TELETRADER News
2/7, 4:00 PM (Source: TeleTrader)
more TeleTrader news

Wirecard denies allegations of account fraud

Wirecard AG denied allegations of accounting fraud on Thursday, calling the Financial Times article accusing the company of "round-tripping" untrue.

The article claimed Edo Kurniawan, a senior executive at the Singapore branch, developed a plan to transfer money from Wirecard Germany to Wirecard India, through the company's subsidiary in Hong Kong. The practice, known as "round-tripping," was allegedly used to create the illusion of higher figures in order to convince financial regulators at Hong Kong to issue a license to Wirecard. The certificate would, in turn, allow the fintech company to distribute prepaid bank cards in China.

An earlier report by FT claimed Rajah & Tann Singapore, an external law firm hired by Wirecard, found evidence of "serious offenses of forgery and/or of falsification of accounts" in the company's Singapore branch, something the German financial provider also denied.

Breaking the News / MD