WireCard CEO Claims $2.1 Billion Went Missing in Two Philippine Banks

Radio host and veteran blogger Mark Lopez made an interesting expose involving $2.1 billion worth of global money fraud allegedly involving two Philippine banks.


In a news report by The Wall Street Journal, the Chief Executive Officer (CEO) of Wirecard AG resigned after two banks in the Philippines meant to be holding over $2 billion in behalf of the company said they don’t have the cash and never did.



The international news outlets Wall Street Journal reported that Wirecard's shares resumes freefall, erasing nearly $2.4 billion in market value after losing nearly $9 billion, the shares are down nearly 80% over two days.

The two banks allegedly involved in the transaction with Wirecard were multinational banks, Banco De Oro and the Philippine National Bank (PNB).

Read the Complete Statement of Mark Lopez:

FROM THE WALL STREET JOURNAL RE MISSING WIRECARD FUND WORTH $2.1 BILLION

The chief executive of fintech giant Wirecard AG resigned Friday after two banks in the Philippines meant to be holding over $2 billion on behalf of the company said they don’t have the cash and never did.



Chief Executive Markus Braun, long the face of the company and its largest shareholder, resigned with immediate effect, the company said Friday. James H. Freis, who was appointed as a member of Wirecard’s management board late Thursday, is replacing Mr. Braun as interim chief executive.

Shares in Wirecard resumed their freefall, erasing another $2.4 billion in market value after losing nearly $9 billion on Thursday. The shares are down nearly 80% over two days.

Wirecard delayed its 2019 results Thursday after its auditor refused to sign off the accounts believing it had been deceived over the existence of €1.9 billion ($2.1 billion) in cash supposedly held by the company.

The auditor, Ernst & Young GmbH, had become suspicious of letters purporting to confirm the existence of the accounts and the amounts held in them, Wirecard said. The two Philippine banks confirmed Friday that those letters were fraudulent.

The document claiming the existence of a Wirecard account with BDO is a falsified document and carries forged signatures of bank officers,” said a BDO Unibank Inc. spokesperson. It has reported the matter to the Philippine central bank.

Source: Mark Lopez FB Page

WireCard CEO Claims $2.1 Billion Went Missing in Two Philippine Banks WireCard CEO Claims $2.1 Billion Went Missing in Two Philippine Banks Reviewed by Phil Newsome on June 21, 2020 Rating: 5
Powered by Blogger.