Wirecard says missing $2.1 billion likely didn’t exist; withdraws forecasts

(Reuters) – Scandal-hit German payments firm Wirecard AG on Monday said 1 / 4 of its assets totalling 1.9 billion euros ($2.13 billion) that auditor EY has been unable to account for likely didn’t exist within the first place.

The company, whose stock has plummeted 75% since EY refused to log off its 2019 accounts last week, also said it’s withdrawn its preliminary 2019 and first-quarter 2020 financial results also as forecasts.

“The Management Board of Wirecard assesses on the idea of further examination that there’s a prevailing likelihood that the bank savings account trust balances within the amount of 1.9 billion EUR don’t exist,” the corporate said during a statement.

The development comes after Chief military officer Markus Braun quit on Friday with the corporate scrambling to secure a financial lifeline from its banks, while its look for the cash hit a dead end within the Philippines.

The Philippine financial institution said none of the cash seemed to have entered the country, after Bank of the Philippines (BPI) and BDO Unibank Inc said documents purporting to point out Wirecard had deposited funds with them were false. Both said Wirecard wasn’t a client.

BPI, however, told Reuters it had suspended an assistant manager whose signature appeared on one among the fraudulent documents. BDO told the financial institution one among its marketing officers seemed to have fabricated a bank certificate.

“The financial institution is really doing its own investigation,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno told channel ANC on Monday. “To the extent we are very strict on knowing our clients, i feel we should always even be strict in knowing the officers of the bank.”

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1 Comment

ปั้มไลค์ · June 23, 2020 at 8:03 am

Like!! Thank you for publishing this awesome article.

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