Wirecard shares recover after denying fraud allegations
Wirecard is considering legal options after a report by Financial Times of alleged wrongdoing hits shares
Frankfurt — Wirecard said on Monday that neither it nor its law firm had found conclusive evidence of criminal misconduct after the Financial Times alleged wrongdoing at the Singapore office of the German payments company. CEO Markus Braun said the Munich-based company had informed regulators in Germany and Singapore of investigations by its own compliance team and law firm Rajah & Tann into concerns raised last April by a member of staff. “Until today they didn’t find any proof, or conclusive findings, that any of these allegations are true,” Braun told analysts on a conference call. Braun said he also expected the external probe to end quite quickly. He pledged to disclose its findings in full: “We do not expect any material thing to come up from this process.” Braun’s comments helped to fuel a 20% rebound in Wirecard shares, erasing half of the losses triggered by the FT’s reports last week alleging forgery and falsification of accounts. Wirecard had dismissed the two FT reports ...
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