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WIRECARD: MISSING $2.1 BILLION LIKELY ‘DO NOT EXIST’

10 months ago | World Business News | 0 comments

By Lizzie Lagniton

Wirecard AG said on Monday that there was a possibility that the missing amount of 1.9 billion euros ($2.13 billion) from its accounts simply did not exist.

Wirecard was meant to have $2.1 billion in two Philippine banks, but the country’s central bank said the bank documents were fake.

The scandal-hit German financial firm has now admitted the money possibly never existed.

According to the German payments firm, it was likewise withdrawing its full-year 2019 and first quarter 2020 financial results.

The company said in a statement:” The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist.”

Moreover, the firm said it is assessing a range of apparent measures to guarantee the continuation of its business undertakings, which include cost reductions, restructuring, disposal, or termination of business units.

On Friday, Chief Executive Officer Markus Braun quit as the company’s search for $2.1 billion of missing cash slammed a dead end in the Philippines and hurried to secure a financial lifeline from its banks.

The central bank of the Philippines said on Sunday that none of the $2.1 billion missing from the Wirecard seemed to have reached the Philippine financial system.

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