Wirecard investigation shows no abuses yet

German payment processor Wirecard does not have to adjust its reported results for the years 2016-2018 for the time being. According to the company, which is accused of fraud, the investigation by accountancy firm KPMG does not yet reveal any abuses. But not all information to confirm past earnings is yet available, according to the company.

Wirecard previously commissioned KPMG to independently investigate allegations of accounting fraud. British business newspaper Financial Times previously posted documents from the company that the newspaper said Wirecard fraudulently boosted earnings and sales figures. Wirecard firmly denied accounting fraud.

Suspicions of suspicion revolve around a Wirecard partner company, Al Alam from Dubai, which reportedly accounted for processing hundreds of millions of dollars for customers and half of Wirecard’s 2016 operating result. According to FT, Al Alam is doubtful indeed did so much work for Wirecard, because many companies that were reported as customers would never have heard of the company.

Wirecard previously accused FT journalists of being under the wing of investors who speculate on a price drop. The newspaper then reported on accounting irregularities at a subsidiary in Singapore.

The company also announced that there is a delay in the publication of the 2019 figures scheduled for the end of April. Wirecard cites the coronavirus and the KPMG research as the reason for the postponement. According to Wirecard, KPMG’s findings will be published as soon as possible.