Wirecard missing of the $ 2.1 billion does not enter into the Philippines financial system, the central bank said


MANILA (Reuters) – None of the $ 2.1 billion missing from scandal-hit German payments firm Wirecard AG seems to have entered the Philippines financial system, the central bank said on Sunday.

The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim, near Munich, Germany, on 25 April 2019. REUTERS/Michael Dalder

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said in a press release of the Asia South-eastern part of the country’s largest lenders, BDO Unibank and Bank of the Philippine Islands, has not suffered losses, despite having been named in connection with the lack of funds.

The chief executive officer of Wirecard, Markus Braun, who built the company into one of the hottest financial technology investment in Europe and one of the few tech champion for Germany, quit on Friday that the company is facing a cash crisis after saying it could have been a victim of fraud.

The research for the lack of cash hit a dead end in the Philippines, but the two banks in the Philippines have declared that documents purporting to show It had deposited funds with them were false.

“The initial report is that no money is entering the Philippines, and that there was no loss on both sides,” Diokno said, but he added that the central bank was to do a survey.

“The international financial scandal used the names of two of the country’s largest banks — BDO and BPI — in an attempt to cover the perpetrators of the track,” he said.

BDO and BPI have stated that It was not their client and that they had no business relationship with the German company, Diokno said.

The BPI, however, told Reuters on Saturday that it had suspended an assistant manager and whose signature appeared on one of the fraudulent documents.

BDO told the central bank that he seemed to be one of its marketing agents had produced a certificate from the bank.

Diokno reiterated the Philippine banking system was in a strong position to enter the coronavirus pandemic, and well-capitalized.

Reporting by Enrico dela Cruz; Editing by William Mallard

Our Principles:Thomson Reuters Trust Principles.


Please enter your comment!
Please enter your name here