Wirecard's auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm said the delay could cause billions in loans to be called in as soon as Friday.
BERLIN - Wirecard’s auditor has refused to sign off its 2019 accounts over a missing $2.1 billion, sending its shares down more than 60% as the German payments firm said the delay could cause billions in loans to be called in as soon as Friday.
Chief Executive Markus Braun said in Thursday’s statement that Wirecard , which was founded in 1999, was urgently seeking to clarify the balances in question. The firm also warned that a failure to provide certified annual and consolidated statements by Friday would allow approximately 2 billion euros in loans to be terminated.
Wirecard has long been a target of short sellers who have questioned its financials and “shorted” its stock, which fell by 60% in Frankfurt, wiping 8 billion euros off its market value. In the most serious finding, covering the years 2016-18, KPMG said it had been unable to verify the existence of 1 billion euros in revenue Wirecard booked through three obscure third-party acquiring partners.
Prosecutors raided Wirecard’s headquarters in a Munich suburb on June 5 and opened proceedings against management as part of the probe initiated by Bafin. A spokesperson said it would investigate the latest delay to results.
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