Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist


The chief executive of Wirecard AG resigned after two banks in the Philippines meant to be holding over $2 billion on behalf of the fintech giant said they don’t have the cash and never did.

Chief Executive Markus Braun, long the face of the company and its largest shareholder, resigned with immediate effect, the company said Friday. James H. Freis, who was appointed as a member of Wirecard’s management board late Thursday, will serve as interim chief executive.

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