Further information regarding the contestation in insolvency of the dividends paid out
The payments were made without legal basis, as the annual financial statements as well as the resolutions on the appropriation of profits for the 2017 and 2018 financial years were void from the outset due to the immense overvaluation of (actually non-existent) balance sheet items. The invalidity was established by the Munich Regional Court I in its judgment of 5 May 2022. After the former CEO of Wirecard AG, Dr. Markus Braun, did file an appeal against this judgment, the Munich Higher Regional Court (Oberlandesgericht München) issued a guidance order dated 12 June 2023 that it considered the appeal to be evidently futile and the judgment of the Regional Court to be correct. Dr. Markus Braun thereupon withdrew his appeal on 4 August 2023, which means that the judgment of the Munich Regional Court I has become final and binding. By order dated 8 August 2023, the Munich Higher Regional Court declared that Dr. Braun has forfeited the appeal filed. The invalidity of the annual financial statements and the invalidity of the resolutions on the appropriation of profits based on them have therefore been established by a final and binding judgment. If the accounting had been correct, Wirecard AG would not have been allowed to report profits in either the 2017 or 2018 financial years. As a consequence, no dividends could and should have been distributed to the shareholders. Here you can download the following documents:
