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Wirecard Terminates Management Board Member Jan Marsalek

Wirecard AG (WRCDF.PK) said that its Supervisory Board terminated employment contract of the member of the Management Board Jan Marsalek, who had been suspended on a revocable basis on June 18, 2020.

Earlier, Wirecard said that the missing 1.9 billion euros of cash on its balance sheet probably does not exist. The company withdrew its preliminary results for the financial year 2019 and the first quarter of 2020.

In addition, the company stated that it is examining a broad range of possible further measures to ensure continuation of its business operations, including cost reductions as well as restructuring, disposal or termination of business units and products segments.

On Friday, 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 had 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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