BERLIN: Germany payment service provider Wirecard AG said on Monday it has concluded that two accounts that were supposed to contain 1.9 billion euros ($2.1 billion) probably don’t exist, deepening troubles that last week prompted the resignation of its chief executive. Wirecard disputed the reports, which started in February 2019, and said it was the victim of speculators. Last week, the company disclosed that auditors couldn’t find accounts containing the 1.9 billion euros and postponed its annual report. Two Philippine banks that were supposed to hold the money in escrow accounts were reported by news media as saying that they had no dealings with Wirecard. The company was once considered a star of Germany’s tech sector; its market value at one point exceeded that of Deutsche Bank.

Source: Manila Times June 22, 2020 11:15 UTC