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Wirecard: more details on fraud scenario

( - The German electronic payment specialist Wirecard said on Monday that there was a "dominant probability" that the 1.
9 billion euro balance deposited in a trust account does not exist.

This observation leads the Munich based group to question its preliminary accounts for 2019, its preliminary results for the first quarter, its 2020 targets and provisions through to 2025.

A review (questions over) published results for the past financial years cannot be excluded either, the company said.

Last week, its auditor, Ernst & Young, said that it did not have sufficient documents to justify the existence of cash balances appearing in fiduciary accounts of about 1.9 billion euros, equivalent to a quarter of Wirecard's balance sheet.

Last Friday, two Philippine banks (BDO Bank and Bank of Philippines Islands) said they were not working with Wirecard - one said that a dishonest employee falsified documents and forged the signatures of its agents, Invest Securities said this morning.

In its statement, Wirecard said it was continuing to hold "constructive discussions" with its lending institutions and was considering a number of measures, such as divestments, to ensure the continuity of the business.

The group also assures that all of its IT systems are still operational.

However, these comments did not prevent the Wirecard share from falling into an abyss on Monday, collapsing over 38% in early trading.

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