Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found.

Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative reports in January alleging fraud and false accounting at the firm’s Asia-Pacific office, rallied by up to 30 percent on the news.

Wirecard had at first rejected the FT’s reporting as “false, inaccurate, misleading and defamatory”. Yet in its final conclusions, Singapore law firm Rajah & Tann did find evidence that crimes could have been committed.

By Douglas Busvine, Reuters, 26 March 2019

Link to Reuters