trending Market Intelligence /marketintelligence/en/news-insights/trending/0NC25IgGaXmleNM_CP2LkA2 content esgSubNav
In This List

Report: Wirecard execs were aware of transactions at center of fraud probe

Blog

Banking Essentials Newsletter: September Edition, Part - 2

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter


Report: Wirecard execs were aware of transactions at center of fraud probe

Executives at German payment firm Wirecard AG were aware of and oversaw transactions that are at the center of a fraud probe at the company, the Financial Times reported.

The newspaper cited documents it had seen that suggest Wirecard COO Jan Marsalek was aware of transactions worth €2 million that were delayed while other executives waited for his input.

The money was routed from Germany to Singapore as part of an alleged "round tripping" scheme. Whistleblowers allege the firm was moving money around with the intention of making it seem like it was legitimate business revenue.

Wirecard said it would fully respond to the FT's latest allegations in two days, but said the issues "appear to be designed to attack the company with further insinuations and unjustified accusations."

Wirecard, which is suing the newspaper for unethical reporting, is facing a lawsuit of its own from investors over its failure to disclose the issue.