FRANKFURT/MANILA (Reuters) – The chief executive of Wirecard resigned on Friday after the search for $2.1 billion of cash missing from the embattled electronic payments firm hit a dead end in the Philippines.
Markus Braun, who built the German company into one of the hottest investments in Europe, leaves Wirecard facing a looming cash crunch amid allegations of fraud over the missing money.
In a statement, the company said James Freis, a former compliance officer at Germany’s stock exchange, had been appointed as interim CEO.
Wirecard is holding emergency talks with banks to secure a financial lifeline, three people with knowledge of the matter said, after its auditor, EY, refused to sign off on its accounts.
The company warned on Thursday that loans of roughly 2 billion euros ($2.24 billion) could be terminated if its annual report is not published on Friday.
It has until this evening to strike a deal with banks, the people said.