6/25/2020, 10:35 AM (Source: TeleTrader)
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Wirecard trading halted as it files for insolvency

Wirecard AG announced on Thursday it will file an application for insolvency amid an accounting scandal over a missing €1.9 billion. Following the announcement, the trading of the company's shares was suspended for an hour.

"The management board of Wirecard AG has decided today to file an application for the opening of insolvency proceedings for Wirecard AG with the competent district court of Munich due to impending insolvency and over-indebtedness," the company said.

Last week, EY blocked Wirecard from releasing its 2019 earnings because it couldn't find sufficient audit evidence of €1.9 billion on its balance sheet. Wirecard's Chief Executive Markus Braun resigned amid the scandal and was later arrested, while Germany's Federal Financial Supervisory Authority (BaFin) accused the company of market manipulation.

Breaking the News / NP