German payments giant Wirecard has filed for insolvency in the midst of a major accounting scandal linked to a 1.9bn (1.7bn) hole in its finances.
The development comes just days after its former chief executive Markus Braun was arrested on suspicion of falsifying accounts at the company, which processes tens of billions of euros in credit and debit transactions every year. He was arrested after presenting himself to police, according to German media
Braun, 51, was bailed from police custody after posting a deposit of 5m on Tuesday.
A brief regulatory statement released by the company on Thursday said: The management board of Wirecard AG has decided today to file an application for the opening of insolvency proceedings for Wirecard AG w…
Read the full article at: https://www.theguardian.com/business/2020/jun/25/wirecard-files-for-insolvency-amid-german-accounting-scandal
