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The shortage of money from Wirecard did not reach the financial system in the Philippines, Central Bank says
The central bank reported that the Philippine financial system is now appearingly oblivious to the 2.1 billion dollars that the scandalous German payment company Wirecard AG is missing.
In a statement the largest South East Asian lenders BDO UNIBANK and Bank of the Philippine Islands did not suffer losses, even though they were named in relation to the missing funds. The governor of Benjamin Diokno said that he had suffered no losses.
Markus Braun, Wirecard 's CEO and a rare technology champion of Germany, who built up the company into one of the biggest financial innovations investments in Europe, left the company on Friday when he said that the company was facing a cash crunch.
The hunt for the cash that was missing reached a dead end in the Philippines, but it was not evident from the two Philippine banks whose records indicated that they had obtained funds from Wirecard.
The initial report is that the Philippine has not earned money and that both banks have not lost, said Diokno, but added that it was investigating the central bank.
International finance crisis used the names in the effort to cover the tracks of the perpetrators of two of the country's biggest banks, BDO and BPI, he said.
Wirecard is not their customer and they have no business relations with the German company, said Diokno. BDO and BPI.
However, BPI told Reuters on Saturday that the assistant manager had been suspended, and his signature on one of the documents appeared fraudulent.
BDO informed the central bank that a banking certificate was made available by one of its marketing officers.
Diokno reiterated that the Philippine banking system was well positioned and well-capitalized for the coronavirus pandemic.
