SIINGAPORE (June 18): On June 18, Wirecard AG announced that its auditor EY said the audit certificate for the annual financial statements for the past fiscal year 2019 requires additional audits. This is due to recent communications from the two banks that have been managing the escrow accounts since 2019, according to which the account numbers in question could not be assigned. The responsible trustee is in continuous contact with the banks and Wirecard AG.
Wirecard says it has paid security deposits totaling Euros1.9 billion into these escrow accounts in order to guarantee risk management for participating merchants. The banks managing the escrow accounts are two Asian banks, the Wirecard statement says. Both institutions have investment grade ratings. The trustee, who has been in office since 2019, holds numerous mandates in Asia.
In Singapore, Wirecard set up an ERP payment service for the LTA and DBS Bank where Wirecard's payment processing and reporting solutions support MotorPay, a service jointly provided by LTA and DBS Bank. MotorPay enables motorists to pay ERP charges using their credit cards. Motorists subscribe to the service and, whenever they incur an ERP fee, it is billed to their credit card.
As at 12.40pm in Frankfurt on June 18, Wirecard’s share price is down 48% to Euros53.76
