Finance

Wirecard’s future is in doubt as accounting scandal deepens

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Wirecard, once hailed as the darling of Germany’s financial technology scene, is now facing a fight for survival amid scrutiny into its accounting practices.

The payments processor said Thursday, for the fourth time, that it couldn’t publish its financials for 2019. Auditors at EY couldn’t account for 1.9 billion euros ($2.1 billion) of cash on its balance sheet, it said.

Wirecard added that there were indications a trustee tried to “deceive” EY about the existence of those cash balances. To be clear, 1.9 billion euros represents about a quarter of the company’s balance sheet.

On Friday, it was announced that CEO Markus Braun had resigned “with immediate effect” and that incoming board…



Source cnbc.com

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