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Wirecard’s Missing Billions Forces Out CEO, Panics Lenders

  • Shares collapse for second day, lenders considering advice
  • Philippine banks say German payments firm isn’t a client
Bloomberg business news
WATCH: Two Asian banks denied any relationship with Wirecard and one referred to “falsified documents” and forged signatures.Markets: European Open.” (Source: Bloomberg)
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Markus Braun’s almost two decades as Wirecard AG’s chief executive officer ended after accusations about the company’s accounting culminated in a shock disclosure that it was unable to locate 1.9 billion euros ($2.1 billion).

James Freis has been appointed interim CEO, the German payments company said in a short statement Friday. A recent hire and former compliance executive at Deutsche Boerse AG, Freis was only named as a member of the management board on Thursday.