Scandal-hit German payments firm Wirecard said a quarter of its assets totaling $2.13 billion that auditor EY has been unable to account for likely did not exist in the first place
The former German stock market darling, which processes payments for companies including Visa and Mastercard, has seen billions of euros wiped off its value in recent days and began trading in Frankfurt down 40%.
“The Management Board of Wirecard assesses ... that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist,” it said. Wirecard’s latest announcement follows the exit on Friday of former chief executive Markus Braun, who was replaced by James Freis, an ex-compliance officer at Germany’s stock exchange.
BPI told Reuters it had suspended an assistant manager whose signature appeared on one of the documents, while BDO told the central bank one of its marketing officers appeared to have fabricated a bank certificate.
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