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Finance Technologies

Wirecard shares plummet as it announces €1.9bn of missing cash

Shares in Wirecard plunged more than 60% on 18 June after the German payments group postponed its annual results once again and said auditors could not confirm the existence of €1.9 billion in cash on its balance sheet. According to the Financial Times and CNBC, the Munich-headquartered company said in a statement on Thursday morning that auditor EY couldn’t find the cash balances — which represent roughly a quarter of its balance sheet. There were indications that “spurious balance confirmations” had been made by a trustee to “deceive the auditor and create a wrong perception of the existence of such…
Wirecard shares plummet as it announces €1.9bn of missing cash

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