German payment service provider Wirecard, which reportedly lost nearly 2 billion euros, said on Monday that the credit probably never existed. Wirecard is a competitor of the Dutch Adyen and provides payment transactions for companies.
The company should have already released its 2019 annual report, but the auditor declined to issue an unqualified opinion. This is because items worth € 1.9 billion on the balance sheet were nowhere to be found.
The amount represents a quarter of the total assets of the company. Since Wirecard is negative in the news, 75 percent of the stock market value has gone up in smoke. The preliminary financial results for 2019 and the first quarter of this year have since been withdrawn.
The CEO has now also left, after the second man had already been suspended.