Wirecard shares plummet amid Singapore accounting scandal


A further report by the FT, published Feb. 1, claimed that an external law firm hired by Wirecard found evidence indicating “serious offences of forgery and/or of falsification of accounts” at its Singapore office.

According to the paper, the law firm, Rajah & Tann, was given a mandate on May last year to conduct an independent probe into the affair.

Wirecard rebutted the story at the time as “inaccurate, misleading and defamatory.” The article nonetheless put significant pressure on Wirecard’s share price, sending it down almost 30 percent on the day.

On Feb. 4, Wirecard said that it had hired the aforementioned law firm to review accounting practices at its Singapore office following allegations brought forward by an employee, but that the investigation had so far found no findings of criminal misconduct.

Source link

Products You May Like

Articles You May Like

Jewish nurses debunk anti-vaxxer misinformation as measles spreads
Your first trade for Tuesday, April 23
How to turn your side hustle into a legit business
Facebook hires top State Department lawyer as general counsel
Health care suffers worst week of 2019, and technician sees more pain

Leave a Reply

Your email address will not be published. Required fields are marked *