The explosive gains delivered by shares in Volex, the cable maker tipped by this column three years ago, will be familiar to regular Questor readers. Their role in the performance of one of this column’s investment trust picks, Downing Strategic Micro-Cap, may be less well known.
FRANKFURT (Reuters) -Germany's finance minister Olaf Scholz was criticised by lawmakers for bungling oversight of Wirecard, according to a draft report of a public inquiry into Germany's biggest post-war fraud scandal. The report by opposition lawmakers, after a months long cross-party investigation, also said that Chancellor Angela Merkel was naive regarding Wirecard's lobbying efforts.
Philippine authorities investigating the multi-billion dollar fraud at Germany's Wirecard AG's have filed criminal complaints against the payment firm's former chief operating officer as well as others. Wirecard collapsed last June, owing creditors almost $4 billion, accused by its auditor of a sophisticated global fraud. Philippines Justice Minister Menardo Guevarra said via text message on Saturday complaints filed by the National Bureau of Investigation on May 31 accuse the respondents of violating banking, cybercrime, and e-commerce laws as well as falsifying commercial documents.