German funds large Wirecard has filed for insolvency within the midst of a serious accounting scandal linked to a €1.9bn (£1.7bn) gap in its funds.
The event comes simply days after its former chief govt Markus Braun was arrested on suspicion of falsifying accounts on the firm, which processes tens of billions of euros in credit score and debit transactions yearly. He was arrested after presenting himself to police, in line with German media
Braun, 51, was bailed from police custody after posting a deposit of €5m on Tuesday.
A short regulatory assertion launched by the corporate on Thursday mentioned: “The administration board of Wirecard AG has determined at the moment to file an software for the opening of insolvency proceedings for Wirecard AG with the competent district courtroom of Munich (Amtsgericht München) because of impending insolvency and over-indebtedness.”
The corporate’s shares, which have misplaced round 90% of their worth in lower than every week, have been suspended from buying and selling in Frankfurt.
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