine Effecten-Spiegel files a lawsuit against Wirecard with the Munich Regional Court through the German Tilp law firm. An initial application for a lawsuit under the Capital Markets Model Case Act (KapMUG) is also being filed with the Munich Higher Regional Court that day.

Fund from Great Britain files criminal charges

An unnamed equity fund from the United Kingdom files a criminal complaint against Wirecard with the Munich public prosecutor's office for breach of trust, citing, quote, "the lack of real background to the reported transactions with partners in so-called Third Party Acquiring (TPA), the overpriced acquisition of a company in India, and the granting of unsecured loans".

The criminal complaint is based on a summary of the report of Wirecard's auditor.

BaFin files criminal charges

The German Banking Supervisory Authority (BaFin) files a criminal complaint against the Management Board of Wirecard for market manipulation based on Wirecard's ad hoc releases of March 12, 2020 and April 22, 2020, which allegedly contained misleading information about the special audit that was ongoing at the time.

On the same day, the Munich public prosecutor's office initiates preliminary proceedings against the Wirecard Management Board on, quote, "initial suspicion of an offense under the German Securities Trading Act".

Wirecard search warrant

On June 3, 2020, the Munich public prosecutor's office obtains a search warrant for the business premises of Wirecard AG from the investigating judge of the Munich district court on the basis of the BaFin criminal complaint of the previous day.

Public prosecutors visit Wirecard

Prosecutors from the Munich Public Prosecutor's Office visit Wirecard in Aschheim and inform the company that an investigation had been opened against members of the Management Board, though not against the Wirecard AG corporation itself. Documents are being confiscated.

Hermes-Tickets business owner court proceeding

The former Hermes-Tickets business owners from India file a civil lawsuit at the London High Court against Wirecard and the Mauritius-based EMIF fund for the takeover and subsequent sale of Hermes-Tickets to Wirecard from 2015.

Wirecard transmits information to Munich public prosecutor's office

A law firm hired by Wirecard informs the Munich public prosecutor's office that 1.9 billion euros are untraceable in escrow accounts in Manila and that EY will therefore not issue the 2019 audit certificate.

Video message from Wirecard directors

Public video message of the Wirecard directors in Aschheim that the EY audit has revealed that 1.9 billion euros in escrow accounts in Asia cannot be found, Wirecard may have been the victim of fraud.

CEO Dr. Markus Braun dismissed

CEO Dr. Markus Braun is removed from office by resolution of the Supervisory Board, chaired by Thomas Eichelmann. On the same day, interim and replacement CEO James Freis takes over; Freis and Braun meet briefly in Aschheim.

On the same day, prosecutors from the Munich public prosecutor's office question Jan Marsalek at Wirecard's headquarters in Aschheim. Marsalek is released from his duties by Wirecard and pretends to fly to Manila, but apparently flees to Minsk via Vienna in a private jet instead.

BaFin files criminal charges

The German Federal Financial Supervisory Authority (BaFin) files criminal charges against the Management Board of Wirecard for breach of trust due to the notification about missing assets, plus falsification of bank confirmations.

Wirecard share price falls rapidly

The price of the Wirecard WDI share on the Frankfurt Stock Exchange falls rapidly and closes this Friday at around 30 euros. In after-hours trading - also over the coming weekend - the share price continues to be pushed down massively.

SMS message from Dr. Braun to Thomas Eichelmann

The former CEO of Wirecard, Dr. Markus Braun, sends a text message to the Chairman of the Wirecard Supervisory Board, Thomas Eichelmann, stating that the ex-CEO "can obtain 1 to 2 billion euros at short notice" in loans or credits from his network, if this could be of use to Eichelmann in his negotiations with the banks.

The chairman of the supervisory board does not transmit this text message to banks and the BaFin, but instead to the public prosecutor's office in Munich.

Ad-hoc announcement from Wirecard

Wirecard issues an ad-hoc announcement under the new CEO James Freis that, quote, “the missing 1.9 billion euros most likely do not exist”.

The first trading platforms suspend trading in Wirecard shares, the stock market price now tends towards 0 euros. Short sellers are making huge profits at this point.

Public prosecutor issues arrest warrant for Dr. Markus Braun

In the evening, the public prosecutor's office in Munich issues an arrest warrant for former Wirecard CEO Dr. Markus Braun on charges of accounting fraud and manipulation of the stock market price.

The arrest warrant is suspended one day later at noon on bail of 5 million euros, after Dr. Braun voluntarily had turned himself in. Dr. Braun must report regularly to the Munich police.

