IIn the case of the payment processor Wirecard, which collapsed due to balance sheet fraud, the board of directors around group boss Markus Braun and the auditors of EY are under pressure. The DAX group had published growing sales and profit figures for years, which were unhesitatingly certified by the EY auditors and attracted numerous private investors to the share. The shareholders’ association DSW, together with the German law firm Nieding and the Dutch law firm AKD Benelux Lawyers will present a procedure by which aggrieved shareholders can obtain compensation for their losses from EY without risking their own costs.
A foundation under Dutch law was set up for this purpose. “Such a compensation fund has the advantage that it could not only be fed by EY Germany, but also EY International is included in the liability,” explains DSW spokesman Jürgen Kurz. Global comparisons have already been made with such foundations, for example in the dispute with Shell or Converium Holding AG. The DSW wants to present details of the model on Wednesday.
Image sources: Wirecard AG, Anton Garin / Shutterstock.com