German Fintech Company Wirecard Files for Bankruptcy... Stock Price Plummets 11%
![Wirecard headquarters located near Munich, Germany <br>[Image source=EPA Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2020062518394026824_1593077980.jpg)
Wirecard headquarters located near Munich, Germany
[Image source=EPA Yonhap News]
[Asia Economy Reporter Eunbyeol Kim] German fintech company Wirecard, embroiled in accounting fraud allegations worth trillions of won, has filed for bankruptcy. Wirecard is suspected of committing accounting fraud involving 1.9 billion euros (approximately 2.6 trillion won).
Bloomberg reported on the 25th (local time) that Wirecard filed for bankruptcy after former CEO Markus Braun was arrested by prosecutors the previous night.
Local prosecutors are focusing on the possibility that former CEO Braun was involved in inflating Wirecard's revenue and falsifying financial statements.
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On the same day, Wirecard's stock price traded down about 11% at 10.74 euros.
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