Case Details

Type of Claim: Investigating

Claim Period: To be determined

Defendants: Wirecard Ag

Jurisdiction: Germany

Governing Law: German law  

Limitation: 29 January 2022

 

Case Summary

On 30 January 2019, the Financial Times reported that a senior Wirecard executive was last year suspected of using forged and backdated contracts in a string of suspicious transactions.

The Financial Times had received documents, including an internal presentation, by a whistleblower. According to the presentation, the transactions were ordered by Edo Kurniawan, who is responsible for Wirecard’s accounting in the Asia-Pacific region. Titled “Project Tiger Summary” and dated 7 May 2018, the presentation outlined potential violations of Singapore law, including “falsification of accounts” and “money laundering”.

On 1 February 2019, the Financial Times disclosed that an external law firm commissioned by Wirecard to investigate its Singapore office found evidence indicating “serious offences of forgery and/or falsification of accounts”.

On Monday 4 February 2019, Wirecard confirmed that an external law firm has been investigating alleged accounting manipulations by “a member of Wirecard’s finance team” in its Singapore operations since May 2018, with the probe still ongoing. Singapore police stated on Monday 4 February 2019 that they were looking into the matter after the reports.

Wirecard Ag’s share price fell from €167.40 at the close on 29 January 2019 to close at €108.50 on 1 February 2019, a market capitalisation drop of €7bn.

Stewarts is monitoring the situation to determine whether shareholders may have a claim against Wirecard Ag.

 


 

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