The multinational technology and financial services company Wirecard presents an imbalance in its annual balance sheet, with a lack of no less than 1.900 billion euros in its accounts.
Wirecard is a German multinational that provides financial and technological services to almost all of Europe. This company, which is the largest payment processor and provider of cryptocurrency debit cards in the region, announced the suspension of Jan Marsalek, Chief Operating Officer of Wirecard for the lack of a multimillion-dollar sum in the company's accounts.
Likewise, in a brief release, Wirecard announced that in the audit carried out by Ernst & Young (EY) It was discovered that this amount of money was missing from Wirecard accounts. For this reason, the multinational announced that it suspects that one of the company's administrators tried to deceive the auditors by modifying and altering the balance sheets, which is why both Wirecard and EY are working together to clarify the situation with the missing funds.
It is important to note that this sum of money represents almost a quarter of the cash reflected by the multinational in its accounts. Thus, until the situation is clear, Wirecard will not publish its annual balance sheet for the scheduled date; He also noted that if the missing funds are not available, loans granted to the company for a similar amount may be cancelled.
“In light of the above, the audit of the 2019 annual and consolidated financial statements will not conclude as planned on June 18, 2020. A new date will be announced. If the certified annual consolidated financial statements cannot be made available by June 19, 2020, the loans granted to Wirecard AG in the amount of approximately €2 billion may be terminated.”
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Will Crypto.com, Wirex, TenX and CryptoPay be affected by the Wirecard situation?
Cryptocurrency companies Crypto.com, Wirex, TenX y CryptoPay may be affected by the situation that is occurring with Wirecard. The multinational and its subsidiary Wirecard Card Solutions, is responsible for issuing all the debit cards used by the clients of these companies, which provide exchange services, payment platforms and wallets for crypto assets.
However, Kris Marszalek, CEO of Crypto.com, spoke out through his Twitter account, stating that his clients' cryptocurrency balances are safe. Marszalek stated that the funds of the platform's users and clients are not in the hands of Wirecard; On the contrary, the funds are safe in the hands of another financial institution. Likewise, Marszalek assured that whoever owns the funds is regulated by the UK Financial Conduct Authority (FCA).
Marszalek noted that the MCO Visa debit cards used by Crypto.com customers are “fully refunded,” so with his message, Marszalek tries to calm his customers, who are worried and angry in the midst of the situation.
Wirecard shares on the Frankfurt Stock Exchange fall abysmally
Shortly after this news was announced, the value of Wirecard's shares on the Frankfurt Stock Exchange plummeted by more than 70%. This fact means that the company's share values, which were around 100 euros per share, have fallen to approximately 30 euros. Although the fall has been overwhelming, the company has subsequently managed to reduce its losses a little, maintaining its shares at values close to 39 euros per share.
It is not the first time that this multinational financial and technological services company has been involved in a case of scandal and irregularities with its balance sheets. Let us remember that in 2018 Wirecard, when it was audited by the company KPMG, could not present evidence of missing documents from his management, so in the same way he had inconsistencies in the account balances he presented for those dates.
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