The headquarters of the payment service provider in Aschheim, Germany (AP)German payments company Wirecard said on Thursday it was filing to open insolvency proceedings after disclosing a €1.6bn financial hole in its accounts. Shares were suspended before the announcement by the Frankfurt Stock Exchange. They have lost more than 90pc of their value since auditor EY refused to sign off on the 2019 accounts, leading to the resignation of long-time CEO Markus Braun. (More to follow)Reuters

Source: Irish Independent June 25, 2020 08:26 UTC