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Minority shareholders want new audit of Wirecard's books

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Minority shareholders want new audit of Wirecard's books

A group of Wirecard AG's minority shareholders has called for a new audit at the German financial technology company related to allegations of balance sheet manipulation, Reuters reported Jan. 13.

In a series of articles over the past two years, the Financial Times has reported about alleged irregularities in Wirecard's balance sheet reporting. Wirecard hired KPMG to audit its books last year, though the report is yet to be released.

The shareholders, however, are concerned that the management and supervisory boards will not share all details of the KPMG audit with investors and demand a new probe, which should include the books of Wirecard partner companies in places such as Dubai and Singapore, Reuters reported.

Wolfgang Schirp, a lawyer representing the shareholder group, plans to request an extraordinary shareholder meeting on the matter. His law firm currently represents shareholders holding only 2.5% of share capital. A share of at least 5% is needed to call an extraordinary meeting, according to the report.

The regularly scheduled general annual meeting of Wirecard is July 2.

Earlier this month, Wirecard Chairman Wulf Matthias resigned. He had been set to remain with the company until the 2020 annual general meeting, Reuters said.