Wirecard is 'beyond salvagable' analyst says, and rivals won't benefit - Business Insider

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Wirecard is 'beyond salvagable,' according to one analyst, who says the company's rivals won't be able to benefit from its downfall

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Munich-based Wirecard, founded in 1999, was established with the intention of assisting websites with credit card payment collections from customers.

The former-CEO Markus Braun claimed a clean sheet for the company until as recently as May 17 when he tweeted: "When all the noise and dust settles, Wirecard will still be a company that generates a billion Euro of EBITDA this year and is one of the fastest growing in its industry."The allegations intensified when the company claimed €1.9 billion from its balance sheet probably never existed, and Braun was arrested.

 

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