Wirecard CEO Markus Braun quits as Philippine banks deny holding missing US$2.1 billion

Two Philippine banks said the German company was not their client and alleged that documents had been forged

Wirecard is facing a looming cash crunch amid allegations of fraud over the missing money

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Wirecard CEO Markus Braun. Photo: Reuters

Published: 9:11pm, 19 Jun 2020Updated: 9:13pm, 19 Jun 2020

The chief executive of Wirecard resigned on Friday after the search for US$2.1 billion of cash missing from the embattled electronic payments firm hit a dead end in the Philippines.

Markus Braun, who built the German company into one of the hottest investments in Europe, leaves Wirecard facing a looming cash crunch amid allegations of fraud over the missing money.

In a statement, the company said James Freis, a former compliance officer at Germany’s stock exchange, had been appointed as interim CEO.

Wirecard is holding emergency talks with banks to secure a financial lifeline, three people with knowledge of the matter said, after its auditor, EY, refused to sign off on its accounts.

The company warned on Thursday that loans of roughly 2 billion euros (US$2.24 billion) could be terminated if its annual report is not published on Friday.

The company’s shares tanked again after two Philippine banks said the German payments company was not a client of theirs and alleged that documents had been falsified.

Wirecard’s headquarters in Munich, Germany. Photo: Bloomberg

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