Shares in German electronic payments company Wirecard plunged as much as 71 per cent on Thursday as the group revealed that its auditors in EY had refused to sign on its annual accounts due to a missing €1.9 billion. The company had seen its low-profile Irish business caught up an external investigation in recent months amid reports of accounting irregularities across a number of the group’s international operations, including Singapore, Dubai and India. Efforts by The Irish Times to secure comment from directors of the Irish business, Wirecard UK & Ireland, on Thursday were unsuccessful. German prosecutors raided Wirecard’s headquarters in a Munich suburb on June 5th and opened proceedings against management as part of the investigation initiated by financial regulators. – Additional reporting, Reuters, Financial Times

Source: The Irish Times June 18, 2020 09:46 UTC