The change, effective August 24, 2020, is implemented according to the new Insolvency Rule.
Qontigo’s global index provider STOXX Ltd. has announced unscheduled changes to the DAX Selection Indices.
According to the new Insolvency Rule (section 5.1.1) Wirecard AG will be deleted from the DAX index, effective August 24, 2020. It is replaced by Delivery Hero SE.
There are also changes in MDAX, SDAX and TecDAX: Wirecard AG will also be deleted from the TecDAX index, it will be replaced by LPKF Laser & Electronics AG. New in MDAX is AIXTRON SE, new in SDAX is HORNBACH-Baumarkt-AG. These changes will also become effective on August 24, 2020.
Earlier this month, Germany’s Federal Criminal Police Office launched a public search for the Chief Operating Officer (COO) of Wirecard who was responsible for the entire operational business including sales and, since at least 2015, has been largely responsible for the Asia business and the TPA business.
He, along with “Dr. B.”, are suspected of having inflated the balance sheet total and sales volume of Wirecard AG by recording simulated income from payment transactions in connection with transactions with so-called third-party acquirers (TPA), in order to make the company financially stronger.