Wirecard Expects Final Report on Fraud Allegations Soon

(Bloomberg) -- Wirecard AG expects the final report on an investigation concerning alleged fraud at its Singapore unit to be presented soon, according to a person familiar with the matter.

The company’s Chief Executive Officer Markus Braun tweeted this morning that he is convinced that “in the near future” the market can solely focus on the operative performance of Wirecard. The purpose of that tweet was to signal the timely arrival of the report, the person said, who asked not to be identified and isn’t authorized to comment.

Shares rise 2.2 percent at 4:08 p.m. in Frankfurt after falling as much as 1.4 percent earlier in the day. Trading volume is muted, at around 70 percent below the recent 30-day average.

The digital payments company -- a member of Germany’s blue-chip DAX index -- came under intense pressure in February, after a series of reports in the Financial Times on possible fraud in Asia. Its value slumped by almost 50 percent at times, and the violent share price move prompted the German regulator to take the unprecedented step of banning short selling in the stock until mid-April.

To contact the reporters on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net;Jan-Patrick Barnert in Frankfurt at jbarnert3@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Monica Houston-Waesch

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