Wirecard Files For Insolvency After Arrests And Accounting Black Hole

Home   /   Wirecard Files For Insolvency After Arrests And Accounting Black Hole

Wirecard, the troubled German payment processing firm, announced on Thursday it has filed for insolvency after failing to account for a missing $2.1 billion on its balance sheet.
The company’s value plummeted further following the resignation and arrest of founder and CEO Markus Braun on Monday.

Braun was arrested on suspicion of trying to inflate the company’s sales to boost its profile to investors.

Auditors EY refused to sign off on the firm’s accounts after Wirecard could not account for a massive $2.1 billion black hole in its accounts.

On Monday, the company confirmed that the missing funds likely never existed.

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