ZCZC
BCN-05
GERMANY-FINANCE-FRAUD-WIRECARD-BANKRUPTCY
Scandal-hit Wirecard files for insolvency: statement
BERLIN, June 25, 2020 (BSS/AFP) – Stricken payments provider Wirecard said Thursday it is filing for insolvency, days after the high-profile German company admitted that 1.9 billion euros ($2.1 billion) were missing from its accounts.
“The management board of Wirecard AG has decided today to file an application for the opening of insolvency proceedings for Wirecard AG with the competent district court of Munich due to impending insolvency and over-indebtedness,” the company said in a statement.
Trading in the group’s shares was immediately halted by the Frankfurt Stock Exchange, leaving them blocked at 10.74 euros, down 12.7 percent from Wednesday’s close.
BSS/AFP/MMA/1504HRS