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Fahmi Quadir, founder of short-only Safkhet Capital, tells GlobalCapital her hedge fund increased its short position in Wirecard as the crisis surrounding it unfolded. She said German regulator BaFin should have properly investigated the claims levelled at Wirecard years ago, and pointed to the problem of auditors developing long-term relationships with companies.
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Worldline, the French payments company, received a warm reception from bond investors on Tuesday, putting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector. -
Healthy financial systems should not rely on short sellers and journalists to expose accounting scandals at large, publicly listed companies. Regulators and auditors should have been the heroes of the Wirecard story but their inability to see what others saw plainly paints them as the villains in this edition of German corporate noir.
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Hong Kong’s financial regulator has fined Guotai Junan Securities HK$25.2m ($3.3m) for breaching anti-money laundering rules and for other regulatory failures.
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Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back.
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Nikhil Rathi will be the new chief executive of the Financial Conduct Authority. He is currently CEO of the London Stock Exchange.
