The CEO of Wirecard abdicates. Markus Braun has announced his resignation as CEO of the entity after leading several (and serious) accounting irregularities. The German company, specialized in the processing of electronic payments, 35% has collapsed this Friday, up to 25.82 euros, after sinking 61% this Thursday after learning of the scandal confirmed by the EY auditor.
James Freis He has been chosen as interim CEO of the company, as announced by the German in a statement this Friday.
The technology and financial services company has confirmed in a statement this Thursday that the EY auditor "has not been able to obtain sufficient audit evidence of the cash balances in the trust accounts to consolidate in the consolidated financial statements an amount of 1,900 million euros (approximately a quarter of the total consolidated balance sheet) ".
The news has caused an immediate stock market crash, after Wirecard had denied in recent months any type of irregularity. The company has postponed the presentation of its results until the situation is clarified.
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