6/26/2020, 12:45 PM (Source: TeleTrader)
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SoftBank may sue Ernst & Young over Wirecard issue - report

SoftBank Group Corp. is examining the possibility of taking legal action against audit services firm Ernst & Young over its involvement in the Wirecard AG accounting violation, German news magazine Der Spiegel reported on Friday, citing insiders close to the Japanese conglomerate.

In April 2019, SoftBank made a €900 million investment in Wirecard via convertible bonds to acquire a 5.6% stake in the German digital payment services company.

Earlier today, Ernst & Young was sued by the German shareholder association Schutzgemeinschaft der Kapitalanleger e. V. (SdK) in relation to the same scandal.

Breaking the News / MS