Site map
العربية Български 中文 Čeština English Français Deutsch हिन्दी Bahasa Indonesia Italiano Bahasa Malay اردو Polski Português Română Русский Srpski Slovenský Español ไทย Nederlands Українська Vietnamese বাংলা Ўзбекча O'zbekcha Қазақша

InstaForex Client Area

  • Personal settings
  • Access to all InstaForex services
  • Detailed statistics and reports on trades
  • Full range of financial transactions
  • System of managing several accounts
  • Maximum data protection

InstaForex Partner Area

  • Full information on clients and commissions
  • Graphic statistics on accounts and clicks
  • Webmaster instruments
  • Ready-made web solutions and wide range of banners
  • High data protection level
  • Company's news, RSS feeds, and forex informers
Register
cabinet icon

InstaForex – always at the forefront!Open a trading account and become a part of the InstaForex Loprais Team!

Success history of the team headed by Ales Loprais can become your success history! Trade confidently and head towards leadership like regular participant of Dakar Rally and winner of Silk Way Rally InstaForex Loprais Team does it!

Join in and win with InstaForex!

Instant account opening

Get a letter of instructions
toolbar icon

Trading Platform

For mobile devices

For trading via browser

Caricatures and drawings on Forex portal

Wirecard on verge of bankruptcy due to black hole on its balance sheet

Wirecard on verge of bankruptcy due to black hole on its balance sheet

German payment firm Wirecard is filing an application for insolvency proceedings. Its management confessed that it needed court protection “due to impending insolvency and over-indebtedness.” Remarkably, the prosperous hi-tech company is included in the DAX, the key German blue chip stock market index, tracking the performance of the 30 largest companies.  

Wirecard’s financial records revealed that €1.9 billion ($2.1 billion) of cash on its balance sheet had gone missing. The company failed to explain the reasons behind that accounting black hole. Meanwhile, former CEO Markus Braun was arrested on charges of inflating the company’s balance sheet. He is suspected of exaggerating the company’s financial records in an effort to enhance its profile to investors. So, it could happen that the missing funds had never existed. Perhaps, this way Wirecard attempted to strike a deal with creditors, investigators suggested one of the versions. Since then, Markus Braun has been released on a 5 million-euro bail.       

Wirecard used to be one of hi-flying companies in Germany and also a hot investment target. With Braun at the helm, the payment firm climbed to the ranks of the companies with the largest market capitalization in Germany. Unfortunately, the financial shenanigans made its market cap tenfold smaller. It shrank to €2.4 billion from €24 billion a year ago. Besides, after the black hole announcement Wircard’s shares plummeted to nearly €4 from €100 in just a week. As a result, trading its shares was suspended a few times on the Frankfurt Stock Exchange.      

Back

See aslo

Close
Widget calback
Our specialist
will call you back
in five minutes
We will navigate you
through the website and
answer all your questions!
Preferred Type of Connection
Preferred language
  • English
  • Русский
  • العربية
  • Bahasa Indonesia
  • Bahasa Melayu
  • বাংলা
  • Български
  • 中文
  • Español
  • हिन्दी
  • Asụsụ Igbo
  • Português
  • اردو
  • ไทย
  • Українська
  • Tiếng Việt
  • Èdè Yorùbá
A call-back request was accepted.
Our specialists will contact you as soon as possible.
An error occurred.
Please try again later.
Can't speak right now?
Ask your question in the chat.