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Wirecard Former CEO Markus Braun Arrested By German Police

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As per media reports, Markus Braun, former CEO of Wirecard AG (WRCDF.PK), has been arrested by German police. The arrest is reportedly part of an investigation related to the suspected financial manipulation with respect to the sales figures of the German payment firm.

Last week, Markus Braun resigned as member of the management board of Wirecard as the auditor Ernst & Young found that no sufficient audit evidence could be obtained of cash balances on trust accounts to be consolidated in the consolidated financial statements in the amount of 1.9 billion euros. Later, Wirecard said the missing 1.9 billion euros of cash probably does not exist.

The company withdrew its preliminary results for the financial year 2019 and the first quarter of 2020. On Friday, Wirecard confirmed that it is in constructive discussions with its lending banks with regard to the continuation of the credit lines and the further business relationship.

On Monday, the company's Supervisory Board terminated employment contract of the member of the Management Board Jan Marsalek.

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