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SoftBank

Wirecard's SoftBank ties under scrutiny as shares tumble

Philippine banks deny that German payments company was a client

German payments group Wirecard announced a cooperation agreement with SoftBank Group last year.   © Reuters

TOKYO -- An ongoing accounting scandal at German payments company Wirecard is putting its ties with Japan's SoftBank Group under fresh scrutiny 14 months after the companies announced a "large-scale strategic partnership."

Wirecard, which was one of Germany's biggest listed companies, said on Monday that 1.9 billion euros ($2.1 billion) in trust account balances in Asian banks likely "do not exist." Shares in Wirecard have lost more than 80 per cent of their value since Thursday, when the company described the money as missing.

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