The curious case of Wirecard

In hindsight, there were early signs of trouble affecting the firm

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.
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

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.

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A version of this article appeared in the print edition of The Sunday Times on July 26, 2020, with the headline 'The curious case of Wirecard'. Subscribe