FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany September 6, 2018. REUTERS/Michael Dalder
FRANKFURT (Reuters) – German payments company Wirecard said its Asia-Pacific accounting manager had been exonerated in an internal investigation into allegations of fraud and creative accounting.
“From our point of view he has been cleared by the internal investigation,” a company spokeswoman said in response to an inquiry. Wirecard shares rallied by 4 percent in high volumes on reports of the outcome of the internal probe.
Separately, the findings of an investigation by outside law firm Rajah & Tann are expected soon.
Rajah & Tann’s initial findings last May were the key source for a series of reports in the Financial Times alleging that Wirecard’s finance team had engaged in ‘round-tripping’, or booking fake transactions, in order to inflate revenues.
Wirecard has denied wrongdoing and threatened unspecified legal action over the FT reports. Singapore police last month opened an investigation into Wirecard and raided its premises there.
Reporting by Douglas Busvine; editing by Thomas Seythal