6/25/2020, 5:10 PM (Source: TeleTrader)
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Ernst & Young accuses Wirecard of 'elaborate fraud'

Auditors at Ernst & Young accused embattled German fintech company Wirecard AG of committing "elaborate fraud" relating to the missing €1.9 billion.

"There are clear indications that this was an elaborate and sophisticated fraud involving multiple parties around the world in different institutions with a deliberate aim of deception," EY said in a statement on Thursday. Wirecard said earlier it is filing for insolvency proceedings amid the accounting scandal. Earlier this week, the company also revealed the missing money "likely doesn't exist."

Shares of Wirecard were down over 70% following the news.

Breaking the News / JC