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Missing 1.9 bn plunges Wirecard into Enron-style scandal

Cased already claimed scalp of founder Markus Braun

22 June, 17:14
(ANSA-AFP) - FRANKFURT AM MAIN, 22 GIU - In what could be one of the biggest financial frauds of recent years, shooting-star German payments provider Wirecard on Monday admitted 1.9 billion euros that auditors say are missing from its accounts likely "do not exist". The scandal has already claimed the scalp of founder and chief executive Markus Braun, and adds to a series of recent German upsets. Over the past decade, business headlines have been dominated by the crippling consequences of repeated financial infractions at Deutsche Bank and the globe-spanning "dieselgate" emissions fraud that has cost carmaker Volkswagen more than 30 billion euros. In Wirecard's case, the 1.9 billion euros ($2.1 billion) that were supposed to be sitting in trust accounts in the Philippines make up a quarter of the company's balance sheet. But "on the basis of further examination... there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," Wirecard said Monday. (ANSA-AFP).

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