On 18 June 2020, Wirecard announced that nearly 2 billion euros were missing from the company’s accounts. The sum amounted to all the profits that Wirecard had ever reported as a public company. There were only two possibilities: the money had been stolen, or it had never existed.
Presenting this course together with Daniel Chia is Pav Gill, Wirecard’s former head of legal for the Asia-Pacific region, who uncovered the fraud and blew the whistle on the company resulting in the largest fraud in German, and much of European history.
Participants will be exposed to a whistleblower and senior executive’s perspective. They will learn about the background of Wirecard, the allegations of fraud and financial misconduct that surfaced, the investigation and legal proceedings that followed, and the impact of the scandal on customers and stakeholders. They will be exposed to real life examples of how certain executives manipulated company accounts that led to Wirecard being valued at over 24 billion euros on the prestigious German DAX index – larger than both Deutsche Bank and Commerzbank combined.
The program will also examine the lessons learnt and reforms implemented in the wake of the Wirecard scandal, the importance of implementing effective whistleblowing structures (both internal and external), and how companies can foster a ‘speak-up’ culture which is critical in boosting investor, employee and customer confidence.
At the end of the program, participants will be able to:
- Learn first-hand and hear an in-person account of how poor control structures resulted in one of Europe’s largest financial scandals
- Apply lessons learnt from the scandal in undertaking a gap analysis of their existing business structures, control functions, and practices
- Understand the importance of fostering a speak-up culture and ways to implement it
- Understand concepts of various whistleblowing tools available and the laws which apply to their businesses within the territory or extra-territoriality
- Obtain a deeper understanding of their current functions as executives in an organization
Who should attend?
- Board of Directors
- Senior Management
- Legal, Risk and Compliance Officers
- Anyone who might find this program helpful
Pav Gill has extensive experience in financial services laws and is senior counsel specialising in fintech, payments, and digital assets. He has held various senior roles at global start-ups, tech unicorns, and listed MNCs, advising C-suite executives on market expansions, licence applications, international regulatory compliance, the implementation of purpose-driven leadership, and ethical corporate governance structures. He is probably best known for being the person that exposed Wirecard – Germany’s largest financial scandal.
Pav is a well sought after international speaker who has given keynote and thought leadership speeches at conferences and events all over the world focusing on fraud, corruption and whistleblowing. He has also published several articles and was featured on various magazines.
In 2022, Pav was honoured with the prestigious ‘ACFE Cliff Robinson Sentinel Award and the ‘Blueprint for Free Speech Special Recognition Award’ in 2021.
Daniel Chia is Head of Litigation at Herbert Smith Freehills Prolegis in Singapore, covering contentious matters relating to dispute resolution, contentious restructuring, insolvency, government investigations and enforcement.
Daniel is sought after for his experience (both as legal advisor and trial counsel) in devising and executing strategies for disputes relating to commercial crime, commercial fraud, business crime defence, white-collar proceedings, professional indemnity insurance, shareholder litigation, insolvency claims, and securities and regulatory enforcement in Asia.
Daniel was recognized by Asian Legal Business in their inaugural Asia Super 50 Disputes lawyers list, which recognizes the top arbitration and litigation practitioners based in Asia. He was also named a “Future Leader” in Litigation by Who’s Who Legal in 2018 to 2020 and was ranked for 3 consecutive years as the most highly regarded in the Asia Pacific region. He was also quoted by clients in the publication as being an “experienced commercial litigator” who “provides valuable strategic advice to corporate clients which considers both legal and commercial realities”.