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Wirecard’s Wild Week Finally Ends in Insolvency Filing

  • Management cites company over-indebtedness in documents
  • Company files for protection after $2.1 Billion went missing
Bloomberg business news
Former Wirecard CEO Braun Arrested Over Missing Cash Scandal
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Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.

Wirecard management cited over-indebtedness as the reason behind the decision to seek court protection in Munich, according to a statement. The company also said it’s considering whether the insolvency proceedings should be applied to its subsidiaries.