6/22/2020, 7:20 AM (Source: TeleTrader)
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Wirecard withdraws 2019, Q1 2020 results amid scandal

German financial services provider Wirecard AG announced on Monday that it is withdrawing its 2019 financial results as well as its first-quarter 2020 earnings report released in May.

Wirecard's Chief Executive Officer Markus Braun resigned last week amid the scandal involving the missing €1.9 billion identified during an audit by Ernst & Young. Now, the company says that the amount of €1.9 billion "likely does not exist."

"The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement.

Shares of Wirecard plunged 35.29% at the end of trading in Frankfurt on Friday.

Breaking the News / JC