Wirecard shares drop over missing £1.7 billion

Germany company, Wirecard, has been rocked by its auditor reporting question marks over cash balances of £1.7 billion.

EY, the auditors, refused to sign off on the accounts, as it could not confirm the money existed. The missing monies is equivalent of a quarter of Wirecard’s total balance sheet.

The worry is that there seems evidence of “spurious” figures intended “to deceive”.

Wirecard’s management is now working with EY to clarify what has gone on.