Business • Economy

Wirecard declares bankruptcy

The payment provider Wirecard has declared bankruptcy at the district court in Munich. The company announced that "The Management Board of Wirecard AG has decided to file an application for the opening of insolvency proceedings on behalf of Wirecard AG at the competent Munich Local Court due to the threat of insolvency and over-indebtedness". Previously irregularities in the balance sheet of the company had come to attention and the company now assumes that €1,9 billion at two Filipino banks do not exist.

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