Wirecard Clears Own Executive at Center of Fraud Allegations

(Bloomberg) -- Wirecard AG said it has cleared the Singapore-based manager at the center of fraud allegations at its business in the city-state, though he remains on leave until external investigations are concluded.

“From our point of view, he has already been exonerated by the internal investigation,” a spokeswoman for the Aschheim, Germany-based company said by email.

The digital payments provider came under intense pressure in February after a series of reports in the Financial Times on possible fraud in Asia, causing the stock to drop by almost 50 percent. The shares traded up 0.9 percent as of 12:30 p.m. in Frankfurt following a jump of as much as 4.9 percent.

Wirecard conducted an internal investigation with its compliance team, alongside a probe by an outside law firm. The external review has yet to be concluded and Wirecard expects the results to be presented soon, a person familiar with the matter said last week.

To contact the reporter on this story: Jan-Patrick Barnert in Frankfurt at jbarnert3@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Giles Turner, Tom Lavell

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