Wirecard's chief executive quit on Friday as the German payments firm's search for US$2.1 billion of missing cash hit a dead end in the ...
FRANKFURT/MANILA: Wirecard's chief executive quit on Friday as the German payments firm's search for US$2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.
But it has been under scrutiny since a whistleblower alleged that it owed its success in part to a web of sham transactions, a scandal that some fear will now damage Germany's reputation. Wirecard's share price dropped by as much as 50per cent on Friday in a continuation of Thursday's rout, with the stock hitting 20 euros, a far cry from the 200 euros it was priced at when it joined Germany's prestigious blue-chip Dax index in late 2018.
"Attempts by Wirecard to appear as the victim in the missing 1.9 billion euros have been undone within hours of Wirecard management’s video yesterday evening," said Neil Campling at Mirabaud, the only analyst to have a price target of zero.
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