Stocks

Wirecard Stock Falls After Report On Executive Suspected Of Fraud

(RTTNews.com) - Shares of Wirecard AG slumped after a report that a senior executive at the company was suspected of using forged contracts for several suspicious transactions.

According to Financial Times, a senior Wirecard executive was last year suspected of using forged and backdated contracts in a string of suspicious transactions that raise questions about the integrity of the accounting at the company.

An internal presentation described potentially fraudulent money flows at Wirecard. Financial Times says the transactions were ordered by Edo Kurniawan, who is responsible for the payments group's accounting in the Asia-Pacific region.

"Today the Financial Times has published a false, inaccurate, misleading and defamatory article," Wirecard said in a statement on Wednesday. "This article lacks any substance and is completely meaningless."

Titled "Project Tiger Summary" and dated May 7 2018, the presentation outlined potential violations of Singapore law, including "falsification of accounts" and "money laundering".

Read the original article on RTTNews (http://www.rttnews.com/2974384/wirecard-stock-falls-after-report-on-executive-suspected-of-fraud.aspx)

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