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Payment & Expense

Missing money scandal deepens at Wirecard

By Molly Dyson / 22 June 2020 / Contact Reporter
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Payments firm Wirecard has said it believes it is likely that €1.9 billion found to be missing from its accounts might not exist following a preliminary investigation.

The situation came to light last year after a series of reports in the Financial Times about alleged accounting irregularities in Wirecard’s Asia operations. It has since been revealed that there is around €1.9 billion missing from the company’s accounts in the Philippines, representing around a quarter of its total balance sheet.

The German firm’s CEO Markus Braun resigned last week after auditor EY declined to sign off its 2019 accounts over the missing money.

In a statement released today, Wirecard said: “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 million do not exist. The company previously assumed that these trust accounts have been established for the benefit of the company in connection with the so-called Third Party Acquiring business and has reported them as an asset in its financial accounts. The foregoing also causes the company to question the previous assumptions regarding the reliability of the trustee relationships.

“The management board further assesses that previous descriptions of the so-called Third Party Acquiring business by the company are not correct. The company continues to examine whether, in which manner and to what extent such business has actually been conducted for the benefit of the company.”

Wirecard has now withdrawn its financial results for 2019 and the first quarter of 2020. The company said it is in negotiations with banks for financial aid and is considering cost-cutting measures, as well as restructuring. 

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