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Fraud Allegations Put Wirecard’s Shy Billionaire CEO in the Spotlight - Will this affect Paxum?

Fraud Allegations Put Wirecard’s Shy Billionaire CEO in the Spotlight

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Paxum Prepaid Mastercard® Card for European clients is issued by Wirecard Card Solutions Ltd

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In his 17 years as chief executive officer of Germany’s Wirecard AG, Markus Braun has gained plenty of experience fighting off skeptics and critics.

Wirecard AG CEO Markus Braun Interview As Fintech Company Enters Germany’s Benchmark DAX Index
Markus BraunPhotographer: Matthias Doering/Bloomberg
But the stakes have never been this high, for Braun has taken this complex financial-plumbing operation with roots in pornography and online gaming into the most exclusive preserve of German business: the 30-company DAX stock index. His company’s 16 billion- euro ($18 billion) market value about matches Deutsche Bank AG’s; Braun’s 7 percent stake makes him a billionaire.

Which is why it was just a matter of time before the accusations of cooking the books and fraud re-emerged. The 49-year-old Austrian computer scientist has spent more than a decade fighting off critics whose whispering campaign burst into the headlines again last week. A Financial Times report of suspect transactions in Asia sent the company’s shares plummeting.

https://www.bloomberg.com/news/artic...ud-allegations

The Financial Press are starting to dig deeper into this.

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Wirecard, the German payments group, told investors on Monday that an external law firm has been investigating alleged accounting manipulations by “a member of Wirecard’s finance team” in its Singapore operations since May 2018.

The company’s share price fell 35 per cent last week after the Financial Times reported that a senior Wirecard executive in 2018 was suspected of using forged and backdated contracts in a string of suspicious transactions that raised questions about the integrity of the accounting at the fintech group.

An external law firm, Rajah & Tann, commissioned by Wirecard to investigate the payment company’s Singapore office, found evidence indicating “serious offences of forgery and/or of falsification of accounts”, according to a preliminary report on the inquiry seen by the FT.

https://www.ft.com/content/79bd8da2-...b-ff8ef2b976c7