It seems like a story lifted straight from a movie, investors having been buying bonds backed by Italian Mafia run front companies.
Banca Generali, a private European body, bought up a lot of the debt and to much surprise the consulting was performed by EY. Where have we heard them mentioned recently?
DING DING DING. Yes, everyone’s favourite payment system, Wirecard.
The intricacies of how this came about are detailed and wrapped in red tape but essentially they were born out of unpaid invoices with a penalty interest rate that were repackaged into SPV’s
What will come as a surprise to no one is that EY declined to comment
