Wirecard chief executive officer quit as the crypto card payments firm revealed that the €1.9 billion ($2.1 billion) missing from its accounts may not exist.
CEO Markus Braun resigned on June 19, after nearly 20 years at the helm. James Freis has been appointed interim chief executive, the German company said on Friday.
Wirecard said a search for the missing billions at two large Philippine banks during the weekend hit a cul de sac. The central bank of the Philippines noted that there was no record of the money entering the country’s financial system.
And both Bdo Unibank Inc and the Bank of the Philippine Islands denied any association with the firm, suggesting any supposed links between the entities and Wirecard may be part of attempted fraud, Bloomberg reported.
“The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist,” Wirecard said in a statement on Monday.