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An external law firm commissioned by Wirecard to investigate the payment company’s Singapore office found evidence indicating “serious offences of forgery and/or of falsification of accounts”, according to a preliminary report on the inquiry seen by the Financial Times.
The document was the basis for an internal presentation to Wirecard’s most senior management on May 8, 2018. The FT published a report about the presentation document on Wednesday. The German company has said that “no material compliance findings” have resulted from its internal and external audits.
The preliminary lawyers’ report said: “On the face of the evidence uncovered so far, these acts appear to bear out at the very least serious offences of forgery and/or of falsification of accounts/documents under section 477A of Singapore’s Penal Code. As these acts were intentional, there are reasons to suspect that they may have been carried out to conceal other misdeeds, such as cheating, criminal breach of trust, corruption and/or money laundering.”
The new revelation raises further serious questions about one of the world’s most successful financial technology companies, fuelling pressure on Wirecard to explain to investors and regulators what allayed the suspicions of its lawyers at Rajah & Tann — a top-notch law firm in the region — who had found sufficient evidence to warrant an investigation dubbed “Project Tiger”.