Missing €1.9B Probably Does Not Exist, Wirecard Admits

Law360, London (June 22, 2020, 12:36 PM BST) -- Wirecard AG warned investors on Monday that the €1.9 billion ($2.1 billion) missing from its accounts probably does not exist, as the crisis deepened at the German payments company.

The troubled company has also said it is withdrawing its financial results for 2019 and the first quarter of 2020. (AP) The news accelerated the collapse of Wirecard AG's stock price following news last week that auditor Ernst & Young had not signed off the company's 2019 accounts because it could not trace the cash.

"The management board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that...

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