It was known that Wirecard would not remain in the Dax after its balance sheet scandal and the collapse of the stock market value to 200 million euros. However, according to the previously applicable rules, the company would not have had to leave the German benchmark index until September 21.
These have now been changed: In a survey by Deutsche Börse, a majority of market participants voted in favor of a corresponding change that would lead to the ban of the group that went bankrupt at the end of June, according to the Deutsche Börse announcement. With the rule change, companies that have filed for bankruptcy will have to leave the Dax selection indices (including MDax, SDax and TecDax) at short notice. Previously, this was only planned for the next regular check, which is due every three months. Wirecard is therefore now leaving the highest German stock exchange league after trading closes on August 21.
In all likelihood, the restaurant delivery service DeliveryHero will move up. Decisive for this are the market value of the free float and the trading turnover. On the relevant ranking of the stock exchange from July, Delivery Hero ranks 27th in market value and 33rd in trading volume. The company is active in more than 40 countries around the world and will also be active in Japan in the current quarter. Although the group is profiting from the increasing demand for food deliveries during the corona crisis, the company is still making losses in its operational business due to the costs of the expansion course.
Deutsche Börse wants to announce next Wednesday evening who will follow Wirecard imDax. In addition, it is generally working on a reform of the DAX rules, which market participants should then vote on again.
Fake business and air bookings
The Wirecard case has occupied the judiciary for months. The financial services provider, based in Aschheim near Munich, had admitted before filing for bankruptcy that 1.9 billion euros, which were allegedly booked in Philippine trust accounts, probably did not even exist. The total was the alleged income from business with subcontractors who processed Wirecard credit card payments in Southeast Asia and the Middle East. As things stand at present, this third-party business was either entirely or largely fictional.
Only three of the 45 subsidiaries of the parent company Wirecard are said to have been profitable. The alleged bogus transactions were carried out via CardSystems in Dubai; this company contributed a large share of Wirecard's profit in 2018 with 237 million.
Most of the former Wirecard executives have now been arrested. The fugitive ex-board member Jan Marsalek is still being sought. According to the BKA, since 2015 at the latest, together with the company's boss Markus Braun, he has artificially inflated the group's balance sheets through dummy bookings in order to make the company more attractive to investors and customers.