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Ex-CEO of Wirecard arrested in case over missing billions

BERLIN (AP) –

The former CEO of German cost service supplier Wirecard has been arrested in an accounting scandal that facilities on a missing sum of 1.9 billion euros ($2.1 billion), prosecutors in Munich mentioned Tuesday.

Markus Braun resigned on Friday after the corporate disclosed that auditors couldn’t discover accounts containing the cash.

On Monday, Wirecard mentioned it has concluded that the cash most likely doesn’t exist.

Wirecard AG was as soon as thought to be a star of the rising monetary expertise sector, however its shares have fallen sharply after the corporate turned the topic of a number of Financial Times experiences about accounting irregularities in its Asian operations. Wirecard disputed the experiences, which began in February 2019, and mentioned it was the sufferer of speculators.

Last week, the corporate disclosed that auditors couldn’t discover accounts containing the 1.9 billion euros and postponed its annual report. On Friday, Braun resigned and was changed by James Freis.

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