Reuters
Financial technology organization Gerguy Wirecard saw its stock drop by more than 80% in two days last week after its auditor, EY, said it will not track 1 billion euros (about $2 billion) in cash, representing about a quarter of Wirecard’s balance sheet.
On Monday, Wirecard said the missing amount never existed and that on Tuesday, Markus Braun, the CEO who left on Friday, was arrested in Germany, accused of inflating the company’s balance sheet.
Wirecard said last week that if he could not produce a steady new economic knowledge until the end of this week, he would end up with about $2 billion in loans he had received.
Richard Sbaschnig, head of investment firm’s economic forensic studies team CFRA, told Markets Insider that Wirecard is now facing a liquidity crisis in his struggle to disappraeate the budget to repay loans.
“There are regulatory restrictions on access to these coins for general purposes,” Sbaschnig told CNBC in a separate interview.
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One suggestion made in the last few days is that Apple can also take over Wirecard.
Aleven, although fintech hoax is full of fusion activity, Sbaschnig stated that there would be applicable headaches with an external rescue for Wirecard:
The combined apple had stated that the missing coins had to be stored in two banks in the Philippines. The Central Bank of the Philippines denied the claim and said the documents suggest this is false.
Wirecard responds to Markets Insider’s comment request.
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