At first, the company reportedly said the money was held in two Philippine banks, but the banks denied the money had ever entered their accounts. The governor of the country’s central bank said documents provided to EY appeared to be forged.
In a statement released on Monday, Wirecard’s board said the “prevailing likelihood” is that the cash does not exist.
It is holding “constructive discussions” with lenders about credit lines and future transactions, it said. The Munich-based company said it was considering “cost reductions, restructuring, disposal or termination of business units.”