Wirecard investigating claims of embezzlement

Tuesday, 11 August 2020 at 06:57

By Leanne Cooke @leannelily18

German prosecutors are looking into allegations a Manx-owned company was given more than £200 million in unsecured loans by a financial company which later collapsed.

Munich-based Wirecard went bust with debts of 3.5 billion euros, and investigators are looking into claims of embezzlement at the payment processor.

Among the transactions they're said to be looking at is £207 million in loans made to Singapore company Ocap, which is owned by Isle of Man firm Delphinium Capital.

That company is in turn owned by Swiss Life (Singapore), which has denied any wrongdoing.

More from Isle of Man Business

Employment and Skills event for students next week

One of the Island's largest career events gets underway in Douglas next week.
Treasury Minister to give economic outlook update in Tynwald

The Island's new Treasury Minister will make a statement during this month's Tynwald about the economic outlook.
Pay agreement prevents Loganair strike action

Unite the union says strike action's been averted at an airline that serves a number of routes from the Island.
UCM to hold open evening for school students this November

There's a chance to find out what's happening at the Island's college this month.
Company lodges flats plans for offices

Falling demand for office space - and rising demand for housing - could see an office block in central Douglas converted into flats.
New signage plans for Tesco

A supermarket in the capital could be getting a new look, if planners approve new proposals.
Age Concern event to connect older people with support services

Age Concern Isle of Man is bringing together government departments, charities and local organisations to help support older people.
Age Concern are bringing support services together for older people across the Isle of Man

Age Concern Isle of Man is bringing together a wide range of government departments, public services, Charities and local organisations for a special event aimed at supporting older people across the Island.