November 6, 2019 / 12:40 PM / 5 days ago

Wirecard CEO sees Singapore police probe ending soon

FILE PHOTO: Markus Braun, CEO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions attends the company's annual news conference in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder/File Photo

FRANKFURT (Reuters) - Wirecard (WDIG.DE) CEO Markus Braun said on Wednesday he expected an investigation by Singapore police into allegations of fraud and false accounting to end soon and to vindicate the company.

“We are very optimistic that the investigation can be resolved in the next couple of months,” Braun told analysts on a conference call.

Braun said he expected the police probe, launched following allegations by the Financial Times, to confirm the outcome of an investigation by Wirecard’s own law firm that found no material wrongdoing by the company.

Commenting on separate allegations that Wirecard had overstated advances made to merchants, Braun said these were unfounded. “The merchant relationships are authentic,” he said.

Reporting by Douglas Busvine, editing by Riham Alkousaa

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