Consultancy fees totaling 45 million euros were shelled out by Wirecard within a year's timeframe.
In the year 2019, German payment giant Wirecard splurged approximately 45 million euros on a variety of consulting services, including auditors, law firms, communications agencies, and more. This spending spree raised eyebrows in the industry, but it was just the beginning of a series of events that would lead to the company's downfall.
Fast forward to May 2020, Wirecard was billed an additional 1.3 million euros by their "special consultants". This invoice, in particular, raised internal questions within the company. However, a now-fugitive Wirecard manager dismissed these concerns, claiming that due to changed circumstances, no further support would be needed for the time being.
The nature of the work conducted by these "special consultants" was allegedly research on various short attacks against the company. Meanwhile, other consultants were reportedly tasked with managing attackers and troublemakers for Wirecard.
In a bizarre twist, it was reported that Siemens paid a total of 1.3 million euros in 2020 for the use of so-called "special specialists" in research related to the short attacks on Wirecard, according to a list from "Der Spiegel."
Amidst this whirlwind of consultants and questionable spending, a Wirecard manager wrote an angry email to the legal department about a website raising fraud allegations in 2019. The email served as a harbinger of the storm that was to come.
Just a few weeks later, Wirecard was officially declared bankrupt. The now-fugitive Wirecard manager, who had previously dismissed internal questions about the invoice, was nowhere to be found.
In a final strange turn of events, one of Wirecard's consulting agencies offered a PR concept named "Dragon's Blood", promising to make the company immune to critics. Whether this concept was ever implemented remains unknown.
As the dust settles, the story of Wirecard serves as a cautionary tale about the potential pitfalls of excessive spending on consultants and the importance of transparency in business practices.
[Image: A photo of Euro and dollar bills provided by the dts News Agency]
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