The closeout of the Wirecard share is. The papers of a severe balance-sheet scandal taken to the payment service provider, declined in the early trade, almost 38 percent at 15.10 euros, after they were already broke in on Thursday and Friday up to 82 percent.
The market value is shrunk to almost 1.9 billion Euro, which since Wednesday eleven billion euros in the air dissolved.
1.9 billion euros is indicative of the sum of the group missing. Because of the accounting scandal Wirecard did not have to admit that the alleged fiduciary accounts under Bank credits “with probability.” It is a multi-billion fraud in the room.
Dealer: “No one wants to engage in falling knife”
In the stock market caution prevails. “In the falling knife no one wants to engage in,” said a trader. “The future of the company is currently more than uncertain.” Added to this is a wave of lawsuits. Wirecard handles cashless payments for retailers, both on the tills as well as online.
The company is in distress, since the London “Financial Times” accused the Management in a series of articles in the balance sheet manipulations. The financial Supervisory authority, Bafin, and the Munich public Prosecutor’s office investigate the case of Wirecard.
According to the current Point to possible air bookings in billions of euros could be faced with Wirecard for further investigation. “We will check all the eligible crimes,” said a spokeswoman for the public Prosecutor’s office Munich I.
After the economy had denied the auditors of EY, the audit opinion for the financial statements due to the lack of funds, could Wirecard the banks the loans terminate. In addition, Wirecard has increased as a result not only of its preliminary assessment for fiscal year 2019, but also the Figures for the first quarter. The potential impact on the financial statements of previous financial years will not be excluded.
The credit rating Agency Moody’s has already lowered late on Friday evening your judgment for the credit rating of Wirecard on “junk” and informed that further gradations are possible. Nevertheless, the banks could stand for the time being to the group: “No one has an interest, to terminate the loan” – quoted by the “Frankfurter Allgemeine Sonntagszeitung” from one of the participating houses. “All now want to stabilize this thing in the short term.”
Interim chief Freis: In “constructive discussions”
Also interim chief James Freis is fighting for the Survival of the group: To stand still with the help of on Friday hired investment Bank Houlihan Lokey in “constructive discussions” with the lending banks. From the environment, Wirecard, it was, according to the report, we hope to come to an agreement until the end of the week.
Wirecard was so far assumed the existence of the fiduciary accounts, and you had as an active item and had to give with the understanding that the money is gone,: “the Potential impact on the financial statements of previous financial years can not be ruled out.”
In the last week of the balance sheet, the scandal was exacerbated by Wirecard drastically. The controversial CEO Markus Braun had to give up his Post.
On Friday, the Philippine banks BDO Unibank and Bank of the Philippine Islands announced that the German Dax-listed company was not a client with them. Documents of external auditors, which said the opposite, were falsified. On the accounts of the two banks, the sum should have been actually.
On Sunday, the Central Bank said in Manila that the missing billions probably are in the Philippines.