Wirecard admitted last week that if it is unable to produce a set of new financials by the end of this week, it will have to terminate around $2 billion of loans it has received.
KPMG, the auditor that conducted Wirecard's past forensic accounting reviews, previously flagged a trustee account with about 1 billion euros in it as having "insufficiently documented payments." Further complicating Wirecard's cash position is that as of September last year, 1.7 billion euros of cash was held at regulated entities — Wirecard Bank, Germany and Wirecard Card Solutions, UK. This amount equates to nearly all of the remainder cash balance.
The "lion's share" of profits, therefore, were generated only by these three companies as of 2016, after which its profitability remained limited with negative reported earnings in full-year 2018.
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