Wirecard could also face fraud probe - report

Wednesday, 01. July 2020 19:46

Prosecutors in Germany are looking into potentially adding fraud charges in the Wirecard probe on top of balance sheet falsification and stock price manipulation, a Sueddeutsche Zeitung report revealed on Wednesday. According to documents from auditor KPMG, hundreds of millions disappeared from the company's accounts through "questionable loans" to firms in Asia and a shell corporation in Mauritius. The KPMG investigation was unable to determine where the funds from the transaction ended up.

Specifically, two loans were allegedly approved without collateral in 2018 for sums of €250 million and €115 million, respectively, and Wirecard's board extended all loans last September by one year even though interest had not been paid.

Meanwhile, Wirecard allegedly purchased a payment company from India in 2015/2016 from a shell corporation in Mauritius, which is believed to have been linked to former COO Jan Marsalek, who is currently on the run.

Related Links: Wirecard AG
Author:
Breaking the News / VP