Wirecard continues to operate despite major fraud and bankruptcy

The German payment company Wirecard is continuing its business activities for the time being. The company that is suffering from a major accounting fraud previously filed for bankruptcy, but the proceedings are still pending at a court in Munich.

Wirecard applied for deferment of payment because the company can no longer meet its financial obligations. The company is burdened by high debts. It was previously announced that it had lost almost 2 billion euros, but Wirecard later stated that this money may never have existed.

Wirecard then withdrew its financial publications from recent years. Long-serving CEO Markus Braun was arrested on suspicion of fraud. He has now been released on bail.