The former CEO of German payment service provider Wirecard has been arrested, accused of inflating the company's balance sheet in an accounting scandal that centres on a missing sum of 1.9 billion euros ($2.9 billion Cdn), prosecutors in Munich said Tuesday. On Monday, Wirecard said it has concluded that the money probably doesn't exist. Braun, an Austrian who had led Wirecard since 2002, was arrested on suspicion of incorrect statements of data and market manipulation. Two Philippine banks that were said to hold the missing money in escrow accounts said in recent days that they had no dealings with Wirecard, and the country's central bank chief said none of the missing money entered the Philippines' financial system. After huge declines last week and on Monday, Wirecard shares rallied somewhat on Tuesday.

Source: CBC News June 23, 2020 12:56 UTC