‘The money’s gone’: Wirecard collapses owing $4bln | ZAWYA MENA Edition – ZAWYA

‘The money’s gone’: Wirecard collapses owing $4bln | ZAWYA MENA Edition – ZAWYA

The money's gone': Wirecard collapses owing $4bln 'The money's gone': Wirecard collapses owing $4bln | ZAWYA MENA Edition HomeBusinessFinancial ServicesArticle'The money's gone': Wirecard collapses owing $4bln Shares plummet 80% on news    Traders wearing masks work, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. BERLIN/MUNICH/FRANKFURT- Wirecard collapsed on Thursday owing creditors almost $4 billion after disclosing a gaping hole in its books in Germany's worst accounting scandal.The payments company filed for insolvency at a Munich court saying that with 1.3 billion euros ($1.5 billion) of loans due at the end of the month its survival as a going concern was "not assured".Its implosion came a week after EY, its auditor for over a decade, refused to sign off the 2019 accounts, forcing out Chief Executive Markus Braun and leading Wirecard to admit that $2.1 billion of its cash probably didn't exist. The payments company filed for insolvency at a Munich court saying that with 1.3 billion euros ($1.5 billion) of loans due at the end of the month its survival as a going concern