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Singapore police look at FT reports on Wirecard



SINGAPORE (Reuters) – The Singapore police on Monday said they were looking at reports from the Financial Times about alleged financial irregularities at the German payment company Wirecard AG.

FILE PHOTO: People walk past the Wirecard cabin at the computer games fair Gamescom in Cologne, August 22, 2018. REUTERS / Wolfgang Rattay

Last week, FT published two reports of alleged errors in the Wirecard Singapore office that sent shares in the member of the blue chip DAX index sharply lower.

"The police are looking at the matter," a spokeswoman from Singapore said in response to Reuters questions about the reports.

Wirecard has called the FT reports "inaccurate, misleading and defamatory". The company's office in Singapore and Munich were not immediately available for comment on Monday.

The second report published on Friday, which deleted $ 5.7 billion of the company's market value, said that the Swedish law firm Rajah & Tann had found evidence of "serious crimes of counterfeiting and / or counterfeiting of accounts" on Wirecard.

Rajah & Tann refused to comment.

Munich-based Wirecard has been a repeated target for short-sellers – investors who are focusing on falling stock prices – who have questioned accounting methods and rapid international expansion in recent years.

These speculative attacks have caused great volatility in the Wirecard stock, even though the stock price has risen several times since last year the company increased to DAX.

The Mentor's Public Prosecutor's Office on Friday said it had found no evidence of the alleged error reported by FT.

Wirecard is set to hold a conference call Monday at 1300 CET (2000 Singapore Time).

Reporting by John Geddie and Aradhana Aravindan; Editing by Stephen Coates

Our Standards: Thomson Reuters Trust Principles.

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