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> Wirecard AG shares continued their free-fall after the two Asian banks that were supposed to be holding 1.9 billion euros ($2.1 billion) of missing cash denie
by ckastner 6y ago
> Wirecard AG shares continued their free-fall after the two Asian banks that were supposed to be holding 1.9 billion euros ($2.1 billion) of missing cash denied any business relationship with the German payments company.
For reference, their balance sheet lists assets of about 6 billion euros.
Now, if their auditor EY were refusing to sign off on some crazy valuations of some weird positions, I'd perhaps understand, but if other banks are outright denying not just a cash balance but an actual business relationship, I don't see a way how this can be walked back.
SoftBank really knows how to pick them. It invested 1 billion about a year ago [1].
[1] https://www.bloomberg.com/news/articles/2019-04-23/softbank-is-said-to-consider-acquiring-5-stake-in-wirecard https://www.bloomberg.com/news/articles/2019-04-23/softbank-...