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Crime

Wirecard under microscope due to potential criminal behaviour

German payment company Wirecard has been under scrutiny since the allegation of falsified accounting in its Singapore office surfaced last week, WSJ writes. An inside informer claimed the Singapore-based team had “falsified documents and backdated commercial agreements” which might have contributed to the revenue growth. Even though the company is denying the accusation, on Monday, Financial Times reported the company admitted to carrying out an internal investigation into the matter. However, Wirecard claimed there had been no criminal activity uncovered yet.

The company has been questioned regarding its alleged accounting misconduct beforelast year. Despite the allegation, it’s managed to grow quickly and multiply its value—even after having lost €5 billion, it is still worth over €15 billion.

A Singaporean law firm Rajah & Tann, which prepared a preliminary report into Wirecard in 2018, is handling the investigation. Its previous probe into the company proved forged agreements might have taken place. Wirecard CEO Markus Braun claimed, however, that the investigators did not have access to all of Wirecard’s transactions.