The auditing company KPMG has informed Wirecard AG that it has largely completed the special investigation of Wirecard AG's business activities in India and Singapore as well as the Merchant Cash Advance (MCA) / Digital Lending division.
From today's perspective, these parts of the audit have not produced any substantial findings in these areas of investigation that would result in a need for correction of the annual financial statements for the 2016, 2017 and 2018 investigation periods. The investigation of third-party partner business (TPA) is still ongoing and is expected to be completed by 22 April 2020 at the latest. The extensive inspection of relevant documents, including those of external companies, and corona virus-related travel restrictions make the extended timeframe necessary. Accordingly, the Management Board of Wirecard AG today decided to postpone publication of the annual financial statements and the annual press conference (previously April 8, 2020) to April 30, 2020.
Corporate news 12 March 2020
Wirecard AG: KPMG's special audit has no impact on the annual financial statements of the period under review in the areas of investigation India, Singapore and Merchant Cash Advance. The investigation of third-party partner business is still ongoing.
Wirecard AG has recently been informed by the auditing company KPMG that KPMG has largely completed its special investigation into the public allegations concerning Wirecard AG's business activities in India and Singapore and the Merchant Cash Advance (MCA) / Digital Lending division. From today's perspective, these parts of the special investigation have not produced any substantial findings in these areas of investigation that would lead to a need for correction of the annual financial statements for the 2016, 2017 and 2018 investigation periods.
The investigation of third-party partner business (TPA) is still ongoing and is currently expected to be completed by 22 April 2020. The background to this is the extensive and detailed examination, which necessitates a more comprehensive inspection of relevant internal documents of the Wirecard Group and external companies. The timeframe of the special investigation must also be extended due to current corona virus-related travel restrictions, especially in Asian countries.
Since October 2019, KPMG has been conducting a special audit on behalf of the Supervisory Board of Wirecard AG in order to clarify the accusations of balance sheet manipulation made against the company by media. In particular, the accusations made against the business activities of Wirecard AG on Indian territory (EMIF1A / Hermes i-Tickets Private Ltd), in the city-state of Singapore as well as the business segments of pre-financing of receivables (Merchant Cash Advance (MCA) / Digital Lending) and third-party partner business (3rd Party Acquiring / TPA) are being investigated. In the interests of transparent processes, Wirecard AG will publish the complete KPMG investigation report on its homepage in the "Transparency" section immediately upon receipt.
In order to be able to take due account of KPMG's audit findings within the context of the ongoing preparation and audit of the annual and consolidated financial statements for fiscal 2019, the Management Board today decided to postpone publication of the annual financial statements and the annual press conference (previously April 8, 2020) to April 30, 2020.