What is Wirecard and why has the scandal-hit firm collapsed?

Payment processing giant becomes first Dax-listed company to fail amid €1.9bn accounting scandal

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The headquarters of the scandal-hit payments provider in Aschheim near Munich
(Image credit: Christof Stache/AFP via Getty Images)

Payments firm Wirecard has filed for insolvency days after disclosing a €1.9bn (£1.7bn) hole in its accounts.

The German company’s former boss Markus Braun has since been arrested and “accused of inflating Wirecard’s finances to make them appear healthier to investors and customers”, the BBC reports.

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