• The Financial District


Updated: Jun 21, 2020

A breaking story about the missing deposits amounting to $2.1 billion of Wirecard AG, a German IT  payments firm, has ensnared two Philippine banks, the BDO Unibank and the Bank of Philippine Islands.

The story, which was run by Bloomberg showed that Wirecard AG shares had gone into a free fall with its value dropping from 24.6 billion Euros when it joined Germany’s DAX index in September 2018 to 2.4 billion Euros.

Wirecard’s free fall in its market value resulted from the missing cash as the two Asian banks , later named as BDO and BPI, denied any business relationship with the German payments company.

Both BDO and BPI denied any relationship with Wirecard saying that it is not even a depositor

“It was a rogue employee who falsified documents and forged the signatures of our officers,” BDO Unibank Chief Executive Officer Nestor Tan said in a mobile phone message. “Wirecard is not even a depositor -- we have no relationship with them,” the Bloomberg report said.

The Bank of the Philippine Islands said in a separate statement that Wirecard isn’t a client and it continues to investigate the issue.