6/19/2020, 8:26 AM (Source: TeleTrader)
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Wirecard may be victim of 'fraud of considerable proportions' - CEO

Wirecard AG CEO Markus Braun said on Friday the payments company could be a victim of a large fraud after it was forced to delay the release of 2019 annual results over a missing €1.9 billion.

"At present it cannot be ruled out that Wirecard AG has become the aggrieved party in a case of fraud of considerable proportions," Braun stated and added that it is still unclear why the two banks that manage the firm's trust accounts told the auditor "the confirmations are spurious." The CEO noted the trustee told Wirecard "he will clarify the facts of the matter with the two banks managing the trust accounts at short notice."

Earlier, Wirecard said its auditor EY concluded the company didn't have sufficient audit evidence of "cash balances on trust accounts to be consolidated in the consolidated financial statements in the amount of €1.9 billion."

Breaking the News / NP