6/16/2020, 10:17 PM (Source: TeleTrader)
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Wirecard asks UK court to drop takeover fraud suit -report

Wirecard AG asked the High Court in London to dismiss the lawsuit in which the company is accused of fraud in the takeover of another payment business, the Financial Times reported on Tuesday.

Back in 2015, a Mauritius-based fund, central to the prosecutors in the United Kingdom, paid €36 million for the Indian payment business Hermes, later sold to Wirecard for €326 million. The audit conducted by KPMG failed to identify beneficial owners of the Mauritius fund and prove claims of accounting fraud.

Former Hermes minority shareholders alleged the sales involved an intention to defraud them and have asked for a full civil trial, while Wirecard has denied any wrongdoing.

Breaking the News / SR