• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Philippines implicated in missing US$2.1bn Wirecard fraud

Philippines implicated in missing US$2.1bn Wirecard fraud

Wirecard CEO resigns after missing $2.1 billion shares

Wirecard AG’s Chief Executive Officer Markus Braun has resigned after the company disclosed 1.9 billion euros ($2.1 billion) of missing cash. Braun’s exit comes after Wirecard suffered a share price collapse after the two Asian banks that were supposed to be holding the missing cash denied any business relationship with the German payments company.

BDO Unibank, Inc. and Bank of the Philippine Islands released separate statements denying any relationship with Wirecard. The Bangko Sentral ng Pilipinas (Philippine Central Bank) said it’s aware of reports about German payments company Wirecard AG and is investigating the matter.

Wirecard shares plummeted to almost 52 per cent in Frankfurt on Friday. The company’s 900 million euros of convertible bonds are now indicated at less than 10 cents on the euro. The German payments company is now valued at about 2.4 billion euros. It was worth 24.6 billion euros when it entered Germany’s Dax index in September 2018.

Read more here.

London’s Financial Times wrote an exposé on an emerging situation back in March 2019, saying that whistleblowers as far back as early-2018 raised the alarm of inappropriate practices, identifying numerous feeder and shell companies around the Philippines which were funnelling up to half of the fintech’s gross revenues.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image