McKinsey & Co. tried to help corrupt fintech company Wirecard purchase Deutsche Bank in an effort that Wirecard hoped would be able to use the chaos of the merger to hide the billions of dollars it had skimmed off from the company! #ButNothingsHappening
ft.com/content/6a660a…
Concealing Wirecard's fraud by gaining €1.4 trillion in Deutsche Bank's assets so that the couple of billion in fraud might get lost on the balance sheet. Wonder how much more fraud they could have pulled off after gaining control of the bank?
Only problem was a KPMG audit as a prelude to arranging the financing for the deal showed that €3.2bn in debt raised since 2015 has been “lost”. Including a billion given out as loans to shady shell companies in Asia.
Board members forced the KPMG audit after accusations fo fraudulent accounting. Wirecard argued that it was satisfied with the audits by EY that gave them clean audits. KPMG quickly found that Wirecard was making zero in Europe, all of it's 'profits' were coming from Asia.
The chairman of the board got ousted & the new chairman thought it was just incompetence not fraud.
So they tried to buy Deutsche Bank to cover up the missing cash that their regular auditors EY had failed to notice for several years!
They then tried to claim the money was moved to different accounts in the Philippines to throw off the KPMG auditors.
Wirecard arranged for KPMG to meet one of their partners in Asia (stonewalling on others) but a few months afterwards he was reported dead. His business processed high risk credit card transactiosn for porn & gambling sites but provided 20% of Wirecard's profits.
KPMG destroyed Wirecard in it's report, but Wirecard delayed it's release & lied about the results.
They apparently tried using actors in a fake bank branch set to pretend to be bank employees in the Philippines to hid the fraud from EY.
In spite of all this corruption being evident, EY gave Wirecard a clean audit in early June 2020, just 2 weeks before they collapsed when a Philippine bank finally told EY that they documents were false & they weren't holding the missing billions.
Back to McKinsey & Co.'s who consulted Wirecard to develop the plan to take over Deutsche Bank & rename it Wirebank.
McKinsey is the former employeer of Mayor Pete Buttigieg & has engaged in a variety of questionable business adventures. theatlantic.com/ideas/archive/…
McKinsey & Co. have made a name for themselves coddling corrupt & Swampy politicians in China, Russia & the Ukraine. Even hosting a corporate executive retreat among Uighur concentration camps in western China.
nytimes.com/2018/12/15/wor…
There is much more on McKinsey's Swampy relationships with Chinese state owned companies that you can read in the NYTimes article.
Some of their clients include Erdogan of Turkey, the corrupt Saudi royals & corruption plagued South Africa.
Some of the major Swampy centers behind global corruption cases I tag in my #ButNothingsHappening threads.
Like Paul Manafort, McKinsey worked to represent President Yanukovych of Ukraine who became Putin's puppet in spite of PR efforts by McKinsey, Manafort, Schoen & others to claim he was pro-Western.
Who was finding McKinsey & Manafort to prop up Yanukovych? Rinat Akhmetov, a name that connects to much corruption in Ukraine.
McKinsey was paid through a foundation funded by Akhmetov and run by a former McKinsey consultant now living in Moscow. It's board included prominent westerners but it folded as Ukraine collapsed...
But it did not hurt McKinsey's business in Ukraine, they just switched sides along with Akhmetov & supported the new corrupt President of the Ukraine! They even hired the new President's daughter!
They have also worked extensively with Russian oligarchs friendly with Putin's regime as they fight against US sanctions.
McKinsey even advises Russian government owned VEB bank that tried to make deals with Jared Kushner during the transition period. Providing another accusation for the Russian Collusion narrative.
McKinsey connects to many of the Swampiest industries & players around the world. Claiming that engaging with autocrats & oligarchs will improve them, while in reality it has allowed their corruption to spread to the West.
McKinsey even tried to get the PM of Malaysia to borrow money from China to help the country recover from the $4.5B that he stole through #1MDB money laundering.
The NYTimes even got a quote from David Kramer justifying their actions because Trump's nationalism forces companies to ignore human rights problems among their clients in order to get business while Trump is mean to those countries.
Interesting article to add to this thread. Rinat Akhmetov just received $21M in loans as part of the Coronavirus Paycheck Protection Program.
occrp.org/en/daily/13014…
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