FRANKFURT, June 22 — Wirecard said today that €1.9 billion (RM9 billion) it had booked in its accounts likely never existed, creating a black hole that threatens to engulf the payments firm and tarnish the reputation of Germany’s financial regulator. The one-time investor darling is holding...
An employee of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, presents the contactless payment system ‘boon’ at the company’s headquarters in Aschheim near Munich, Germany September 6, 2018. — Reuters pic
Felix Hufeld, the head of Germany’s financial watchdog, described the crisis, which has seen around €11 billion wiped off Wirecard’s market value, as a “total disaster”.Bafin’s record has come under fire in Germany as Wirecard’s share price has imploded, hitting retail investors and some large money managers.
Wirecard, which processes payments for companies including Visa and Mastercard, has appointed investment bank Houlihan Lokey to help it survive. EY had regularly approved Wirecard’s accounts in recent years, and its refusal to sign off for 2019 confirmed failings found in an external investigation by KPMG in April, which in turn followed investigative reports by theWirecard’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 Chief Executive Cezar Consing said a certificate purporting to be for a Wirecard deposit was “spurious” and reiterated that no cash from the company had entered the bank.
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