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Wirecard’s missing EUR 1.9bn likely never existed

Wirecard’s missing EUR 1.9bn likely never existed

Mubasher: Wirecard said that EUR 1.9 billion ($2.1 billion) in missing cash from its accounts likely never existed, Bloomberg reported.

Previous descriptions of the so called Third Party Acquiring business by the company are not correct,” the German payments group said in a statement on Monday.

The company is considering various measures “to ensure continuation of its business operations”, such as lowering costs and restructuring, disposing, or terminating business units or products.

The payments processor is in talks with lending banks over the extension of credit lines, after previously saying that loans can be terminated if it missed the 19 June deadline for the release of its annual financial results.

On Thursday, the auditor Ernst & Young (EY) refused to sign off Wirecard’s annual financial results, saying that EUR 1.9 billion of cash was missing, nearly a quarter of its consolidated balance sheet.

Following the announcement, its CEO Markus Braun resigned and he was replaced by the former compliance officer at Germany’s stock exchange, James Freis.