(Bloomberg) — Wirecard AG filed for insolvency proceedings on Thursday after a massive accounting scandal brought the payments company to its knees.Wirecard management cited over-indebtedness as the reason behind the decision to seek for court protection in Munich, according to a statement. The company also said is considering whether the insolvency proceedings should also be applied to its subsidiaries.The company’s rapid fall from grace comes after it admitted that 1.9 billion euros ($2.1 billion) went missing from its balance sheet, and is a major setback for Germany’s burgeoning tech scene and a debacle for investors. In less than a week, …read more
Source:: Yahoo Finance
