June 25, 2020 / 8:40 AM / 20 days ago

Wirecard files for insolvency

BERLIN, June 25 (Reuters) - German payments company Wirecard said on Thursday it was filing to open insolvency proceedings after disclosing a $2.1 billion financial hole in its accounts.

Shares were suspended before the announcement by the Frankfurt Stock Exchange. They have lost more than 90% of their value since auditor EY refused to sign off on the 2019 accounts, leading to the resignation of long-time CEO Markus Braun. (Reporting by Douglas Busvine; Editing by Maria Sheahan)

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