baldilocks Posted June 20, 2020 #1 Share Posted June 20, 2020 The Miami Herald has just published an article that Royal's contracted employee payment company, Wirecard, has $2.1 billion dollars unaccounted for. Employees use Wirecard accounts to get paid and save. RCI could be on the hook for a lot of dollars if this gets nasty. It could have the potential to push Royal into Chapter 11 bankruptcy. Hope the auditors find the money and that everything will be OK. Link to comment Share on other sites More sharing options...
BigAl94 Posted June 20, 2020 #2 Share Posted June 20, 2020 4 minutes ago, baldilocks said: The Miami Herald has just published an article that Royal's contracted employee payment company, Wirecard, has $2.1 billion dollars unaccounted for. Employees use Wirecard accounts to get paid and save. RCI could be on the hook for a lot of dollars if this gets nasty. It could have the potential to push Royal into Chapter 11 bankruptcy. Hope the auditors find the money and that everything will be OK. If they did, Miami Herald are two days late to the party, there have been rumours about Wirecard for several months and the story broke on Thursday after auditors stated they couldn't find $2.1 bn. The CEO resigned yesterday. Probably terminal for Wirecard but unlikely to have any effect on RCL 1 Link to comment Share on other sites More sharing options...
Fouremco Posted June 20, 2020 #3 Share Posted June 20, 2020 (edited) While Wirecard can't account for $2.1 billion, there is nothing that I've read as yet that indicates what the financial liability might be for individual clients. https://www.cnn.com/2020/06/19/tech/wirecard-fraud-tech-accounting/index.html https://ca.finance.yahoo.com/news/wirecard-2-1-billion-hole-071914093.html Edited June 20, 2020 by Fouremco Link to comment Share on other sites More sharing options...
baldilocks Posted June 20, 2020 Author #4 Share Posted June 20, 2020 4 minutes ago, BigAl94 said: If they did, Miami Herald are two days late to the party, there have been rumours about Wirecard for several months and the story broke on Thursday after auditors stated they couldn't find $2.1 bn. The CEO resigned yesterday. Probably terminal for Wirecard but unlikely to have any effect on RCL I disagree. Wirecard was contracted by RCI to pay its employees. If an employee is missing pay, Royal will be on the hook. I'm sure if the money is not found, the lawyers will have field day with all involved. We just don't know what is in the contract between Royal and Wirecard. Link to comment Share on other sites More sharing options...
BigAl94 Posted June 20, 2020 #5 Share Posted June 20, 2020 13 minutes ago, baldilocks said: I disagree. Wirecard was contracted by RCI to pay its employees. If an employee is missing pay, Royal will be on the hook. I'm sure if the money is not found, the lawyers will have field day with all involved. We just don't know what is in the contract between Royal and Wirecard. Where are you getting your information from to suggest RCI employees have not been paid? Link to comment Share on other sites More sharing options...
Rare hcat Posted June 20, 2020 #6 Share Posted June 20, 2020 There were rumors awhile ago that island excursion vendors were not paid by RC or X..Never heard any follow up on that...I think this story will be around for awhile 2.1 bn is a very big amt to be " unaccounted " for...The delayed refunds could never cover all that.. Link to comment Share on other sites More sharing options...
jelayne Posted June 20, 2020 #7 Share Posted June 20, 2020 It would seem to me that it would take many missed paychecks to rack up 2.1B in unpaid wages. If employees were not getting paid I can’t imagine a lot of them not raising the issue To RCI management and some going to the press. 2 Link to comment Share on other sites More sharing options...
ipeeinthepool Posted June 20, 2020 #8 Share Posted June 20, 2020 Maybe I'm not reading it correctly, but I thought the overall unaccounted for funds at Wirecard total $2.1 B. I can't find anything that says RCL has any losses or how much of the that amount might be part of RCL accounts. Link to comment Share on other sites More sharing options...
marieps Posted June 20, 2020 #9 Share Posted June 20, 2020 If RCL had any exposure, they'd have to file a disclosure with the SEC. There's been nothing since disclosing their latest financing deal. I've heard zip about anyone not getting paid. 1 Link to comment Share on other sites More sharing options...
Rare C-Dragons Posted June 20, 2020 #10 Share Posted June 20, 2020 4 minutes ago, marieps said: If RCL had any exposure, they'd have to file a disclosure with the SEC. There's been nothing since disclosing their latest financing deal. I've heard zip about anyone not getting paid. Agreed. And RCL was not the only company using Wirecard's services, so their account may not have been involved. Link to comment Share on other sites More sharing options...
yorky Posted June 20, 2020 #11 Share Posted June 20, 2020 Jeez this place is depressing these days. 7 2 1 Link to comment Share on other sites More sharing options...
