FRANKFURT/MANILA — Wirecard's chief executive quit on Friday as the German payments firm's search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks. Markus Braun, who built Wirecard into one of the hottest financial technology investments in Europe before questions over accounting saw it crash in value, leaves the firm facing a looming cash crunch and mired in allegations of fraud. Braun resigned just hours after releasing a video blaming Wirecard's problems on fraud, saying he accepted "responsibility for all business transactions lies with the CEO." Wirecard, which has seen nearly 10 billion euros ($11.2 billion) wiped off its market value in just two days, had been a welcome technology success story in Germany, a country better known for its prowess in heavy industry.

Source: International New York Times June 19, 2020 06:59 UTC