Economy & Politics

BilanzWirecard: Wirtschaftsprüfer EY refuses certification – “CEO has to go”

Markus Braun, managing director of Wirecardimago / Sven Simon

The crime story about the wounded Dax group Wirecard continues: The payment service provider has postponed the presentation of its annual financial statements again today. EY’s auditors had not yet received sufficient audit evidence for “bank balances on trust accounts totaling EUR 1.9 billion,” the company said in an ad hoc release. The trust accounts would be held by two “leading” Asian banks, it is said. In addition, banks could terminate a credit line of EUR 2 billion.

For months, the Aschheim-based company, which was only included in the Dax after a spectacular growth course in autumn 2018, has been suspected of manipulating the balance sheet. Only recently there was a raid on the company headquarters. Wirecard had always rejected the allegations that the attestation for the annual financial statements, which had already been postponed several times due to a special audit, should now be the exemption. When a new appointment is scheduled is unclear.

Wirecard share

Wirecard stock chart
Course provider: L&S RT

Initial reactions from the company’s environment were horrified, personnel consequences could no longer be avoided. “CEO and CFO will have to leave at least,” is an insider’s assessment of Personal-Financial.com. The share price collapsed immediately after the announcement of the renewed postponement by more than 60 percent, around noon it was 55 euros. Wirecard announced that the company would file a complaint against unknown persons. A company spokesman said the company saw itself as a possible victim of a “gigantic fraud”.

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