It looks like becoming one of the great rags to riches to rags again stories in European corporate h18 Jun 2020 20:21
It looks like becoming one of the great rags to riches to rags again stories in European corporate history.
The payments firm Wirecard, a member of the DAX 30 index of leading German companies, is fighting for its life after admitting that €1.9bn (£1.7bn) has gone missing.
The company, based in the Munich district of Aschheim, has had to postpone publication of its financial results for the fourth time this year because EY, its auditor, refused to sign off on the accounts.
If it cannot publish them by tomorrow then its lenders will be able to call in some €2bn (£1.8bn) worth of loans. The missing sum represents a quarter of Wirecard's balance sheet.
Shares of Wirecard fell by nearly 60% at one point.