FRANKFURT - German prosecutors may issue arrest warrants against former Wirecard bosses Markus Braun and Jan Marsalek as they investigate how billions went missing from the electronic payments company, two sources said on Monday .
The German payments company said on Monday that 1.9 billion euros it had booked in its accounts likely never existed, a black hole that threatens to engulf it and tarnish the reputation of Germany's financial watchdog. Wirecard said last week that auditor EY had refused to sign off its 2019 accounts as it was unable to confirm the existence of 1.9 billion euros in cash balances in trust accounts, about a quarter of its balance sheet."The Management Board of Wirecard assesses ... that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist," it said.
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 assess its options. Wirecard's latest announcement follows the exit on Friday of former chief executive Braun, who was replaced by James Freis, an ex-compliance officer at Germany's stock exchange.
Source: News Formal (newsformal.com)
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