1.9 billion missing: Wirecard billions are allegedly not in the Philippines – creditor banks give hope | message
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According to the Philippine central bank, the 1.9 billion euros missing in the balance sheet of the payment processor Wirecard should not be in the Asian country. “The first report says no money has reached the Philippines,” said Benjamin Diokno, president of Bangko Sentral ng Pilipinas, according to Reuters and the Philippine daily Philippine Star Global, about journalists via the Viper messaging service. He stressed that the central bank is continuing to investigate the case. Wirecard was unavailable for comment on Sunday afternoon.
Two banks in the Philippines, which were supposed to keep the 1.9 billion euros for Wirecard, said they did not have the money on Friday and never had it. Ernst & Young’s auditors refused to give Wirecard the certificate for the 2019 annual financial statements on Thursday because there was no evidence of fiduciary funds at this level. Letters appeared suspicious to the auditors who claimed to confirm the existence of the accounts and the corresponding sums. However, the two Philippine banks called these letters fake.
“The document, which claims the existence of a Wirecard account with BDO, is a falsified document and is provided with falsified signatures by bank managers,” said a BDO spokesman. The bank has reported the matter to the Philippine central bank. The Bank of the Philippine Islands said in a statement: “Wirecard is not a customer. Your chartered accountant presented us with a document that claims they are our customers. We have come to the conclusion that the document is incorrect.”
The missing 1.9 billion euros should be security deposits that Wirecard subsidiaries paid into trust accounts to guarantee risk management for participating merchants in the Wirecard payment system. The trustee was mandated in 2019.
After the fraud allegations against Wirecard, CEO Markus Braun was unstoppable. The CEO, who is at the same time the largest single shareholder of Wirecard AG with a 7 percent stake, resigned on Friday with immediate effect in agreement with the Supervisory Board, according to the group.
Wirecard can probably hope for help from the Glubiger banks
Wirecard’s Glubiger banks apparently do not want to drop the DAX group, which was shaken by a balance sheet scandal, at least in the short term. “No one has an interest in canceling the loan,” writes the Frankfurter Allgemeine Sonntagszeitung, citing the involved money houses. “Everyone now wants to stabilize the thing in the short term.” In the Wirecard environment, it was said that the difficult-to-reach group needed a “trust” from the banks. One hopes for an agreement by the end of next week. No statement on the matter was available from Wirecard on Sunday afternoon.
However, there are fears that many Wirecard customers could quickly turn their backs on the payment service provider from Aschheim near Munich. The rating agency Moodys also pointed out this danger and lowered its credit rating for the company to junk level on Saturday night. A consortium of 15 Glubiger banks could terminate a loan to Wirecard for EUR 1.75 billion at any time because the company did not publish its annual financial statements in time and thus violated contractual clauses.
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