Wirecard Delays Financial Results Over Missing €1.9B

Law360, London (June 18, 2020, 1:31 PM BST) -- Payments company Wirecard said Thursday it has delayed publication of its annual financial results for the fourth time after auditor Ernst & Young could not trace €1.9 billion ($2.1 billion) in cash held in trust accounts at two Asian banks.

Wirecard AG, a German company that faces allegations of accounting irregularities, said in a statement that there is evidence that a trustee of the accounts could have provided "spurious balance confirmations...to deceive the auditor and create a wrong perception of the existence of such cash balances."

EY told Wirecard that the company's 2019 financial statement requires additional audits after two Asian...

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