Bavarian Ministry of the Interior involved

Official telephone conversation between the government of Lower Bavaria and the Bavarian Ministry of the Interior under Joachim Herrmann with an initial discussion of the Wirecard processes at the state level. Transmission of the electronic file.

Freis informs the Supervisory Board

Wirecard under the new CEO James Freis informs the Supervisory Board early in the morning that the German banking supervisory authority BaFin has increased the liquidity requirements for Wirecard Bank and frozen 200 million euros.

This leaves Wirecard AG with approximately 130 million euros.

Ad-hoc notification insolvency application

Wirecard, under its new CEO James Freis, announces in an ad hoc press release that it will file for insolvency with the Munich District Court due to imminent insolvency and over-indebtedness.

From then on, many mass media in Germany and Europe report that, quote, “Wirecard is broke”.

Regional government of Lower Bavaria not in charge

After reviewing the data on Wirecard AG (inspection of the commercial register, the notarized articles of association of the AG, the 2018 annual report, the 2019 half-year report), the Government of Lower Bavaria announces now that Wirecard AG is not subject to supervision by the Government of Lower Bavaria; this comes after several months of conversations with the auditors EY and Germany's Federal Ministry of Finance since February 2020.

Chief accountant comes forward

Wirecard's chief accountant, Stephan von Erffa, appears with his lawyer at the Munich public prosecutor's office, where he also explains the third-party business and submits documents.

Insolvency application approved

The insolvency application is granted on June 26, 2020. Wirecard CEO James Freis is already consulting with the future insolvency administrator Michael Jaffé on insolvency matters.

Jaffé is going to be officially appointed by the Wirecard creditors' committee on June 30, 2020, but not before August 2020 by Munich's District Court.

Wirecard, with its 50 subsidiaries around the world, some of them highly profitable, is subsequently driven into insolvency. Years later, Wirecard North America alone is valued by a court-appointed economic expert at 450 million euros; Wirecard Acquiring and Issuing, which belonged to the AG in Aschheim, was valued even at 860 million euros.

BlackRock gets out

The US investment bank BlackRock Inc. significantly reduces its direct shareholding in Wirecard AG to 0.94 percent of the voting rights, after having increased it from 2.89 percent to 3.39 percent just one day earlier on June 25, 2020.

Prosecutors and police search Wirecard AG

A search of Wirecard AG's business premises is conducted by prosecutors from the Munich public prosecutor's office along with 33 police officers, including IT experts.

Oliver Bellenhaus turns himself in to the Munich public prosecutor's office

The managing director of Wirecard in Dubai, Oliver Bellenhaus, turns himself in to the Munich public prosecutor's office and is remanded in custody in Munich's Stadelheim prison. He hands over a suitcase full of documents.

Cell phones and laptops are not confiscated, Bellenhaus does not have to declare any financial income when he is taken into custody, nor is any of his income recorded or confiscated. He is questioned briefly by Munich's prosecutors.

Hermes-Tickets business owners court proceeding

The decision in the case brought by the former owners of Hermes-Tickets in India before the High Court in London regarding the acquisition by the Mauritius-based EMIF Fund and the sale to Wirecard is announced.

The London judge dismissed the plaintiffs' claims mostly on the basis that, quote, "EMIF was been advised by the reputable law firm Linklaters [from Moscow]".

Financial Intelligence Unit transmits report

The FIU money laundering unit of the German customs authorities submits a money laundering report concerning Oliver Bellenhaus' own Levantine Foundation in Liechtenstein to the Munich Criminal Investigation Police Department 72 and also to the Munich Public Prosecutor's Office.

Interrogation of Oliver Bellenhaus

Oliver Bellenhaus is questioned for hours at the Munich Public Prosecutor's Office. The lead prosecutor is Hildegard Bäumler-Hösl, who stands in for Matthias Bühring, who is on summer vacation. Bühring is not expected to return to the office until July 20, 2020.

Execution of arrest warrants

Early morning execution of arrest warrants against Dr. Markus Braun, Burkhard Ley and Stephan von Erffa. All are taken into custody.

Munich Public Prosecutor's Office press statement

The spokeswoman for the Munich public prosecutor's office appears before the press and explains the arrest warrants on the basis of the statements made by Oliver Bellenhaus, the key "crown" witness appointed by the public prosecutor's office days earlier.

She explains that, quote, "Wirecard's TPA business was largely falsified and most likely did not exist at all".