Late last week the German payment processor & financial services provider had its CEO resign over the missing funds.
Back in October last year the Financial Times reported on profits at units in Dubai and Dublin appeared to have been fraudulently invented. Much apparent shuffling then occurred, the funds were said to be in account in The Philippines.
- On Thursday last week though the company said its auditors had become suspicious of letters purporting to confirm the existence of the accounts at banks in the Philippine banks
- On Friday the banks confirmed the letters were fraudulent
Then over the weekend the head of the Philippine central bank said the money never entered the country.
Now:
- "The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," the company said in a statement.
Bolding mine. Likely do not exist. Right.
Wiretech is a Dax 30 company. German authorities placed a ban on short selling the stock, amidst the usual hysteria about 'attacks' on companies. Now it dopes appear the short sellers would have been on right side of this house of cards.
Wiretech has, ahem, withdrawn its assessment of FY 2019 and Q1 2020 account.
