Investors appeared to welcome signs of progress in efforts to investigate Wirecard the shares rose by €2.72, or almost 19 per cent, to €17.16 yesterday.
It isn’t that someone nicked the money. It’s that it never existed. The company has been – well, so is my opinion for all that’s worth – lying all along. The trade, the traffic, the margins and the profits never existed. In order to make it seem like they did there has to be a balancing item – you know, where the hell is this cash? Which is what the €1.9 billion was.
There is therefore no value in the company. Not because the cash has gone but because it was never there.