Investing.com - Financial Markets Worldwide
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Very clear Wirecard deposit certificate was 'spurious', BPI CEO says

Published 06/22/2020, 06:30 PM
Updated 06/22/2020, 06:40 PM
WDIG
-
BDO
-
BPI
-

MANILA, June 22 (Reuters) - Bank of the Philippine Islands
BPI.PS Chief Executive Cezar Consing said it was clear that a
certificate purporting to be for a Wirecard deposit was
"spurious" and reiterated that no cash from the German payments
firm had entered the bank.
Wirecard WDIG.DE said on Monday that 1.9 billion euros
($2.13 billion) that its auditor EY has been unable to account
for likely did not exist in the first place after a search for
the missing cash hit a dead end in the Philippines. BPI and fellow Philippine bank BDO Unibank BDO.PS both
issued statements last week saying that Munich-based Wirecard
was not a client and BDO has also said documents purporting to
show Wirecard had deposited funds with it were false.
"It was very clear when we were shown the so-called
certificate that it was spurious. Very clear it was spurious,"
BPI's Consing told Reuters, adding that he was informed about it
on June 15 when EY asked whether the certificates were real.
Consing said the bank had taken immediate action and
discovered that a "very junior" assistant manager at BPI had
signed the "bogus" certificate. He did not name the individual.
BPI then began proceedings against the assistant manager and
informed the Philippine central bank and EY Germany, he added.
"The investigation has ran its course, we are terminating
him, let us see what happens," Consing said, without giving any
further details about the employee in question.
BPI's latest annual report shows that the bank had a total
of 21,249 employees in 2019.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.