Financial specialist in Holland say that wirecard might get bankrupted this weekend... Better be safe, than sorry!
When a bankrun starts, you are too late.
"From FD just now: In a response to Bloomberg news agency, Barry Norris, fund manager at Argonaut Capital, said he sees the payment processor looking bleak. "The fact that Wirecard had large loans on approved financial statements is reason for us to assume that the company will be declared bankrupt this weekend."
Barry Norris is going short, so he profits when it goes down.
https://portfolio-adviser.com/alexan...ting-plummets/
Payment Giant Wirecard: Possible Billion Fraud
By DFT Editorial
Updated 1 min ago
8 min ago in FINANCIAL
German payment processor Wirecard says fraud of "significant scale" cannot be ruled out after a $ 1.9 billion gap in its accounts emerged.
Wirecard reported this on Friday. The summit stated in an explanation that it could not rule out having become the 'injured party'.
The group already postponed the publication of its 2019 annual report on Thursday. Actually, the company accused of accounting fraud would publish the report on Thursday. However, accounting firm EY says it sees indications of fraud, with a financial gap of nearly € 2 billion.
Wirecard also put director Jan Marsalek on non-active and brought forward the appointment of James Freis. He would actually become responsible for integrity with the payment processor from July 1. He must also ensure that the company complies with all rules.
The publication of the annual report has already been postponed several times. No new date has been mentioned.
On the stock market, the share fell by more than 60% on Thursday.
British business newspaper Financial Times posted documents from the company last year that the newspaper said Wirecard fraudulently boosted earnings and sales figures. The suspicions of cheating revolve around a partner company of Wirecard from Dubai. Wirecard firmly denied the accounting fraud and hired accountant KPMG to conduct independent investigations. KPMG said it did not see any misconduct in April, but said that not all information was available.
On Friday, German authorities raided the company seeking information from company executives. Wirecard agreed to cooperate with the authorities.
Wirecard also announced on Thursday that he would file a report for the fraud, saying the company may have been a victim of "massive scams." It concerns a report against as yet unknown persons who may be involved in the fraud case, according to Wirecard.