Wirecard says to sue FT over reports alleging accounting fraud at Singapore office

Wirecard says to sue FT over reports alleging accounting fraud at Singapore office

FILE PHOTO: A man walks past the Wirecard booth at the Gamescom computer games fair in Cologne
A man walks past the Wirecard booth at the computer games fair Gamescom in Cologne. (Photo: REUTERS/Wolfgang Rattay/File Photo)

FRANKFURT: Wirecard, the German payments company, said on Friday (Feb 8) it would sue the Financial Times over the publication of three investigative reports alleging fraud and creative accounting at its Singapore office.

The latest, published online on Thursday, alleged that Wirecard staffers had engaged in the "round-tripping" of funds to inflate reported revenues, and that managers from its Munich head office had been aware of the practice.

"In the article published yesterday, Wirecard employees are slanderously prejudged with unproven and false allegations," Wirecard said in a statement issued in English that described the FT's reporting as defamatory.

"We will use all available legal means to protect the company and in particular our employees and their personal rights. Wirecard is taking legal actions against FT and its unethical reporting."

The statement did not say where Wirecard planned to sue the FT. The company was not immediately available for further comment.

Wirecard shares rallied by 5.7 per cent following the company's statement.

Source: Reuters/nc

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