Wirecard scandal: Inside story of how bosses of payments company pulled off biggest bank robbery in Germany's history

Loading player...
Bosses at South African multinational Steinhoff built an elaborate web of transactions to fool investors, but it eventually started to unravel in 2017. There are parallels in the Steinhoff story with the Wirecard scandal. Behind one of the largest companies listed on Germany's Dax lay an elaborate scheme of fake profit and income statements. Auditors signed off on accounts even though they were a fraud. Prosecutors were slow in the Wirecard case; and so far appear to have turned a blind eye to Steinhoff bosses. BizNews partners at Bloomberg share the fascinating story of the massive corporate fraud that sucked in at least 22bn euros. Meanwhile, South Africans wait for justice to be served on Steinhoff's former CEO and auditors. Learn more about your ad choices. Visit megaphone.fm/adchoices
4 Feb 2021 12PM English South Africa Investing · Business News

Other recent episodes

Fighting to save South Africa’s moral compass: Unashamedly Ethical's Gary Power

Gary Power lifts the lid on corruption, ethical collapse, and the fight to rebuild South Africa from the ground up. In this powerful conversation, the CEO of Unashamedly Ethical shares how his father transformed a major construction business, why integrity is a survival strategy, and how collective action, faith, and…
14 May 6AM 28 min

‘It looked completely real’: Another victim speaks out on alleged FXSI deepfake scam

Another victim has come forward to share her experience of allegedly being scammed by FXSI, a company accused of using sophisticated online tactics and deepfake-style advertising to lure victims into fraudulent investments. In this follow-up interview with BizNews, the victim explains how she first encountered the scheme through social media…
14 May 7AM 19 min

BN Daybreak - Thu 14 May 2026: Trump’s China summit; Viljoen vs. Heystek investment challenge; FXSI scam continues

In today's BizNews Daybreak, we feature President Trump’s high-stakes Beijing summit alongside tech titans Elon Musk and Jensen Huang. We show also analyses a sharp spike in US wholesale inflation and Cisco's major AI-driven restructuring. Piet Viljoen and Magnus Heystek discusses their million-rand investment challenge and South Africa's surprising market…
14 May 12AM 15 min