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Wirecard shares slump over missing €1.9bn
The German payments company says about a quarter of the money on its books might not exist.
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Wirecard shares plunge 60% on delayed results, looming loan crunch
German payments company Wirecard said that its auditor had refused to sign off on its 2019 accounts, sending its shares 60% lower on Thursday as it warned the delay could mean billions in loans are called in as early as Friday. Wirecard said that auditor EY had informed it that sufficient evidence could not be found for 1.9 billion euros ($2.1 billion) in cash balances on trust accounts – or around a quarter of its balance sheet total. There were indications, Wirecard added, that these balances were “spurious” and had been provided “in order to deceive the auditor”.
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