London — Markus Braun started last week with a $1bn stake in Wirecard, the digital payments company he ran. By the end of the week he was out of his job as CEO and more than half his shares had been liquidated to meet a margin call.
Authorities are investigating how €1.9bn went missing from the company, a scandal that has triggered calls for regulatory reform and seen clients such as French telecom carrier Orange distance itself from the fintech company. On Wednesday, those pledged shares were worth €435m, easily covering the value of the loan. But after Wirecard disclosed that it was unable to locate €1.9bn, or about a quarter of its balance sheet, their value collapsed to €166m on Thursday, triggering the sales. By Friday, they were worth about €100m.
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Ousted Wirecard CEO liquidates shares to make margin callThe scandal-ridden fintech company can’t find the nearly €2bn missing from its coffers
Source: BDliveSA - 🏆 12. / 63 Read more »
Ousted Wirecard CEO liquidates shares to make margin callThe scandal-ridden fintech company can’t find the nearly €2bn missing from its coffers
Source: BDliveSA - 🏆 12. / 63 Read more »