Wirecard ex-boss Braun arrested as creditors hunt lost billions

REUTERS

Wirecard’s former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whether trustees had actually held money on its behalf.

Markus Braun turned himself in on Monday night after Munich prosecutors issued a warrant for his arrest. A judge ruled on Tuesday that the 50-year-old Austrian could be released as soon as he posts 5 million euros ($5.7 million) in bail.

Germany’s financial regulator also filed a fresh complaint against Wirecard with the prosecutor, saying the company’s belated admission that billions were missing showed it had mis-stated its financial position between 2016 and 2018. read more »

Luckin gets another de-listing notice from Nasdaq, shares slump 18%

CNBC

Luckin Coffee disclosed on Tuesday that it received a de-listing notice from the Nasdaq last week after it failed to file its annual report, sending the shares of the Chinese coffee chain down about 18%.

This is the second notice from the U.S. stock exchange. The previous one was issued in May, after the company announced a probe saying that a top executive fabricated and overestimated as much as 2.2 billion yuan ($311.5 million) in 2019 sales. read more »

Square, Jack Dorsey’s Pay Service, Is Withholding Money Merchants Say They Need

NEW YORK TIMES

Jack Dorsey has won plaudits for his corporate activism during the coronavirus crisis, taking on President Trump in his role as Twitter’s chief executive and donating nearly a third of his total wealth to pandemic relief.

But at Mr. Dorsey’s other company, Square, a payments business where he is also chief executive, he is facing a growing chorus of unhappy customers. read more »