Wirecard: Scandal-hit firm files for insolvency

Wirecard accounting scandal under investigation in Philippines, while former CEO posts bail

Philippines probing people linked to Wirecard saga

Troubled fintech company Wirecard, which powers numerous crypto debit cards on the market, has reportedly filed to open insolvency proceedings.

Guevarra said he has instructed the National Bureau of Investigation to work with the anti-money laundering council to investigate the case.

He said he had no information on whether Wirecard was operating in the Philippines, but said authorities "found something curious" about Marsalek in the immigration database.

Dierlamm said he and Braun were not commenting on the prosecutor's accusations.

- In February 2019, Singapore police said they were looking into reports by the Financial Times of alleged financial irregularities at Wirecard's local office, allegations that had driven its shares sharply lower.

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During Braun's 18 years as CEO, Wirecard grew into a $28 billion "fintech" firm that won a spot in 2018 in Germany's DAX blue-chip index.

- Wirecard's expansion was driven by its long-serving chief executive and leading shareholder Markus Braun, an Austrian who led the company since 2002 until he resigned last Friday.

During insolvency procedures, companies will generally enact drastic measures to stay afloat, such as cutting staff and expenses, restructuring debt, selling a portion of its assets and others. Germany has no extradition treaty with the Philippines.

Bank of America Merrill Lynch slashed its share-price target to 1 euro from 14 euros on Wednesday, saying customers may be starting to abandon Wirecard, while banks it owes 1.75 billion euros to may be weighing the closure of credit lines.

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The alliance, which is backed by Softbank, was part of a broader pact with the Japanese investor that put money into Wirecard a year ago.

Shares were suspended for 60 minutes by the Frankfurt Stock Exchange before the announcement.

Over the weekend, banks in the Philippines said documents produced by Wirecard appeared to be false, and the Philippines central bank also said the money had never entered its financial system. While the FT detailed suspected fraud and suspicious transactions at Wirecard, BaFin's immediate efforts past year appeared to be mainly geared towards containing the damage from the allegations by banning investors from betting against the stock.

German financial regulator Bafin, which has filed a revised claim against Wirecard to prosecutors, has parachuted in an official to stabilise its Wirecard Bank subsidiary.

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