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June 22, 2020 02:42 pm

Wirecard Says Missing $2.1 Billion Never Existed, Rips Up Earlier Accounts

Wirecard said on Monday that 1.9 billion euros ($2.1 billion) missing from its accounts was likely never there and it was looking at the sale or closure of parts of its business as it sought to avert a looming cash crunch. From a report: 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%. Wirecard is scrambling to shore up its finances and has appointed investment bank Houlihan Lokey as it seeks a deal with creditors, after seeing its credit rating slashed to junk by rating agency Moody's on Friday. In a statement on Monday, Wirecard also withdrew financial statements for 2019 and said it was examining cost cuts to address the crisis which has engulfed what was once hailed as a relatively rare success story for the German technology sector. "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.

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