In brief: German fintech firm investigated for financial fraud in Singapore

The Singapore police said it’s scrutinizing allegations of financial irregularities at German digital payments firm Wirecard. The Financial Times (FT) recently published two reports about alleged wrongdoing at Wirecard’s Singapore office, where shares plummeted by 25 percent.

On February 1, FT reported that an external law firm commissioned by Wirecard found evidence indicating “serious offenses of forgery and/or of falsification of accounts.” However, Wirecard denied the allegation, calling it “inaccurate, misleading, and defamatory.” The company had also denied claims made in another FT story that alleged executive fraud at the Singapore office.

It’s not the first time Wirecard has had to defend its reputation: past claims were published about accounting irregularities in 2008 and fraud allegations in 2016.

Source: The Business Times