Wirecard said it was assessing the 'prevailing likelihood' that the missing cash balances flagged by auditor EY 'do not exist.'
German payments firm Wirecard said it was assessing the "prevailing likelihood" that the missing cash balances flagged by auditor EY "do not exist."
Wirecard shares are once again in free fall on Monday after the German payments firm said it was likely that 1.9 billion euros of cash missing from its balance sheet doesn't exist. The search for the missing cash appeared to hit a dead-end over the weekend after the Philippines' central bank said the money hadn't entered the country's financial system. Two of the country's banks — BDO and BPI — were alleged to be holding the missing cash, but both denied having Wirecard as a client last week.
The admission that the money may not even exist is yet another troubling revelation from Wirecard, which is fighting for survival amid a deepening accounting scandal.
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