Wirecard Shares Soar After Internal Probe Clears Company Of Fraud Allegations

Zero Hedge | 3/26/2019 | Staff
Click For Photo: https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/max_650x650/public/2019-03/2019.03.26wirecard.jpg?itok=u3YB8BEP

Wirecard bulls, and anybody who bought the dip in the German fintech darling's shares after allegations of widespread accounting fraud surfaced earlier this year, can breath a sigh of relief - for now, at least.

In a final report on the allegations published by the renowned Asian law firm Rajah & Tann, which had been hired by Wirecard to conduct an external probe, R&T determined that the alleged accounting manipulation was isolated to the company's Singapore operations, and that the company's leaders in Germany weren't involved and likely weren't aware. This contradicts a report by the FT, which cited a whistleblower and leaked documents from the firm's investigation to suggest that the deceitful practices were part of the firm's global growth strategy as it sought regulatory approval from various governments across Asia.

Report - Number - Oversights - Allegations - Liability

The report acknowledged a number of accounting oversights, and said the allegations could potentially lead to criminal liability for some of the firm's managers in Singapore. But the sums involved were not significant for a company with more than 2 billion...
(Excerpt) Read more at: Zero Hedge
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