An independent investigation by auditor KPMG into Wirecard found on Tuesday the German payments company did not provide sufficient documentation to address all allegations of accounting irregularities made by the Financial Times.
) found on Tuesday the German payments company did not provide sufficient documentation to address all allegations of accounting irregularities made by the Financial Times.
“I would like to underline that, overall and in every point, the allegations were not confirmed,” CEO Markus Braun told a conference call with reporters. The company has denied wrongdoing and taken legal action against the Financial Times. In its own report on the KPMG audit, the FT said it stood by its reporting and is defending the lawsuit.
Publication of the KPMG audit sparked heavy losses that deepened as Braun faced tough questioning on a conference call with analysts. Shares were down 26%, erasing more than 4 billion euros from the company’s market value.“This is anything but a clean bill of health,” said NordLB analyst Wolfgang Donie, who has a ‘hold’ rating on the stock.
NordLB’s Donie said the years 2016 to 2018 “remain a black hole” that left Wirecard “wide open to further allegations”. FILE PHOTO: Markus Braun, CEO and Alexander von Knoop, CFO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, cast shadows at the company's annual news conference in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder
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