German payments firm Wirecard says missing €1.9bn may not exist

Company thought money was in two Asian banks but search hits dead end in Philippines

Wirecard has said that 1.9bn (1.7bn) in funds missing from its bank accounts may not exist, as the accounting scandal at the German payments company deepens.

The firm processes tens of billions of euros in credit and debit transactions each year and is a former darling of Germany's tech sector. It had previously said it believed the money was held in escrow accounts at two Asian banks.