9 billion euros it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments firm and tarnish the reputation of Germany's financial watchdog.
Felix Hufeld, head of Germany's financial watchdog Bafin, described the crisis, which has seen around 11 billion euros wiped off Wirecard's market value, as a "total disaster".Bafin's own record has come under fire in Germany as Wirecard's share price has imploded, hitting retail investors and some large money managers.
Wirecard, which started out handling payments for adult entertainment and gambling websites and now processes payments for companies including Visa and Mastercard, has appointed investment bank Houlihan Lokey to help. EY had regularly approved Wirecard's accounts in recent years, and its refusal to sign off for 2019 confirmed failings found in an external investigation by KPMG in April, which in turn followed investigative reports by the Financial Times.
The Philippine central bank said none of the money appeared to have entered the country, after Bank of the Philippine Islands and BDO Unibank said documents purporting to show Wirecard had deposited funds with them were false.
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