Wirecard Said to Expect Final Report on Fraud Allegations Soon

An logo sits above illuminated office windows at the Wirecard AG headquarters at dawn in the Aschheim district of Munich, Germany. Photographer: Michaela Handrek-Rehle/Bloomberg

Wirecard AG expects the final report on an investigation concerning alleged fraud at its Singapore unit to be presented soon, according to a person familiar with the matter.

The company’s Chief Executive Officer Markus Braun tweeted this morning that he is convinced that “in the near future” the market can solely focus on the operative performance of Wirecard. The purpose of that tweet was to signal the timely arrival of the report, the person said, who asked not to be identified and isn’t authorized to comment.

The digital payments company — a member of Germany’s blue-chip DAX index — came under intense pressure in February, after a series of reports in the Financial Times on possible fraud in Asia. Its value slumped by almost 50 percent at times, and the violent share price move prompted the German regulator to take the unprecedented step of banning short selling in the stock until mid-April.

Published Mar 8, 2019, 8:27:21 AM, by Nicholas Comfort and Jan-Patrick Barnert (Bloomberg). 

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