The German digital payment processing and credit card company wirecard has declared bankruptcy

The German digital payment processing and credit card company wirecard has declared bankruptcy

German company Wirecard, which works in the field of digital payments via the Internet, has revealed the disappearance of $ 2.1 billion in its accounts.

 The company's auditor stated that he was unable to find the amount.

The company said earlier, that the amount has disappeared from the company's accounts on its way to Philippine banks, and may not have a presence from the original, while the Philippine central bank confirmed that the missing money did not enter the country's financial system.

CEO Markus Brown, who resigned last week, was arrested as part of an investigation into the company's accounting behavior and the scandal that rocked Germany's financial industry.

Some economists believe that the German company was the victim of corruption and financial manipulation, forcing it to file for bankruptcy.

On Thursday, the company filed for a bankruptcy proceeding, after the company’s $ 2.1 billion disappearance scandal.

The company’s management attributed its request to the Munich Court of Germany to protect its creditors to the company’s “excessive debts”.

The company explained that it is currently studying whether the procedures for declaring bankruptcy should be applied to its subsidiaries as well or not.