Wirecard filed for insolvency after the once high-flying payments group revealed a multiyear fraud that led to the arrest of its former chief executive.
In a remarkable collapse of a company once regarded as a European tech champion, Wirecard said in a statement on Thursday morning that it faced impending insolvency and over-indebtedness.
The first failure of a member of Germanys prestigious Dax index is expected to inflict big losses on creditors and reputational damage on regulators led by BaFin and Wirecards longstanding auditors EY.
EY on Thursday afternoon said there were clear indications that this was an elaborate and sophisticated fraud, involving multiple parties around the world in different institutions, with a deliberate ai…
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