This archive report was first published on 26 June 2020.
Published on June 26, 2020, Wirecard's collapse has sent shockwaves globally, with the German company admitting to a 1.9 million euros ($2.1 billion) accounting discrepancy.
Jan Marsalek, the former COO of Wirecard, was fired on Monday and is now being targeted by a Philippine probe. According to immigration records, Marsalek flew into Cebu, a city in the Philippines, on Tuesday.
However, CCTV footage from the Cebu airport does not show Marsalek arriving, and there was no flight to China from Cebu on the day he was supposed to have left the country, Justice Secretary Menardo Guevarra revealed.
"The results of the investigation may lead to various scenarios, including the possibility of employing diversionary tactics to mislead Marsalek's pursuers," Guevarra said.
Immigration personnel in Cebu have been placed under investigation over these discrepancies, and the Philippines' central bank has confirmed that the missing cash never entered its monetary system.
Wirecard had claimed that the millions of dollars in missing cash were meant to be sitting in trustee accounts at two Philippine banks, BDO and BPI, to cover risks in trading supposedly carried out by third parties on Wirecard's behalf. However, both banks denied having a relationship with Wirecard.
