German payments company blames ‘over-indebtedness’ for demise following revelations of fraud
Wirecard collapsed on Thursday as the once high-flying German payments service provider announced it would file for insolvency following revelations of a multiyear accounting fraud. The Aschheim-based technology company, which a week ago had a market value of €13bn, said in a regulatory statement that it faced “impending insolvency and over-indebtedness”.
It is the first insolvency of a member of Germany’s Dax index of blue-chip companies in its 32-year history. Wirecard shares, down 90 per cent in the last week, were suspended for one hour shortly before the company’s announcement that it will file an application for insolvency at the Munich district court later today........MUCH MORE
That 'over-indebtedness' will get you.
