Home » Business » Wirecard moves forward for a year again

Wirecard moves forward for a year again

Wirecard

The payment processor has not submitted its balance sheet again.


(Photo: dpa)



Düsseldorf The payment service provider Wirecard has postponed its long-awaited financial statements for the fourth Time. There are billions of serious ambiguities in the results, as the Dax group announced on Thursday in Aschheim near Munich.

The stock plummeted by up to 66 percent to 35 euros, and was temporarily suspended from trading. Finally, the Minus amounted to around 40 percent.

The appointed auditing firm Ernst & Young (EY) have informed the company that the existence of Bank balances on escrow accounts in the amount of EUR 1.9 billion, sufficient examination of available evidence, informed Wirecard. The sum is equivalent to about a quarter of the group’s total assets.

In the announcement, it notes that the auditor of a Trustee or from the area of the banks, which resulted in the trust accounts, confirmations of inaccurate Balances for the purpose of Deception were to be submitted were to have received an incorrect image about the presence of the Bank deposits or the maintenance of Bank accounts for the benefit of the Wirecard companies.

“Earlier issued confirmations from the banks have not been acknowledged by the auditor,” said CEO Markus Braun in a further communication. “All Parties are committed to the fastest possible education. If scammers exist procedures to the detriment of Wirecard AG, is currently unclear. Wirecard AG will file a report against unknown.“

Subsidiaries of Wirecard would have paid, according to brown on trust accounts security deposits from a total of 1.9 billion euros, to guarantee for the risk management for participating merchants. It was two Asian banks.

Loans of over two billion euros can be terminated

A new date for the presentation of the annual financial statements, 2019, the company has not announced yet. Thus, Wirecard might get problems with loans: as Long as the audited annual and consolidated financial statements is not until the 19th century. June would be presented, could Wirecard are loans in the amount of approximately two billion euros in cancelled, said the group.

In February the company had announced at the presentation of the preliminary balance sheet figures, the annual turnover in the year had risen by 38 percent to 2.8 billion euros, while earnings before interest, taxes, depreciation and amortisation had increased by 40 per cent to 785 million euros. Finally, Wirecard had postponed its annual financial statements, but three Times.

In the past month had Wirecard said that the recent delay was due to the publication of the results, the fact that EY needed more time to complete the Review. The auditors had found in the course of their work, but nothing Major.

Already in the case of a special audit by KPMG, many of the questions were the investigator’s last remained open. They were able to and wanted to some of the Wirecard after months of testing at critical Points either in total safety certificate nor certificate, they were flatly incorrect behavior. Activist investors, the British Fund Manager Chris Hohn calling for since the resignation of CEO brown.

Wirecard sees himself for years in the media, allegations, reports, exposed the fraud, had this dispute, however, so far, always. The Munich public Prosecutor’s office determined against the company’s boss, Markus Braun and the three other executives on suspicion of market manipulation.
With Material from dpa and Reuters

More: Wirecard is fighting for the reputation and the competition for customers.


– .

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.