In 2002, Markus Braun, a German entrepreneur, foined Wirecard, a small financial technology company which, at that time, was on the brink of collapsing: Mr, Braun built up Wirecard, and in 2005, the company was listed on the Frankfurt Stock Exchange. By 2008 , questions were raised about Wirecard's finances. Wirecard's 2007 consolidated accounts were saild to be incomplete and misleading. Wirecard hired Ernst 8 Young (EY) to audit their books, and the company found no Irregularities. The company continued to grow, getting 500 milion euros from shareholders. It also bought up small companies in Asia, which made its share price go up. Apparently, Wirecard set up escrow accounts through the small businesses it acquired. This allowed the company to do business in countries where it didn't have a license. These companies supposedly brought Wirecard a large amount of its revenue and profit over the years, but those funds may never have existed, despite the fact that they were supposed to be deposited into escrow accounts. In 2015, Wirecard bought an Indian payments business for 340 million euros. At the same time, 1 Capital Research put out a report saying that Wirecard's Asia investments were smaller than the company was reporting. Wirecard said that short sellers had requested and paid for that report. But in 2016, the Financial Times also started asking questions about Wirecard. The journalists who wrote these stories reported that Wirecard harassed them in numerous ways, from phishing emails to threats of making police complaints. But all through this time, Wirecard was becoming bigger and blgger, eventually gaining a place in the DAX Index, a stock index representing the 30 largest companies in the German stock market. In 2020, Wirecard hired KPMG to audit its books after delaying the 2019 annual report from EY. That audit reported that the company was unable to prove that 1 billion euros of revenue existed. By July of 2020, Wirecard had filed for insolvency, and Markus Braun was arrested on charges that his company had defrauded investors of 3.7 billion dollars. Sources: Ewing. 1. Wirecard Ex-C.E.0. Arrested on New Charges of Defrauding Banks, New York nimes. Retrieved from https://www.nytimes.com/2020/07/22/business/wirecard-ex-ceo-arrested.html; Alderman, L, 8 Scheutre, C. In a German Tech Glant's Fall, Charges of Lies, 5pies, and Missing Bitions. New Vork Times. Retrieved from hetps://www.nytmes.com/2020/06/26/business/wirecard-colispie-markus-braun.hitml Suppose that Markus Braun wanted to have Wirecard be worth 5 billion euros by the end of 2022. This would be Suppose that Markus Braun has a set of steps that Wirecard takes each time they acquire a new company. This is known as a Which of the following is a limitation of the planning process at Wirecard? Check all that apply. Goals can make managers think they know what the future will be like, even when they don't. Goals and plans define desired performance fevels. Goals and plans help employees understand what behaviors are needed at work. Goals and plans can derail innovation and creativity. Suppose that Markus Braun wanted to have Wirecard be worth 5 billion euros by the end of 2022 . This would be Suppose that Markus Braun has a set of steps that Wirecard takes each time they acquire a new company. This Which of the following is a limitation of the planning process at Wirecard? Check all that apply. Goais can make managers think they know what the future will be like, even when they don't. Goals and plans define desired performance levels. Goals and plans help employees understand what behaviors are needed at work. Goals and plans can derail innovation and creativity
