Wirecard's $2.1 billion accounting scandal is being investigated by the Philippines, which said that the German payments firm's former chief operating officer Jan Marsalek may be in the country.
) grew into a $28 billion ‘fintech’ firm that won a spot in 2018 in Germany’s DAX blue-chip index. It fell from grace last Thursday when auditor EY refused to sign its 2019 accounts.Braun said Wirecard may have been a victim of fraud before he quit last Friday. The ensuing scandal has rocked Germany’s financial establishment, shown regulators to have been asleep at the wheel, and sent Wirecard shares down by more than 80%, to value the business at around $2 billion.
Southeast Asian ride-hailing and payments company Grab said it had put a partnership with Wirecard on hold. Some creditors do not, for now, favour tipping Wirecard into insolvency, but they are demanding full transparency as they seek to get their money back, people close to the matter said.
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