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June 18, 2020 03:25 pm

German Payments Group Wirecard Says $2.1 Billion of Cash is Missing

Wirecard was engulfed in a deepening crisis on Thursday after a warning from the German payments group that $2.1 billion of cash was missing [Editor's note: the link may be paywalled; alternative source] sent its shares crashing. From a report: The company was told by EY that there were indications a trustee of Wirecard bank accounts had attempted "to deceive the auditor" and that "spurious cash balances" might have been provided to EY by a third party. The disclosure left Wirecard unable to release its 2019 results as it had promised to do on Thursday and gives banks the option of terminating $2.2 billion of loans unless they are published by Friday June 19. In a statement Wirecard said it was "working intensively together with the auditor towards a clarification of the situation." The revelation caps a tumultuous period for Wirecard, a company long regarded as a great hope for Germany's tech sector but one that has spent the past 18 months battling to allay concerns over its accounting. Investors' enthusiasm for the company, whose aggressive expansion was masterminded by Markus Braun, its chief executive and largest shareholder, catapulted it into Germany's prestigious Dax 30 index two years ago with a market value of $27 billion. It slumped to less than $5.6 billion on Thursday as its shares plunged almost 70%

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