Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  Wirecard    WDI   DE0007472060

WIRECARD

(WDI)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Wirecard : Singapore police raid Wirecard office following FT reports

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/08/2019 | 08:23am EDT

FRANKFURT/SINGAPORE (Reuters) - Singapore police raided the premises of German payments company Wirecard in the city state on Friday following a series of investigative reports in the Financial Times alleging fraud and creative accounting.

The raid intensified pressure on Munich-based Wirecard, a constituent of Germany's blue-chip DAX index that has shed $10 billion in value since the FT ran the first of a series of three investigative reports at the end of January.

Wirecard has rejected the FT reports as defamatory and said earlier on Friday it would sue the newspaper.

"Police confirm that they have raided the premises of Wirecard entities in Singapore," a police spokeswoman told Reuters.

Singapore police opened inquiries this week following the FT's reporting, which cited the preliminary findings of an investigation by law firm Rajah & Tann that found evidence of series offences of forgery and false accounting.

Wirecard said: "We actively approached the authorities yesterday and pledged our full cooperation in the investigation activities.

"This morning, Wirecard met with Singapore law enforcement at Wirecard's headquarter in Singapore and provided the police with comprehensive supporting material in regards to their enquiry into the defamatory allegations in the FT series of articles.

"We would like to reconfirm that the accusations against employees of Wirecard are unfounded. We are working closely with the Singapore police to clear all allegations."

The FT did not respond to a request for comment.

Wirecard CEO Markus Braun, the company's largest shareholder with a 7 percent stake, said on Monday that no evidence had been found of criminal misconduct either by the company's own compliance team or by Rajah & Tann. Investigations were continuing and would be finished quickly, he said.

Wirecard, founded in 1999, has been a perennial target for speculative short sellers - market players who seek to profit from falls in a company's share price - who have questioned its accounting methods and rapid international expansion.

Yet it also has strong support in the financial community, with 24 out of 28 market analysts rating the stock either a 'strong buy' or a 'buy', according to Refinitiv data.

Their median price target is 210 euros - more than double Friday's level of 101.15 euros, down 9 percent on the session.

LEGAL ACTION

An FT story, 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 an earlier statement.

"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."

Wirecard did not say in which jurisdiction it planned to bring legal action. A spokeswoman added the company would act to protect the personal reputations of individuals named in the newspaper's reporting.

The company was also cooperating with the authorities in ongoing investigations into suspected market manipulation in Wirecard stock being conducted by the Munich state prosecutor with the backing of financial regulator Bafin.

Contacted by Reuters, the Munich prosecutor said it was aware of the Singapore police raid but this did not change its view that there was insufficient evidence to launch a criminal probe against Wirecard's managers.

(Reporting by Douglas Busvine, additional reporting by Rachel Armstrong in London; Editing by Keith Weir; Editing by Michelle Martin/Keith Weir)

By Douglas Busvine and John Geddie

Stocks mentioned in the article
ChangeLast1st jan.
DAX 0.11% 12294.96 Delayed Quote.16.32%
WIRECARD 2.83% 132.8 Delayed Quote.-2.86%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WIRECARD
04/25WIRECARD : Japans SoftBank to invest 900 million euros in Germanys Wirecard
AQ
04/25GLOBAL MARKETS LIVE : Asda, Microsoft, Goldman Sachs, Deutsche Bank…
04/25WIRECARD : partners RBL Bank to drive financial inclusion
AQ
04/25SOFTBANK : to Invest $1 Billion in Payments Company
DJ
04/25ANNUAL RESULTS WIRECARD AG : Next stage of growth
PU
04/25​WIRECARD AG : Next stage of growth
PU
04/25?WIRECARD AG : Next stage of growth
EQ
04/25WIRECARD : denies allegations of auditing failure
AQ
04/24SOFTBANK : Wirecard lands $1bn investment from Japan's Softbank
AQ
04/24SOFTBANK : Wirecard lands $1bn investment from Japan's Softbank
AQ
More news
Financials (€)
Sales 2019 2 651 M
EBIT 2019 650 M
Net income 2019 504 M
Finance 2019 1 084 M
Yield 2019 0,22%
P/E ratio 2019 31,41
P/E ratio 2020 23,17
EV / Sales 2019 5,60x
EV / Sales 2020 4,32x
Capitalization 15 940 M
Chart WIRECARD
Duration : Period :
Wirecard Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WIRECARD
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 197 €
Spread / Average Target 53%
EPS Revisions
Managers
NameTitle
Markus Braun Chief Executive & Technology Officer
Wulf Matthias Chairman-Supervisory Board
Jan Marsalek Chief Operating Officer
Alexander von Knoop Chief Financial Officer
Alfons W. Henseler Deputy Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
WIRECARD-2.86%17 751
FISERV17.74%33 827
FIRST DATA CORP51.39%24 136
GLOBAL PAYMENTS39.08%22 640
FLEETCOR TECHNOLOGIES38.50%22 085
WEX INC47.97%8 962