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The curious case of Wirecard
In hindsight, there were early signs of trouble affecting the firm
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Before the earth-shattering scandal last month, Wirecard was a global fintech company with its headquarters in Germany. It started in 1999 by helping websites collect payments from customers.
PHOTO: AGENCE FRANCE-PRESSE
Paul Condylis and Emir Hrnjic
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On June 18, global fintech company Wirecard admitted that large parts of its Asia business were misrepresented and that €1.9 billion (S$3 billion) in cash reported on their financial statements did not exist.
Five days later, the company filed for bankruptcy protection from creditors, and Wirecard's share price collapsed from more than €100 to less than €3.
