“Singapore police brought their first criminal charges against an individual linked to the suspected fraud at Wirecard AG WDI -3.16% , the one-time German technology star that collapsed at the end of June after admitting more than $2 billion of cash on its balance sheet was fake. The city-state’s white collar crime division charged R. Shanmugaratnam, a director and owner of Citadelle Corporate Services Pte Ltd., with falsifying papers that showed more than €100 million ($118 million) in three separate escrow accounts held on behalf of Wirecard, according to charge sheets reviewed by The Wall Street Journal.”

“Germany’s top financial supervisor received detailed warnings about deceptive financial practices at Wirecard AG starting in 2008 but repeatedly declined to investigate the allegations, turning instead against the accusers. Over more than a decade, investors, U.S. authorities, journalists and people close to the company warned of possible fraudulent accounting or money laundering, practices that are now at the heart of a criminal investigation into the disgraced fintech giant. …”

“Wirecard North America Inc., a separate legal and business entity of Wirecard AG with over 20 years in the payments industry, today announced that it is seeking acquisition. An investment bank is coordinating the sale process. Wirecard North America is a self-sustaining entity that is substantially autonomous from Wirecard AG. Wirecard North America was formerly the Citi Prepaid Card Services business, which Wirecard AG acquired in 2016. Since the acquisition, Wirecard North America has remained a separate legal entity. Wirecard AG will continue to have no impact on decision-making and financials at Wirecard North America.”

“Wirecard’s auditors are being faced with legal action after the collapse of the scandal-hit German payments firm. The German shareholders’ association SdK said Friday that it had filed a criminal complaint against auditors at EY. SdK’s complaint targets two current employees and one former employees of Wirecard’s long-time auditor.   The accountancy last week refused to sign off Wirecard’s 2019 books after discovering 1.9 billion euros ($2.1 billion) of cash had gone missing from its balance sheet.”

“Battered German fintech company Wirecard AG said it is filing for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn’t exist. The move is the latest in a startlingly swift unwind for a company that until recently was a shining star in Europe’s tech scene. Wirecard would be the first insolvent company in the DAX 30, Germany’s premier stock-market index.”

“Before its dramatic fall from grace last week, Wirecard AG counted on a small banking unit just outside of Munich to help drive stellar growth in its main payments business. Now Wirecard Bank AG, which attracts deposits by offering customers market-leading interest rates, is at the center of attention as clients ask if they’ll get their money back, regulators watch warily for fallout in the financial system and investors worry whether the parent company has any kind of future. The unit has a full German banking license, meaning it can accept deposits and grant loans as well as facilitate the electronic payments that Wirecard is better known for. But it’s at the heart of the company because of its relationship with credit card companies Visa Inc. , Mastercard Inc. and JCB International, which are key to the firm as a whole staying in business.”

“Shares in Wirecard lost nearly two-thirds of their value as the German payment processor said on Thursday its auditor can’t find evidence for a quarter of the cash on its balance sheet. Wirecard shares close 63% lower as the firm said Ernst & Young said it didn’t have sufficient audit evidence for €1.9 billion euros in cash. “There are indications that spurious balance confirmations had been provided from the side of the trustee,” the company said.”

“Wirecard has postponed the publication of its 2019 annual results for the third time this year as its auditor EY needs additional time to finish its work, the German payments company said in a regulatory statement issued after markets closed on Monday night. The Aschheim-based group is facing accusations of accounting manipulation raised by whistleblowers and reported by the Financial Times.”

“Shares in German electronics-payments giant Wirecard dropped more than 20% on Tuesday after a special audit reviewing allegations about some of its accounting practices left unanswered questions. Wirecard, which has been celebrated as one of the biggest and fastest-growing European fintech companies, also said it would not report its already delayed full-year 2019 results on Thursday. The troubled company said it would complete its ordinary audit of 2019 results with its main auditor, E&Y in Germany, as soon as possible given the restrictions related to the coronavirus pandemic and the completion of the special audit by KPMG.”

“Wirecard, the global innovation leader for digital financial technology, is handling payments for online and travel agency bookings for Royal Air Maroc, Morocco’s national airline, and one of Africa’s leading and fastest growing airlines. Royal Air Maroc is set to join the oneworld alliance in mid-2020, and has annual passenger figures of 7.4 million with an average of 245 daily departures. In 2018, Royal Air Maroc and its subsidiaries generated revenues of EUR 1.5 billion. In addition to processing all online Visa, Mastercard and Maestro payments for Royal Air Maroc, Wirecard also handles credit card payments made via travel agency or airline agent ticket transaction settlement systems, such as ARC (Accounts Receivable Conversion) and IATA’s Billing and Settlement Plan (BSP), which serves more than 400 participating airlines and in 2018 processed more than EUR 221.6 billion.”