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Wirecard In Talks With Lending Banks On Continuation Of Credit Lines

Wirecard AG (WRCDF.PK) confirmed Friday that it is in constructive discussions with its lending banks with regard to the continuation of the credit lines and the further business relationship.

Earlier today, the company said that its chief executive officer Markus Braun resigned with immediate effect. Incoming management board member James Freis has been appointed as interim chief executive officer.

On Thursday, Wirecard suspended the member of the Management Board Jan Marsalek on a revocable basis, after revealing that auditors couldn't find about 1.9 billion euros in cash.

Wirecard's auditor Ernst & Young informed the company that no sufficient audit evidence could be obtained so far of cash balances on trust accounts in the consolidated financial statements in the amount of 1.9 billion euros, about a quarter of the consolidated balance sheet total.

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