Wirecard shares fell by more than 40% on Friday (June 19) as the saga over a missing $2.1 billion from its accounts put a question mark over the company's future.

Two Philippine banks have now said the German payments company is not a client and alleged that documents had been falsified.

Wirecard faces the possibility of having to repay $2.24 billion in bank loans if it cannot get its results signed off by its auditor on Friday.

Robert Halver is Head of Capital Market Analysis at Baader Bank.

"It could still get worse for Wirecard: if the customers decide to bail because they say they want clarity or maybe loans could be cancelled. Is their liquidity secure? These are all things that nobody wants. And these were self-created problems. It's crazy that you essentially have a premium car but decide yourself to take the wheels off. I don't understand!"

Wirecard's CEO said on Friday that it cannot rule out fraud of considerable proportions being responsible for the missing funds.

He did not identify those he suspected of fraud.

The episode marks a dramatic turn in the fortunes of a homegrown tech firm that has attracted major global investors.

Wirecard was propelled into Germany's prestigious Dax blue-chip index more than a year ago.

It was a welcome technology success story in a country that made its name mostly in heavy industry.

But fortunes unravelled after a whistleblower alleged that it owed its success in part to a web of sham transactions.

The company dismissed the claims, but this week's failure to win a clean bill of health from auditors for its accounts has shattered investor confidence.