German Payment Group Wirecard Missing €1.9bn

June 18, 2020

peter_IFAMAG reads Twitter so you don’t have to.

Wirecard stock plumets as €1.9bn is revealed missing from the German payment group’s accounts. The Bank of England vote for extended QE programme, whilst Barclays reveal they’ve loaned £18.2bn over Covid crisis.

Dan McCrum has been covering the embattled Wirecard for some months, and broke the missing cash story earlier today.

Wirecard says €1.9bn of cash is missing, indications auditors deceived, €2bn of loans could be terminated if accounts not published tomorrow.
Stock down two-thirds, FT story imminent

— Dan McCrum (@FD) June 18, 2020

Another journalist had this to say about the companies meltdown.

Stunning statement by Wirecard. How can an auditor – who has access to every receipt and document they ask for – be deceived, while a journalist – who has to fight against the company on every detail – can uncover the true picture? pic.twitter.com/WouajTudTS

— Tabby Kinder (@Tabby_Kinder) June 18, 2020

A full account here.

For background on Wirecard collapse today, these are the two key stories.
In October, we wrote that sales and profits appeared fraudulently inflated. https://t.co/8RKd75oGeT
In December, we wrote that "trustee accounts" were included in cash balances. https://t.co/UWIrIRpqnm

— Dan McCrum (@FD) June 18, 2020

The Bank of England monetary policy committee vote 8 – 1 to boost quantitive easing.

The Bank of England monetary policy committee has voted by a majority of 8-1 to boost quantitative easing (the bonds it plans to buy in the market – mostly government gilts) by an additional £100 billion, to take the total stock of asset purchases to £745 billion.

— Andy Verity (@andyverity) June 18, 2020

Check out this thread for a fuller picture.

NEW: The @bankofengland MPC votes to expand its Quantitative Easing programme by £100bn to £745bn to help ease economy out of recession

— Faisal Islam (@faisalislam) June 18, 2020

APPG Banking share Barlclays announcement they loaned £18.2bn in Covid support so far.