Investor clubs want compensation from banks to trap Wirecard

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Published on 17 July 2020 23:16 |
Views: 2.524
| Subjects: banks

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17 jul

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AMSTERDAM (AFN) – Four banks have grossly dropped when guiding a loan issue for the fallen payment processor Wirecard. This is stated by investment associations VEB and European Investors. They intend to claim damages on behalf of duped bondholders, among others, at ING and ABN AMRO.

In September 2019, ING, Crédit Agricole and Deutsche Bank acted as principal supporters of a 500 million euro debt issue by Wirecard. ABN AMRO was also involved in this as a so-called joint bookrunner. But those loans are no longer worth anything now that Wirecard has filed for Chapter 11 bankruptcy following an accounting scandal. Investors who still own the bonds therefore fear not to see any of their money back.

Wirecard admitted this year that $ 1.9 billion was off the balance sheet and may never have existed. Earlier, business newspaper Financial Times published disclosures about accounting fraud at the German company. It is a concern to the foreman of the VEB and European Investors, Paul Koster, that the banks apparently never conducted an in-depth book investigation into the group when issuing Wirecard bonds.

“These banks should act as gatekeepers for investors through thorough due diligence,” said Koster. “But they have seriously failed to protect investors.”

The interest groups for private investors wrote to the banks last week. In it, they ask ING, Crédit Agricole, Deutsche Bank and ABN AMRO for detailed information about their book investigation at Wirecard. If they then do not make a reasonable proposal for compensation, the investor associations take the banks in the Netherlands to court.

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  1. if you do your job well you should have seen this

  2. It is also just one big crook gang. If you want to invest in these types of growth shares, you run a risk. If you do not want that, then sit down in dividend shares. Otherwise don’t cry !!!

  3. eldee99 wrote down 18 july 2020 00:28:

    It is also just one big crook gang. If you want to invest in these types of growth shares, you run a risk. If you do not want that, then sit down in dividend shares. Otherwise don’t cry !!!

    Indeed, quickly end up. When people book mega returns on anything, you don’t hear them. Share it. However, if things go wrong, others can do it again. Citizens, for example, always piss on the government, the same government may then clean up the shit of those same bastards again if one has not proved capable enough.

  4. They can claim to be the best to learn how to invest.

  5. lbg85 wrote down 18 july 2020 03:06:

    They can claim to be the best to learn how to invest.

    The VEB is not established to provide investment advice.

  6. Since 1924, the VEB investment association has been promoting the interests of investors. Among other things, the association makes its voice heard through the media and takes action against demonstrable abuses at listed companies. In addition, the VEB is the source of independent investment information.

    The VEB now has approximately 40,000 members, including both private and institutional investors. Her team of experts is constantly committed to their interests.

    Advocacy
    In the first place, the VEB is an advocate. She does this in various ways.

    Collective (legal) actions
    The VEB regularly initiates collective actions on behalf of investors. Especially when they have been duped by abuses at (Dutch) listed companies. The goal is often compensation.

    Recent examples of successfully completed promotions are: Fortis, World Online, KPNQWest and Imtech. In recent years, the VEB’s efforts have resulted in billions of euros in compensation for investors.

    Some high-profile procedures that are still pending are those concerning SNS Reaal and Ahold-Deloitte.

    Lobby
    Investors benefit from transparent, fair and affordable services and the exercise of their rights. The VEB is working on this by lobbying in political The Hague and Brussels and maintaining intensive contact with regulators, market parties and other advocates.

    Shareholders’ meetings
    The VEB attends about 150 shareholder meetings annually. This is the perfect time to get in touch with the people responsible for the day-to-day management of listed companies.

    In these meetings, the VEB focuses on the shareholder interest, focusing on topics such as dividend policy, auditing, capital position and corporate governance.

    Independent information
    The VEB aims to inform investors as well as possible about current developments in the financial world. Her website plays a central role in this, as does the Beleggersservice (telephone information desk for members) and the investment monthly magazine Effect.

