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...In the same year, Wirecard’s purported trustee in Singapore, who was allegedly in charge of the escrow accounts, accidentally disclosed to the auditor that he did not hold any money on the German company...
...The documents were linked to a €50mn payment that Wirecard had received in 2018, purportedly from one of the Asian escrow accounts and wired by a trustee at von Erffa’s behest....
...Instead, it is held in an escrow account that the company can count as incoming revenue....
...When combined with the ability to fractionalise assets, it could have huge implications for financial services....
...The group filed for insolvency after disclosing that €1.9bn in cash it purportedly held on escrow accounts in Asia did not exist....
...Boase said Atlas Mara denied the claims in their entirety apart from “certain admissions relating to a modest number of shares held in escrow, and much of this claim has recently been abandoned”....
...While InfraBuild was able to raise a $350mn asset-backed loan this year from US funds BlackRock and Silver Point, the company recently told investors that the proceeds would be held in an escrow account...
...To obviate the problem, the CarderPlanet administrators created an escrow system for criminals....
...But as the Middle East has a way of doing, it thrust itself upon them,” said Daniel Byman, a professor at Georgetown University’s School of Foreign Service....
...At the time, Wirecard’s accounts fraudulently stated that Citadelle Corporate Services in Singapore oversaw escrow accounts in Asia that held about €150mn in cash....
...The trial in Singapore focuses on narrower charges: the alleged falsification of documents to deceive Wirecard’s auditors EY about millions of cash in Asian third-party escrow accounts....
...case is Wirecard’s outsourced payments business in Asia, which on paper accounted for half the group’s revenue, the bulk of its operating profits and about €1.9bn in corporate cash purportedly held in escrow...
...In theory, the TPA business had €1.9bn in Wirecard cash tied up in escrow accounts, first in Singapore and later in Manila....
...Investors’ cash was held in escrow and due to be returned....
...First, we looked at “pre-refunded” municipal obligations, where such bonds are backed by Treasury securities held in escrow....
...According to Timios.com, a title and escrow service provider, the cost of transfer taxes — levied when the owner of a home, including a mortgage lender, changes — and registration fees in Illinois for an...
...For the Russian hydrocarbon sales that remain legal, require payments above estimated production costs (perhaps $20-$30) to be paid into escrow accounts....
...Among the amendments to the no-action clause, the suing creditors were told to put up the cash needed to litigate the dispute upfront into an escrow account....
...Two, it offers ancillary services (title, escrow, closing and so on)....
...Another solution would be to pay market prices, but with $50 a barrel going directly to Russian companies, and the balance on escrow accounts....
...But half of the performance bonus is held in escrow for several years and pays out only if the gains are maintained....
...Such debt service reserve accounts, known as DSRAs, are not unusual, bankers and legal experts say. “We do DSRAs all the time,” says a senior official at a European development finance agency....
...Henry O’Sullivan, 46, allegedly instructed local firm Citadelle Corporate Services to falsify a document, according to a charge sheet seen by the Financial Times....
...In anticipation of more regulation, third-party businesses around the world are moving in to offer vetting services....
...The auditor’s decision to treat the money listed on the Asian escrow accounts as Wirecard’s cash also drew criticism from KPMG and Wambach....
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