Wirecard expects to be cleared in Singapore police probe

FRANKFURT • Wirecard said on Wednesday that it had widened the scope of a KPMG audit to draw a line under allegations that it manipulated its accounts, adding that it expects to be cleared in a Singapore police investigation.

The German payments company last month brought in KPMG to investigate allegations by the Financial Times, which Wirecard denies, that its finance team sought to inflate reported sales and profits at its units in Ireland and Dubai.

"We can totally confirm today that all of these allegations are unfounded," said Wirecard chief executive Markus Braun.

"But still, to give an additional service to the market and to bring down all these allegations, we decided to include here a second review by KPMG," he added as the company reported a 43 per cent gain in quarterly profit.

He told analysts on a conference call that KPMG's mandate would be expanded to cover separate claims that Wirecard had overstated cash advances to merchants, and in relation to its accounting for third-party acquiring.

KPMG is expected to complete its work before the end of the first quarter of next year.

Munich-based Wirecard has sued the Financial Times, which has stood by its coverage which began in January with a story alleging fraud and false accounting at the payments company's Singapore office.

REUTERS

A version of this article appeared in the print edition of The Straits Times on November 08, 2019, with the headline 'Wirecard expects to be cleared in S'pore police probe'. Print Edition | Subscribe