8/24/2020, 7:58 PM (Source: TeleTrader)
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Wirecard board set to quit amid accounting scandal - report

Wirecard's supervisory board together with chairman Thomas Eichelmann are expected to resign this week, the Financial Times reported on Monday, meaning the German payments company will be managed by an administrator in the future.

A Munich court will likely announce tomorrow that the formally appointed administrator will start insolvency proceedings at Wirecard, according to the report, making sure the company is broken up and sold.

After it was discovered that Wirecard was hit by Germany's biggest accounting scandal in decades, the company's stocks nosedived to land at only a 100th part of their price. Wirecard plunged 99% since the start of the year, trading for just €1.25 per share at today's closing bell in Frankfurt.

Breaking the News / ND