A Germany-based payments processor, Wirecard, that has served the betting and several other industries, has reported mislaying around two billion USD in funds. The company has now been obligated to file for insolvency.
The payment processor has been an established player in its domain till now. Over the years, the company has engrossed a lot of consideration and started working with a number of significant customers around the world. Nevertheless, it was divulged last week that over two billion USD were displaced from its balance sheet subsequent to an enquiry led by The Financial Times that began last year.
Because of the misplacement, several investors lost millions of dollars. When looking at the stock’s last month price, Wirecard was changing hands at around 100 Euro. Subsequent to the news, it fell rapidly. Presently, the stock is trading at over 5 Euro. As per Reuters, the mislaid money is just a part of what might be a total of over four billion USD that the company owes.
The company has borne a lot of criticism from all and sundry. The whole world is eager to understand how the payment processor was able to orchestrate the system effortlessly for so long. Demands for BaFin, Germany’s financial regulator, to be held accountable are beginning to surface. The development is being considered a key mortification both for Wirecard, as well as the financial regulator of Germany.
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