PH collegiate sports

BPI suspends employee over possible Wirecard scandal involvement

Ralf Rivas

This is AI generated summarization, which may have errors. For context, always refer to the full article.

BPI suspends employee over possible Wirecard scandal involvement
'The employee who may have played a part in the preparation of [falsified documents] has been suspended and is under investigation,' says BPI

MANILA, Philippines – An employee of the Bank of the Philippine Islands (BPI) was suspended following investigation for possible involvement in the Wirecard scandal.

In a disclosure to the Philippine Stock Exchange on Monday, June 22, BPI said it is probing falsified documents which showed that Wirecard is supposedly a client of the bank.

BPI said Ernst & Young, Wirecard’s auditor, showed documents which claimed that the German firm was a client.

“The employee who may have played a part in the preparation of the said document has been suspended and is under investigation,” BPI said.

BDO Unibank earlier denied that Wirecard is a client, adding that documents showing otherwise had falsified signatures of officers.

International media outlets earlier reported that Wirecard was missing some $2.1 billion.

Reports also noted that the firm inflated revenues through forged and backdated contracts.

On Monday, auditors concluded that the missing funds likely “do not exist,” fueling fraud suspicions.

Wirecard chief executive officer Markus Braun has resigned over the scandal. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Loading
Download the Rappler App!
Tie, Accessories, Accessory

author

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.