FRANKFURT, June 25 — German payments provider Wirecard filed for insolvency today, just days after admitting €1.9 billion (RM9.1 billion) missing from its accounts likely “do not exist” and its ex-CEO was arrested. Here are the most important facts about a scandal that is drawing...
Wirecard AG CEO Markus Braun, an independent provider of outsourcing and white label solutions for electronic payment transactions, attends the company’s annual news conference in Aschheim April 25, 2019. — Reuters pic
Wirecard claims around 300,000 firms worldwide as customers, and deals with giants in the sector like China’s AliPay and WeChat, Apple and Google have offered hot prospects for growth.Wirecard was founded in 1999, starting out offering its services to porn and gambling sites. In early 2019, Wirecard’s market value hit around €17 billion, matching crisis-ridden Deutsche Bank with 15 times fewer workers and revenues.Why weren’t weak spots uncovered?reports highlighted accounting irregularities, notably in Wirecard’s Asian division.
The hammer blow came last Thursday when auditors Ernst & Young said they were unable to find €1.9 billion of cash meant to be sitting in trustee accounts at two Philippine banks. He was detained on Monday after Munich prosecutors accused him of market manipulation and falsifying accounts. Braun turned himself in and was freed on a €5 million bail the following day.Chief operating officer and management board member Jan Marsalek meanwhile was dismissed on Monday, with media reports placing him in the Philippines.
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