MOSCOW (Pakistan Point News / Sputnik - 25th June, 2020) German digital payments company Wirecard announced on Thursday it had decided to file for insolvency amid an accounting scandal, media reported.
"The management board of Wirecard AG decided today to file for insolvency with a relevant district court in Munich due to its inability to pay and debt overload," a statement seen by German n-tv reads.
Wirecard, a blue-chip company listed in Germany's DAX stock index, said it was also considering filing for insolvency for its daughter companies.
Markus Braun, the founder of the Aschheim-based firm, stepped down as a member of the board last week after EY auditors did not find 1.9 billion Euros ($2.1 billion) on Wirecard's balance sheet.
The money was supposed to be in Philippine banks but the company suspects the accounts do not exist. The British Financial Times newspaper reported last year that a large share of Wirecard's sales in Asia appeared to be fake.
