Wirecard rebutts allegations of internal fraud after share price plunge

Wirecard rebutts allegations of internal fraud after share price plunge

German payments enabler Wirecard has hit back at allegations in the Financial Times of false accounting at the company, a claim which resulted in a 25% plunge in the company's share price.

The FT yesterday reported on an alleged internal presentation last year on a number of suspicious transactions at the company dating back to 2008. According to the broadsheet, the document alleged that a senior executive in the firm's Asia Pacific operations, named as Edo Kurniawan, had used forged contracts to inflate the company's performance metrics

Wirecard has hit back at the paper, describing the report as "inaccurate, misleading and defamatory".

"No material compliance findings as to the governance and accounting practices of any Wirecard subsidiary nor the personal conduct of Mr. Kurniawan have resulted from our continuous internal and external audit activities," the statement continues. "It is clear that the journalist has been provided with misinformation. The basis for the article and the allegations is factually flawed."
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