Covepointcruiser Posted June 20, 2020 #12 Share Posted June 20, 2020 Sure is, we need some good news. Newspapers no longer print good news and the evening news in the US broadcasts only negative news. Hopefully we can do better on cruisecritic. Link to comment Share on other sites More sharing options...
sfaaa Posted June 20, 2020 #13 Share Posted June 20, 2020 If RCL has theft insurance, it is the insurance company on the hook after RCl paying the deductible. Link to comment Share on other sites More sharing options...
baldilocks Posted June 20, 2020 Author #14 Share Posted June 20, 2020 6 hours ago, BigAl94 said: Where are you getting your information from to suggest RCI employees have not been paid? IF you read what I wrote it says 'if an employee is missing pay', not that an employee is missing pay'. Link to comment Share on other sites More sharing options...
Shadow9612 Posted June 21, 2020 #15 Share Posted June 21, 2020 I can't get my head around 2.1 BILLION unaccounted for. I would be distraught if I lost $20. Link to comment Share on other sites More sharing options...
ipeeinthepool Posted June 21, 2020 #16 Share Posted June 21, 2020 (edited) 10 hours ago, Covepointcruiser said: we need some good news. ... Hopefully we can do better on cruisecritic. I just got a good deal on my car insurance and it even included a $40 refund. 😉 Edited June 21, 2020 by ipeeinthepool 1 2 Link to comment Share on other sites More sharing options...
Rare hcat Posted June 21, 2020 #17 Share Posted June 21, 2020 13 hours ago, ipeeinthepool said: Maybe I'm not reading it correctly, but I thought the overall unaccounted for funds at Wirecard total $2.1 B. I can't find anything that says RCL has any losses or how much of the that amount might be part of RCL accounts. Makes more sense than it being ALL Royal employees Link to comment Share on other sites More sharing options...
TeeRick Posted June 21, 2020 #18 Share Posted June 21, 2020 6 hours ago, ipeeinthepool said: I just got a good deal on my car insurance and it even included a $40 refund. 😉 Sounds like a Geico commercial. 1 1 Link to comment Share on other sites More sharing options...
opa&oma Posted June 21, 2020 #19 Share Posted June 21, 2020 21 hours ago, hcat said: There were rumors awhile ago that island excursion vendors were not paid by RC or X..Never heard any follow up on that...I think this story will be around for awhile 2.1 bn is a very big amt to be " unaccounted " for...The delayed refunds could never cover all that.. We need to try to keep "rumors" off Cruise Critic. 1 Link to comment Share on other sites More sharing options...
Fouremco Posted June 21, 2020 #20 Share Posted June 21, 2020 5 minutes ago, opa&oma said: We need to try to keep "rumors" off Cruise Critic. Without rumours and idle speculation, posting numbers would be decimated! 4 2 Link to comment Share on other sites More sharing options...
not-enough-cruising Posted June 21, 2020 #21 Share Posted June 21, 2020 (edited) On 6/20/2020 at 10:29 AM, baldilocks said: The Miami Herald has just published an article that Royal's contracted employee payment company, Wirecard, has $2.1 billion dollars unaccounted for. Employees use Wirecard accounts to get paid and save. RCI could be on the hook for a lot of dollars if this gets nasty. It could have the potential to push Royal into Chapter 11 bankruptcy. Hope the auditors find the money and that everything will be OK. Why would RCI be on the hook? If Chase bank comes up short on my account, can I go after my employer to pay me again because my bank “misplaced” the last direct deposit? No no no, and RCI has ZERO exposure here either. Edited June 21, 2020 by not-enough-cruising 1 Link to comment Share on other sites More sharing options...
sfaaa Posted June 21, 2020 #22 Share Posted June 21, 2020 11 hours ago, ipeeinthepool said: I just got a good deal on my car insurance and it even included a $40 refund. 😉 LiMu Emu & Doug have your back. 1 1 Link to comment Share on other sites More sharing options...
Rare terrydtx Posted June 21, 2020 #23 Share Posted June 21, 2020 2 hours ago, not-enough-cruising said: Why would RCI be on the hook? If Chase bank comes up short on my account, can I go after my employer to pay me again because my bank “misplaced” the last direct deposit? No no no, and RCI has ZERO exposure here either. I agree, Wirecard and their management are on the hook for the wage payments. As long as RCL paid the money to Wirecard, RCL has no exposure. It is tragic that these hard workers are not getting paid but RCL is not to blame. Link to comment Share on other sites More sharing options...
HS2BS Posted June 22, 2020 #24 Share Posted June 22, 2020 Market watch is reporting that Royal Caribbean’s Spanish cruise line JV Pullmantur has filed for reorganization. Hal Link to comment Share on other sites More sharing options...
TeeRick Posted June 22, 2020 #25 Share Posted June 22, 2020 And so it begins..... https://www.marketwatch.com/story/royal-caribbeans-spanish-cruise-line-jv-pullmantur-files-for-reorganization-2020-06-22 Link to comment Share on other sites More sharing options...
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