Wirecard crashes 40% as search for missing US$2.1 bil turns to Philippines

2 Philippine banks say the German payment company is not a client. FMTNews Wirecard

FRANKFURT: Wirecard shares fell by more than 40% as two Philippine banks said the German payment company, which is scrambling to find US$2.1 billion missing from its accounts, was not a client and alleged that documents had been falsified.

“It cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions,” Wirecard Chief Executive Markus Braun said in an online video. “The matter has already been reported to the Bangko Sentral ng Pilipinas,” BDO added in a statement, referring to the Philippines’ central bank.

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