Germany: German watchdog opened probe into Wirecard accounting last year

Germany’s accountancy watchdog opened an investigation into payments company Wirecard last year after whistleblower allegations of accounting fraud, according to people familiar with the matter.

The news of the probe by the Berlin-based Financial Reporting Enforcement Panel (FREP) comes just weeks after a special audit Wirecard commissioned from KPMG was unable to verify the genuineness of the fintech’s sales and profits from third parties between 2016 and 2018.

Wirecard’s shares have tumbled more than 40 per cent since the findings of the special audit were published.

Wirecard’s supervisory board commissioned the audit after the Financial Times reported whistleblower allegations, which focused on three of the company’s business partners.

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(Photo: Reuters)

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