WIRECARD FILES FOR INSOLVENCY

Barely a week after a scandal that saw $2 billion from its books “missing,” Wirecard, a once-valuable German fintech company, has filed for insolvency.

More than $2 billion went missing from the company's balance sheet according to auditors, and Wirecard later admitted the money may never have existed, Shalini Nagarajan reported for Business Insider in the afternoon of June 25, 2020.

In a statement Thursday, Wirecard said it filed for insolvency proceedings in the Munich district court. Markus Baun, the company’s former CEO, was also held briefly on fraud charges but freed on bail.

The news comes just days after its ex-chief executive was arrested in relation to alleged market manipulation and false accounting. Shares of the company are suspended from trading.