by  			 			 							Aggregator 					 	  	 							June 22, 2020, 9:39 am					   					  						121 Views

Wirecard says missing $2.1 billion likely does not exist

submited by
Super Jumper
2020-06-22 14:55:21

by Aggregator June 22, 2020, 9:39 am 121 Views

The $2.1 billion that went missing from Wirecard’s accounts likely never existed in the first place, the German payments processor said Monday as a massive financial scandal engulfed the company.

Wirecard admitted last week that it couldn’t confirm the existence of some 1.9 billion euros attributed to its bank trust accounts last year. But the company’s management board has now determined there’s “a prevailing likelihood” that the account balances “do not exist,” it said in a statement.

Wirecard also withdrew its 2019 financial statements and its results for the first quarter of 2020. The company’s auditor refused to sign off on its accounts for 2019 because of the missing cash, which accounted for roughly a quarter of Wirecard’s balance sheet.

“In addition, the company is examining a broad range of possible further measures to ensure continuation of its business operations, including cost reductions as well as restructuring, disposal or termination of business units and products segments,” Wirecard said in a statement.

Leave a Comment