BERLIN/MUNICH: Wirecard said on Thursday (Jun 25) it was filing for insolvency after disclosing a US$2.1 billion financial hole in its accounts. ...
BERLIN/MUNICH: Wirecard said on Thursday it was filing for insolvency after disclosing a US$2.1 billion financial hole in its accounts.Shares were suspended by the Frankfurt Stock Exchange before the news. They have lost more than 90 per cent since auditor EY refused to sign off on the 2019 accounts last week, leading to the resignation of long-time CEO Markus Braun.
Wirecard said in a two-paragraph statement that its new management had decided to apply for insolvency at a Munich court"due to impending insolvency and over-indebtedness".Advertisement
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