SCHIRP & PARTNER Rechtsanwälte mbB: Wirecard and EY: The Singapore trustee finally comes clean in court and heavily incriminats EY. German justice works too slowly - action day in Munich on 10 Augus

Wirecard and EY: The Singapore trustee finally comes clean in court and heavily incriminates EY.

German justice works too slowly - action day planned in Munich on 10 August.

The trial of James Henry O'Sullivan and the long-time Wirecard trustee Shan Rajaratnam has begun in Singapore. In his testimony, Shan Rajaratnam heavily incriminates EY's auditors. Rajaratnam says that EY was far too gullible and accepted forged documents without checking them in the slightest. The instructions for the forgeries had come from Jan Marsalek and Oliver Bellenhaus, and he had personally carried out the forgeries. EY should also have noticed the forgeries because Rajaratnam had reported in 2016 that he did not manage any funds for Wirecard. He later explained this as a "misunderstanding". But even this obvious contradiction had not given EY any reason to inquire and investigate further.

Dr Wolfgang Schirp from Berlin, whose law firm Schirp & Partner represents the majority of the lawsuits against EY that have been pending before the court so far: "We do not understand what the German judiciary is still waiting for to finally convict EY. The evidence is overwhelming!"

Dr Schirp continues: "The courts are taking too much time with Wirecard and EY. The first proceedings for damages have already been running for three years, but there is still no factual result. Now the whole thing is continuing in the capital investor model proceedings - a badly conceived procedure with an incalculable time delay (example TELEKOM model proceedings: 19 years!). And as if that wasn't bad enough, EY is also working on restructuring plans. Will only an empty shell of EY be left when the aggrieved parties have finally received justice? After the failure of supervision before the collapse of Wirecard, does the German judiciary now want to disgrace itself a second time because the legal processing does not work and the injured parties are left out in the cold?"

Schirp & Partner no longer want to accept this delay. Under the motto "Time is running out. Our right now!", the second action day will be held on 10 August in Munich (the first action day already took place on 25 June in front of the Federal Ministry of Justice in Berlin). The Bavarian State Ministry of Justice and representatives of the judiciary are also invited.

Dr Schirp: "Investors should definitely register their claims in the model proceedings by 18 September at the latest. This is the most cost-effective way to protect themselves against the statute of limitations. But: Independently of this, the model procedure must be accelerated and an "opt-out" option must be created for investors who want to move forward with their proceedings more quickly. We are running out of time, we must act!"

For further information, please contact: Dr. Wolfgang Schirp, Schirp & Partner Rechtsanwälte mbB, Leipziger Platz, D - 10117 Berlin, Tel. 0049-30-3276170, mail: schirp@schirp.com, URL: www.schirp.com