The financial services provider Wirecard sees himself from the charges of corruption and falsification of accounts after an external investigation largely exonerated. The company commissioned a Singaporean law firm Rajah & Tann made no findings as to the so-called carousel transactions, or corruption, notified to the Dax group. Also no information for a criminal responsibility of the German group headquarters would have resulted from it.
However, according to the report, evidence of possible criminal violations by employees in Singapore. Individual employees may have, therefore, “may be punishable under local laws.” The police in Singapore had after learning of the allegations received investigations.
Wirecard shares increased after the publication of the report, meanwhile, to 26 per cent in value. At the beginning of February, the share price had suffered after the first publication of the British newspaper Financial Times heavy losses. The newspaper had quoted from the report that lawyers had found evidence of “serious Offences”, such as forgery of documents. There is reason to believe that these counterfeits should other deeds obscure, such as fraud, breach of trust, corruption or money laundering. Of Wirecard AG the Board of management had repeatedly rejected the allegations as a defamation.
Wirecard corrected balance sheet
in the course of the previous published summary of the report, in may 2018, only to be rejected the allegations. It had been in fiscal year 2017, a turnover of € 2.5 million erroneously recorded. This was corrected in the framework of the consolidated financial statements for 2018, but, retrospectively, and by “other identified positive corrections” have been compensated.
in Addition, had mistakenly been briefly recognized in the balance sheet an asset to the value of three million Euro temporarily. Some of the bookings was also not clear why they were made. Some of the bookings went to the wrong Wirecard-daughter, others were booked, but not received.
Wirecard announced that it will draft contracts were prepared and signed, but has not been completed. These designs might have no actual business operations. This was reflected in any major reservation.
Due to the violent fluctuations in the price of Wirecard, the German financial authority, Bafin, had forbidden the middle of February, speculation on falling prices of the company. The Prosecutor’s office also launched investigation for market manipulation against a journalist of the Financial Times, and received information on a planned extortion Wirecards by means of purchased negative reporting.
