The CEO of German financial technology giant Wirecard resigned suddenly Friday as growing questions about $2 billion missing from the coffers sent the stock into a freefall. Wirecard said it had deposited the funds into the Bank of the Philippine Islands and BDO Unibank, Inc., but its auditors said they could not locate the money and both banks have publicly denied any relationship to Wirecard. “Wirecard is not a client of the bank. The document claiming the existence of a Wirecard account with BDO is a falsified document and carries forged signatures of bank officers,” BDO said. Before his resignation, chief executive Markus Braun said Wirecard may have been the victim of fraud. The company said its chief compliance officer will temporarily take over.
