Thorough probe on Wirecard

MANILA: The Philippines’ anti-money laundering agency says it will conduct a “swift and thorough” investigation into scandal-hit German payments firm Wirecard AG and that it has drawn up an initial list of people and entities of interest.

Wirecard’s collapse last week and admission that US$2.1bil of its cash probably didn’t exist came after auditor EY refused to sign off on accounts for 2019, adding there were clear indications of an elaborate fraud involving multiple parties around the world.