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Money Wirecard apparently with losses for years

18:45  06 july  2020
18:45  06 july  2020 Source:   t3n.de

Wirecard's ex-boss Braun has to sell pledged shares

 Wirecard's ex-boss Braun has to sell pledged shares (Bloomberg) - Wirecard AG boss Markus Braun, who has just been exchanged, is, according to informed circles, selling off a large part of his share package to the payment service provider, which is deeply involved in a balance sheet scandal. These are share certificates that he deposited in 2017 as security for a loan of 150 million euros. After Wirecard admitted that a billion dollars could not be found, the company's share lost 72% in value last week.

Wirecard hat offenbar seit einigen Jahren rote Zahlen geschrieben. © dpa Wirecard has apparently been in the red for several years.

Wirecard remains in the headlines: The Financial Times reports that the payment service provider has been experiencing losses in Europe and Asia for a long time.

The insolvent payment service provider Wirecard wanted to use the suspected air bookings to hide possible losses in its own core business in Europe and Asia. In Europe and America, the companies under Wirecard control have been in the red for years. The reported to the Financial Times , citing KPMG's annexes to the special book review.

losses before Dax ascent

In 2018, Wirecard rose to the Dax and replaced Commerzbank in the leading index. The business under the direct influence of Wirecard had made an operating loss of 74 million euros in the same year, it said. Wirecard had also lost money in the previous year, while the official business figures for the group as a whole showed steadily increasing profits. The company did not want to comment on the information in the financial newspaper. After several delays in the annual report for the past year,

balance sheet scandal: Wirecard files for bankruptcy

 balance sheet scandal: Wirecard files for bankruptcy © dpa Wirecard has filed for bankruptcy. Wirecard, the payment service provider involved in a balance sheet scandal, wants to file for bankruptcy. "The management board of Wirecard AG decided today to file an application for the opening of insolvency proceedings for Wirecard AG with the Munich district court because of impending insolvency and over-indebtedness," the company said on Thursday.

Wirecard had to admit in mid-June that there was a high probability that around 1.9 billion euros would never have existed in trust accounts in the Philippines. The money was officially earmarked for the so-called third-party business in Asia, which Wirecard claims to do business in countries without its own license. In the meantime, Wirecard has filed for bankruptcy and billions in stock market value have been destroyed.

Meanwhile, Wirecard shares slumped by more than 22 percent to EUR 2.50 in response to the FT announcement. Over the course of the morning, however, the shares were able to reduce their losses to around nine percent. With material from dpa.

Also interesting:

Wirecard bankruptcy: These cards and services are affected

Wirecard files for bankruptcy: This happens with customer funds

Wirecard: Why the scandal is a bitter pill for the German fintech scene

FCA drafts in accountants to monitor Wirecard operations .
The City watchdog has hired a firm of accountants to enhance its monitoring of Wirecard, the German payments company whose collapse amid a multi-billion euro fraud threatens to become one of the country's most notorious corporate insolvencies. © Reuters Wirecard was once valued at as much as $28bn (£22bn) Sky News has learnt that the Financial Conduct Authority has drafted in a team from BDO to work on its response to the Wirecard crisis.

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