Wirecard collapsed on Thursday owing creditors almost $4 billion. Its auditor said the gaping hole in its book was the result of a "sophisticated global fraud". The payments company filed for insolvency at a Munich court saying that, with $1.5 billion of loans due within a week its survival as a going concern was “not assured”. Wirecard’s implosion came just seven days after its auditor refused to sign off on the 2019 accounts. The incident forced out chief executive Markus Braun and led the company to admit that $2.1 billion of its cash probably didn’t exist.
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