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On 27 June 2020, Wirecard filed for insolvency with its share price plummeting 90 per cent in a massive accounting scandal.
After the ex-chief executive was arrested for alleged market manipulation and false accounting, this news came to the public.
It has emerged that €1.9 billion went missing from the company’s balance sheet with Ernst & Young (EY) failing to sign-off
on Wirecard’s accounts. This article will reflect on Wirecard’s mishaps, what this means for financial regulators, and the
impact on the broader economy.
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