Wirecard’s Ever Hopelessly Foreseeable Future
Recently unveiled news has pushed the German payments company Wirecard into a future that no one could or would predict, according to DealBreaker. More than $2 billion of cash on Wirecard’s balance sheet probably didn’t exist. The firm’s CEO was under arrest, as well as the COO disappeared when the firm ran into trouble.
Police raided the firm’s properties to widen their investigations. SoftBank has sought to end partnership with Wirecard, to distance itself from the firm. Deutsche Bank, instead, has decided to offer emergency financing to Wirecard.
“We are, in principle, prepared to provide this support if such assistance should become necessary,” said Sebastian Krämer-Bach, a Deutsche Bank spokesman.
The offer was “being discussed with Germany’s financial regulatory agency and the insolvency administrator currently running Wirecard’s affairs,” the bank said.