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Wirecard : CEO Resigns After Banks Say Missing $2 Billion Doesn't Exist

The chief executive of fintech giant Wirecard AG resigned Friday after two banks in the Philippines meant to be holding over $2 billion on behalf of the company said they don't have the cash and never did.

Wirecard is a leader among companies that have boomed as commerce shifted online and away from cash payments. It processes electronic payments for retailers, gambling sites, travel companies and others, especially online, and provides related services and loans.

But its success also attracted skeptics. Short sellers, investors who bet on a company's share price to fall, repeatedly accused the company over several years of fabricating business and cash. The company vociferously denied those allegations and its stock kept rising.

Markus Braun, chief executive of Wirecard and its largest shareholder, tried to deflect blame in a company video posted early Friday. He said that the company could itself be a victim. "At present it cannot be ruled out that Wirecard has become the aggrieved party in a case of fraud of considerable proportions."

https://www.marketscreener.com/WIRECARD-AG-454356/news/Wirecard-CEO-Resigns-After-Banks-Say-Missing-2-Billion-Doesn-t-Exist-Update-30795375/