Wirecard chief executive resigns after €1.9 billion hole in the balance sheet discovered

marketwatch.com ^ | June 19, 2020 | Steve Goldstein

[ransomnote]

 

WDI

-35.05%

WCAGY

-28.71%

DAX

+0.40%

 

Markus Braun has resigned as the chief executive of German payments processor Wirecard, a day after the company said it couldn’t account for roughly a quarter of the cash on its balance sheet.

In a terse statement, Wirecard WDI, -35.05% WCAGY, -28.71% said Braun resigned by mutual agreement and with immediate effect.

James Freis, the former FinCEN director and ex-chief compliance officer of Deutsche Börse, was named interim chief executive of Wirecard after joining the board only on Thursday night. Wirecard also suspended Jan Marsalek, the chief operating officer.

Shares of German payments processor Wirecard plunged for a second day on Friday, as the troubled firm faces the risk of banks terminating loans.

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[BenLurkin]

Sombody forgot to carry the one?

[Red Badger]

Hmmmmm, an accounting error?...................

[Red Badger]

GMTA!................

[BBQToadRibs]

Looks like my wife must be working there, seeing how her checking account appears the same way.

[Newtoidaho]

“Jeez, I always mess up something simple like putting the decimal point in the wrong place.”

[Libloather]

Happens to me all the time.