  7. lbg85 wrote down 18 july 2020 03:06:

    They can claim to be the best to learn how to invest.

    The VEB is not established to provide investment advice.
    —————————————————————————————————————-
    Since 1924, the VEB investment association has been promoting the interests of investors. Among other things, the association makes its voice heard through the media and takes action against demonstrable abuses at listed companies. In addition, the VEB is the source of independent investment information.

    The VEB now has approximately 40,000 members, including both private and institutional investors. Her team of experts is constantly committed to their interests.

    Advocacy
    In the first place, the VEB is an advocate. She does this in various ways.

    Collective (legal) actions
    The VEB regularly initiates collective actions on behalf of investors. Especially when they have been duped by abuses at (Dutch) listed companies. The goal is often compensation.

    Recent examples of successfully completed promotions are: Fortis, World Online, KPNQWest and Imtech. In recent years, the VEB’s efforts have resulted in billions of euros in compensation for investors.

    Some high-profile procedures that are still pending are those concerning SNS Reaal and Ahold-Deloitte.

    Lobby
    Investors benefit from transparent, fair and affordable services and the exercise of their rights. The VEB is working on this by lobbying in political The Hague and Brussels and maintaining intensive contact with regulators, market parties and other advocates.

    Shareholders’ meetings
    The VEB attends about 150 shareholder meetings annually. This is the perfect time to get in touch with the people responsible for the day-to-day management of listed companies.

    In these meetings, the VEB focuses on the shareholders’ interest, focusing on topics such as dividend policy, auditing, capital position and corporate governance.

    Independent information
    The VEB aims to inform investors as well as possible about current developments in the financial world. Her website plays a central role in this, as does the Beleggersservice (telephone information desk for members) and the investment monthly magazine Effect.

  8. Each crisis again demonstrates the extent to which banks, accountants and multinationals, unfortunately, are all too often on slippery ice by finding ways within existing regulations that help them to provide and / or bring in extra money, and to officially sign incomplete documents.

    Worrying? Unfortunately, an ever-growing market does not exist if people color within the lines. The tax burden is far too great for that. It is not without reason that companies strive for expansion and obtain resources from faraway places; existing or not, it is processed in the books.

    Sincerely: who can check whether Heineken sells 2 million hectoliters or 3 million hectoliters in Vietnam and Cambodia?

    It could just be that the books are arranged at your own discretion and on the basis of the desired gross profit margins.

    After all, during a crisis it only becomes apparent to what extent a company actually achieves certain figures.

    And with the half-year figures already presented, we can quietly conclude that a number of companies can no longer account for what they do and say.

    Wirecard is such a company has turned out to be extreme. Had they placed 200 million in the books, had not turned a cock at it, and no shareholder had appealed to the VEB to assess to what extent the shareholders are entitled to compensation or not.

  9. And rightly so from those investor clubs !!

    There must be some cool hipsters with a bun in their hair somewhere on a big yacht full of frolics of their money to eat and drink themselves.

  10. Ripster wrote down July 18, 2020 08:07:

    And rightly so from those investor clubs !!

    There must be some cool hipsters somewhere with a bun in their hair on a big yacht full of frolics of their money to eat and drink themselves.

    no money was stolen but made up for the fin. make the situation seem better.

  11. Worff wrote down 18 July 2020 08:21:

    […]

    no money was stolen but made up for the fin. make the situation seem better.

    True, but on the basis of which did the investor clubs invest correctly?
    Where’s that invested money?

  12. Ripster wrote down 18 july 2020 08:27:

    […]True, but on the basis of which did the investor clubs invest correctly?
    Where’s that invested money?

    If you lend money to a heavily fraudulent company, chances are you will not get it back.

    Wirecard has spent a lot of money on somewhat worthless acquisitions.



Source link
https://www.iex.nl/Nieuws/ANP-170720-285/Beleggersclubs-willen-schadevergoeding-van-banken-om-val-Wirecard.aspx

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