Singapore: CAD, MAS probe Singapore firms over Wirecard scandal

The Singapore police and the central bank are investigating several local companies in relation to the Wirecard scandal.

Citadelle Corporate Services and Senjo Group and its subsidiaries are under suspicion of falsifying accounts and carrying on a trust business without a licence, said the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS) yesterday.

This comes after a June 29 announcement that MAS and the Accounting and Corporate Regulatory Authority are working with the CAD to scrutinise recent developments relating to Wirecard, which has filed for insolvency in Germany amid a growing accounting scandal.

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(Photo: Reuters)

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