Wirecard's former chief executive, Markus Braun, cut his stake in the company to 4.94% from 8.04% on 18 June, the company has said in a regulatory filing.

That was the day its auditor EY refused to sign off its 2019 accounts as it was unable to confirm the existence of €1.9 billion in cash balances in trust accounts; about a quarter of its balance sheet. 

Mr Braun quit his role the following day and the company has since said that the money likely never existed.

Earlier today Mr Braun, who had been arrested on suspicion of falsifying the German payments firm's accounts, was released from custody, according to his lawyer. 

German news agency dpa had earlier cited a spokeswoman at a Munich court as saying that Markus Braun had been released after paying his bail of €5m yesterday. 

Meanwhile, Asian ride-hailing and payments company Grab said it had put a partnership with scandal-hit Wirecard on hold. 

"We have not begun business integration work on the Wirecard partnership and we are pausing the partnership till further notice," a spokeswoman from Grab said in response to a query about the status of the partnership. 

The two companies had struck a payments agreement in March under which Wirecard was to process transactions made via the GrabPay e-wallet, starting with markets in Malaysia, Philippines and Singapore. 

Wirecard had not begun processing payments or signing up merchants on behalf of Grab, Southeast Asia's most valuable start-up, whose e-wallet is accepted by more than 600,000 merchants and small businesses in the region. 

Responding to a query, the Monetary Authority of Singapore said that it had asked Wirecard to ensure that it keeps customer funds from its local activities in the country's banks.

Germany's financial regulator also filed a fresh complaint against Wirecard with the prosecutor, saying the company's belated admission that billions were missing showed it had mis-stated its financial position between 2016 and 2018.