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Wirecard rejects fraud allegations as Singapore starts probe

Bloomberg Published on Mon, Feb 04, 2019 / 8:30 PM GMT+8

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(Feb 4): Wirecard AG said neither the company nor a law firm it hired found conclusive evidence of criminal misconduct, helping it recover some of the 7 billion euros ($10.8 billion) in market value lost last week amid allegations of fraud.

The digital payments company stepped up its defence after being rocked by two Financial Times stories that a senior company executive in Singapore was suspected of using forged contracts for several suspicious transactions. Police in the Southeast Asian country said they are looking into the matter.

In a statement detailing the allegations and its response, the company said “we fundamentally contradict” the fraud claims. The shares rose as much as 18% and were trading up 8.7% at 11.23am in Frankfurt. A conference call with investors is scheduled for 1pm.

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Wirecard rejects fraud allegations as Singapore starts probe