Set up in 1999, Wirecard had humble beginnings piping cash to porn and gambling sites. FMTNews
FRANKFURT: In what could be one of the biggest financial frauds of recent years, shooting-star German payments’ provider Wirecard on Monday admitted €1.9 billion that auditors say are missing from its accounts likely “do not exist”.
In Wirecard’s case, the €1.9 billion that was supposed to be sitting in trust accounts in the Philippines make up a quarter of the company’s balance sheet. Now Wirecard is in crisis talks with banks to keep the lights on and is “examining a broad range of possible further measures to ensure the continuation of its business operations,” including restructuring and selling off or simply halting some activities.
From humble beginnings piping cash to porn and gambling sites, the firm entered Germany’s prestigious DAX 30 index with great fanfare in 2018 after elbowing out traditional lender Commerzbank.The Texan energy company’s early-2000s collapse featuring accounting fraud, complicit auditors and political connections shook the US economy.Its board “assesses that previous descriptions of the so-called Third Party Acquiring business by the company are not correct,” the group’s statement said.
Both BDO and BPI have said that Wirecard was neither a client nor a business partner, the central bank said, adding that it had warned Wirecard’s auditors Ernst and Young.
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