THE chief executive of Wirecard resigned on Friday after the search for US$2.1 billion of cash missing from the embattled electronic payments firm hit a dead end in the Philippines. Read more at The Business Times.
The company warned on Thursday that loans of roughly two billion euros could be terminated if its annual report was not published on Friday. It had until last evening to strike a deal with banks, the people said.
Mr Braun, who has aggressively defended the company against accusations of accounting fraud, had earlier said that the firm could itself have been the victim of fraud. Mr Braun had not identified those he suspected of fraud, while BPI and BDO, the two Philippine banks, both issued statements denying any relationship with Wirecard.
BPI also said that Wirecard was not a client."Their external auditor presented to us a document that claimed that they are a client. We have determined that the document is spurious. We continue to investigate this matter," BPI said in a statement.
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