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https://www.reuters.com/article/us-wirecard-accounts/philippines-to-investigate-wirecards-phantom-billions-idUSKBN23V0Y2

Philippines to investigate Wirecard's phantom billions

2020-06-24 16:07:19, Jörn Poltz, Reuters

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
761

Words/Sentence:
23

Reading Time:
7.61 min

Reading Quality:
Advanced

Readability:
16th or higher

Media Sentiment
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RCS Analysis
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Risk Score
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PESTEL Scope
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Entity Word Cloud
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Auto Summary
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Wirecard's already battered shares fell a further 30% as a consortium of banks held crisis talks on how to recoup around $2 billion in loans to Wirecard, whose only listed bond crashed to 17 cents on the euro.

MUNICH/MANILA (Reuters) – Wirecard's missing $2.1 billion is being investigated by the Philippines, which said that the German payments firm's former chief operating officer Jan Marsalek may be in the country.

But with the disclosure of the financial hole wiping out a decade of cash flows, it will be tough for Wirecard to survive even with a debt restructuring as underlying profitability could be weak, said Richard Sbaschnig, a forensic accountant at CFRA.

Wirecard's potential break-up value is likely to be limited, Sbaschnig added, as earnings appear to have been negative in 2018 after stripping out the impact of the obscure third-party acquiring partners at the centre of the suspected fraud.

The ensuing scandal has rocked Germany's financial establishment, shown regulators to have been asleep at the wheel, and sent Wirecard shares down by nearly 90% to value the business at $1.5 billion.

Keywords
Major News, Pictures, Crime, Regulation, ACCOUNTS, US, Judicial Process / Court Cases / Court Decisions, Equities Markets, Technology (TRBC), Europe, Financials (TRBC), Singapore, Banking and Investment Services (TRBC), Debt / Fixed Income Markets, Banking Services (TRBC), Business Support Services (TRBC), Germany, Company Management Issues, Loans, US-WIRECARD-ACCOUNTS, Corporate Debt, Philippines, United States, Japan, Emerging Market Countries, Credit and Corporate Debt, Company News, White Collar Crime / Fraud / Corporate Crime, Accounting Issues, Corporate Events, Picture available, Financials (Legacy), Austria, Asia / Pacific, Crime / Law / Justice, Western Europe, WIRECARD, Financial Fraud / Securities Fraud, ASEAN Countries

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