Philippines Investigating Wirecard, Missing $2 Billion

Philippines Investigating Wirecard, Missing $2 Billion

Peter Kneffel/picture alliance via Getty Images The Philippines is investigating local businesses that partnered the collapsed German payments company Wirecard, the Financial Times reported.

Wirecard went into administration and its former CEO Markus Braun was arrested after the firm claimed that more than $2 billion had disappeared from its balance sheet.

Its auditor EY said the firm committed elaborate fraud.

Wirecard had claimed the money was stored in two Philippine banks, which they both denied.

Now the authorities will probe around five local businesses thought to be involved with Wirecard.