German payments company Wirecard collapsed today after disclosing a massive financial hole in its books, leaving creditors owed nearly US$4 billion (RM17 billion) facing an almost complete wipeout.
"The money is gone", said a source at one lender.
Guevarra said Marsalek had come to the Philippines on 3 March for two days, and that there was "some evidence that he recently returned and may still be here".
He said he had no information on whether Wirecard was operating in the Philippines, but said authorities "found something curious" about Marsalek in the immigration database. Braun's lawyer has not responded to requests for comment.
Wirecard is the first member of Germany's prestigious DAX stock index to go bust, less than two years after it commanded a spot among the country's biggest 30 listed companies with a market valuation of $28bn.
The Philippines do not have an extradition treaty with Germany.
- In February 2019, Singapore police said they were looking into reports by the Financial Times of alleged financial irregularities at Wirecard's local office, allegations that had driven its shares sharply lower.
The scandal erupted last week when Wirecard said that its auditor, EY, could not locate the funds in trust accounts and refused to sign off on the company's financial results.
"These developments may make the business unsustainable", its analysts wrote in a note.
The alliance, which is backed by Softbank, was part of a broader pact with the Japanese investor that put money into Wirecard previous year.
But the company's shares have crashed nearly 100% in the last week, giving it a stock market valuation of less than €400m.
It is now evaluating whether insolvency applications have to be filed for subsidiaries of the wider Wirecard Group.
Wirecard's potential break-up value is likely to be limited, Sbaschnig added, as earnings appear to have been negative in 2018 after stripping out the impact of the obscure third-party acquiring partners at the centre of the suspected fraud.
BaFin started to investigate both short-sellers as well as Wirecard at the end of January last year, but the regulator was unable to ask law enforcement to take on the latter until auditors weighed in earlier this year, according to a spokesman.
Wirecard acknowledged on Monday that €1.9 billion ($2.1 billion) in cash included in financial statements - or roughly a quarter of its assets - probably never existed in the first place.