Crypto Card Issuer Wirecard Says It’s Missing $2.1B in ‘German Enron’ Scandal

Former German blue-chip Wirecard has said a quarter of its total balance sheet is missing after “spurious cash balances” were provided to its auditor, EY.

In an explosive statement Thursday, the Munich-based card issuer, said a total of €1.9 billion ($2.1 billion) could not be accounted for and that some members of the company had purposefully filed false or misleading statements “in order to deceive the auditor and create a wrong perception of the existence of such cash balances.”

Wirecard admitted the accounting hole was roughly a quarter of the company’s total balance sheet.

Read more here.

About The Contributor: roya
Tell us something about yourself.

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet