Wirecard Suspends Executive After $2.1 Billion Goes Missing

Company was due to post its annual report early Thursday
Report already delayed three times, stock plummets 67%

An employee demonstrates the Wirecard AG online payment smartphone app on the company's exhibition stand at the Noah Technology Conference in Berlin, Germany, on Thursday, June 13, 2019. The annual tech conference runs June 13 -14 and brings together future-shaping executives and investors.Photographer: Krisztian Bocsi/Bloomberg

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By Eyk Henning, Jan-Patrick Barnert, and Sarah Syed

June 18, 2020 at 7:04 AM UTC

Updated on

June 19, 2020 at 5:25 AM UTC

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Wirecard AG has temporarily suspended its outgoing chief operating officer after revealing that auditors couldn’t find about 1.9 billion euros ($2.1 billion) in cash, spooking investors and casting doubt on the company’s leadership and survival.

Jan Marsalek has been suspended on a revocable basis until June 30, the company said in a statement on Thursday. James Freis, who had already been tapped to lead the company’s new “integrity, legal and compliance” department starting next month, will begin in his role immediately. Marsalek was due to step down from the COO role to a new position in charge of business development, Wirecard said in May.