Wirecard's auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending the German payments firm's shares down over 60% on Thursday as it warned the delay could cause billions in loans to be called in as early as Friday.
BERLIN - Wirecard’s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending the German payments firm’s shares down over 60% on Thursday as it warned the delay could cause billions in loans to be called in as early as Friday.
Wirecard warned a failure to provide certified annual and consolidated statements by Friday would allow approximately 2 billion euros in loans to be terminated. The company has long been a target of short sellers who have questioned its financials. They responded by sending Wirecard’s shares down by 60% in Frankfurt trading, wiping 8 billion euros off its market worth.
Speich called for management heads to roll: “A new start is now more urgent than ever. We hope that the market’s loss of confidence will not have an impact on its business operations.”Wirecard had already delayed its annual report following last month’s report by KPMG that addressed allegations of fraud and false accounting in a series of investigative reports by the Financial Times.
German financial watchdog Bafin, which had previously suspected short sellers of colluding to manipulate Wirecard’s share price, has shifted its attention to the company and launched multiple investigations. It said its probe would take account of the latest news. “Today is a partial vindication for myself and other critics,” said Fraser Perrin, co-author of a bearish report on Wirecard by Zatarra Research in 2016.
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