Embarrassment hit installments firm Wirecard has said the €1.9bn (£1.7bn) missing from its records essentially may not exist.

Wirecard’s CEO quit on Friday as the quest for the missing money hit an impasse in the Philippines.

On Sunday the national bank of Philippines said none of the cash seems to have entered the nation’s money related framework.

The German organization additionally said it was pulling back its budgetary outcomes for 2019 and the principal quarter of 2020.

“The Management Board of Wirecard surveys based on further assessment that there is an overall probability that the bank trust account adjusts in the measure of 1.9 billion EUR don’t exist,” the organization said in an announcement on Monday.

The missing cash represents around a fourth of its all out monetary record.

Wirecard supervisor stops in the midst of chase for missing €1.9bn

The organization said it was proceeding to talk about a monetary life saver with banks, including a current game plan that is expected to lapse toward the finish of this current month.

It said it was additionally thinking about a few likely designs to spare the organization, including cost cuts, the rebuilding of its tasks, and selling or closing pieces of the business.

The outrage rose after a progression of articles in the Financial Times a year ago concentrating on supposed bookkeeping anomalies in Wirecard’s Asian tasks.

The missing cash should be held in accounts at two Asian banks and had been saved for “hazard the executives”, the organization said.

The exit of Wirecard’s CEO Markus Braun on Friday came after reviewer EY would not close down its 2019 records over the missing assets.

Wirecard joined Germany’s blue-chip Dax 30 offer record two years back. At that point, it was esteemed at €24bn, yet its offers have smashed as of late giving it a securities exchange valuation of under €3bn.

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