International Business & Economy Wirecard shares slide over incomplete Singapore audit

Wirecard shares slide over incomplete Singapore audit

Before the controversy, Wirecard was long seen as a rising star of the "fintech" companies that are upending the traditional world of banking and payments.

Author

Date

Category

- Advertisement -

Shares in German payments firm Wirecard fell Wednesday on revelations that a 2017 audit of its troubled Singapore unit could not be completed, but the firm denied a media report blaming accounting “irregularities”.

Hitting back at Tuesday’s allegations by the German financial daily Handelsblatt, Wirecard said auditors from Ernst and Young (EY) could not finalise their local report because they could not access all the necessary documents.

This was due to “restrictions” imposed by Singapore authorities who are investigating the unit’s accounting practices.

“And not as mistakenly suggested in the article by irregularities,” Wirecard said.

- Advertisement -

Shares in the company shed 5.2 percent to 114.95 euros by 10:20 am (0920 GMT), making it the biggest loser in a DAX index down 0.97 percent.

In its statement, Wirecard stressed that EY had no trouble concluding its audits for the group as a whole in the financial years 2017 and 2018.

The company’s shares have been on a rollercoaster ride this year after a string of Financial Times articles accused it of cooking the books, which Wirecard has consistently rejected.

Many of the fraud allegations have focussed on its Singapore office.

Before the controversy, Wirecard was long seen as a rising star of the “fintech” companies that are upending the traditional world of banking and payments.

Massive growth in the electronic payments it guarantees in exchange for a commission has helped Wirecard, which was founded in 1999, shoot into the blue-chip DAX 30 index.

© Agence France-Presse

Send in your scoop to news@theindependent.sg 

Please follow and like us:
- Advertisement -

Mother of NSF complains that it is “damn ridiculous” that her son took so long to book out

The mother of an NSF took to social media complaining that her son took too long to book out of camp. In a post on Saturday (Jan 23) on the Facebook page Complaint Singapore, the woman wrote that she found it “damn...

Some ex-NMPs believe it is time for scheme to be scrapped or changed

Singapore—Last Thursday (Jan 21), President Halimah Yacob presented the instruments of appointments to the nine new Nominated Members of Parliament (NMP), after a careful selection process overseen by Speaker Tan Chuan-Jin. However, 30 years after the NMP scheme was launched, and with...

Kampong spirit lives: Woman holds umbrella for bus passengers alighting in Toa Payoh

Singapore – A video of a woman holding up an umbrella for passengers exiting a bus to keep them dry from the rain has warmed the hearts of the online community. On Sunday (Jan 24), Facebook page ROADS.sg uploaded a video with...

Send in your scoop to news@theindependent.sg 

Please follow and like us: