'Total disaster': Phantom billions plunge Wirecard into chaos

FRANKFURT/MANILA: Wirecard said on Monday that 1.9 billion euros it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company and tarnish the reputation of Germany's financial watchdog.

Braun and Marsalek could not be immediately reached for comment, and their lawyers declined to comment.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 in recent days, as a"total disaster", conceding his agency and others had made mistakes.

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.

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