The chief executive of fintech giant Wirecard AG resigned Friday after two banks in the Philippines meant to be holding over $2bn on behalf of the company said they don’t have the cash and never did.

Chief Executive Markus Braun, long the face of the company and its largest shareholder, resigned with immediate effect, the company said Friday. James H. Freis, who was appointed as a member of Wirecard’s management board late Thursday, is replacing Braun as interim chief executive