Wirecard CEO Resigns as the Mystery of the Missing $2B Deepens

The CEO of Wirecard, Markus Braun, resigned today as the $2 billion that auditors say is missing still cannot be found; the two banks in the Philippines that were supposed to be holding the money said they have never seen the $2 billion; the company is in further trouble because they have delayed releasing their 2019 financial results multiple times jeopardizing their €2 billion worth of credit lines; the stock is down 72% in the last two days alone; critics of the company have said that the missing money has been growing for years as revenue reported from third party affiliates wasn’t real; one of the banks in question, Bank of the Philippine Islands said: “Wirecard is 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.” The Wall Street Journal

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