Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist

[Nighthawk]

Wirecard’s shares resume their freefall after two Philippine banks said letters proving the existence of the company’s cash were fraudulent

The auditor, Ernst & Young GmbH, had become suspicious of letters purporting to confirm the existence of the accounts and the amounts held in them, Wirecard said. The two Philippine banks confirmed Friday that those letters were fraudulent.

“The document claiming the existence of a Wirecard account with BDO is a falsified document and carries forged signatures of bank officers,” said a BDO Unibank Inc. spokesperson. It has reported the matter to the Philippine central bank.

https://www.wsj.com/articles/myster...hey-dont-have-it-11592562966?mod=hp_lead_pos6

Holy Moly! What a shame for "Zermany" and its regulator! How could have this happen? The "Zermans" usually have strict controls in place.

 

[maxinger]

https://www.ft.com/content/19c6be2a-ee67-11e9-bfa4-b25f11f42901

seems like the story started much much earlier.

 

[Nighthawk]

https://www.ft.com/content/19c6be2a-ee67-11e9-bfa4-b25f11f42901

seems like the story started much much earlier.

Correct me If I am wrong: they are one of the leading payment service providers globally. This could become ugly for their clients, too.

 

[maxinger]

Correct me If I am wrong: they are one of the leading payment service providers globally. This could become ugly for their clients, too.

quite scary.
If I have account with them, I wouldn't take chance. I'd close it immediately

 

[Nighthawk]

quite scary.
If I have account with them, I wouldn't take chance. I'd close it immediately

The FT article contains even very sensitive client data and revenue/EBIT profit figures. WOW!

Reads like a Mossad operation!

 

[maxinger]

The FT article contains even very sensitive client data and revenue/EBIT profit figures. WOW!

Reads like a Mossad operation!

FT managed to obtain tons of information.
how they get it? as of now, we don't know.

hopefully next time, we will be able to get the complete picture.

 

[traider]

Is this a criminal offence? What prevents companies from cooking their books with fake cash.

 

[Cuddles]

making crypto shops looking downright legitimate.

 

[Nighthawk]

Is this a criminal offence? What prevents companies from cooking their books with fake cash.

The FED does it all the time - by one simple mouse click!

 

[old coot]

Never cancel your insurance the day before you set the kitchen on fire.
I'm not sure if I think it was the CEO, someone in the organization, or the banks. Or a combination of any/all of the above. No options though, would be a winner in one direction or the other.