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    WDI   DE0007472060

WIRECARD AG

(WDI)
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Wirecard : Briton charged in Singapore as police probe Wirecard-linked firm

09/02/2021 | 02:31am EST

SINGAPORE (Reuters) - A British man has been charged in Singapore with involvement in alleged fraud by a company linked to the collapsed German payments firm Wirecard, according to police.

James Henry O'Sullivan is accused of colluding with R Shanmugaratnam, a director of accounting firm Citadelle Corporate Services, to send a false document to a Dubai-based Wirecard subsidiary claiming Citadelle held more than $100 million in an escrow account.

O'Sullivan, 46, was arrested on Monday and is being detained pending further investigation. His case was heard by a court on Wednesday and adjourned until Sept. 8.

If found guilty, he could be jailed for up to 10 years, fined, or both.

The Briton's lawyer did not immediately respond to a request for comment and Shanmugaratnam could not immediately be reached.

In July last year, Singapore authorities launched an investigation https://www.reuters.com/article/us-wirecard-singapore-idUSKBN2441EN into Citadelle, Senjo Group and its subsidiaries after scrutinising Wirecard's local operations.

Wirecard, founded in 1999, filed for insolvency in June last year, owing creditors almost $4 billion, after disclosing a 1.9 billion euro hole in its accounts, which auditor EY said was the result of a sophisticated global fraud.

Shanmugaratnam is facing 14 counts of falsification of accounts for allegedly issuing 14 letters from Citadelle to Wirecard, its subsidiaries and an audit firm, which police said falsely stated Citadelle held large sums of money in escrow accounts between 2015 and 2017.

O'Sullivan charges centre on his alleged involvement in falsifying a letter to Wirecard's Cardsystems Middle East FZ LLC that stated that Citadelle had held a balance of about 86.4 million euros ($102.3 million) in escrow in December 2016.

($1 = 0.8449 euros)

(Reporting by Chen Lin; Editing by Martin Petty)

By Chen Lin


ę Reuters 2021
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Analyst Recommendations on WIRECARD AG
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Financials
Sales 2019 2 769 M 3 123 M 3 123 M
Net income 2019 524 M 591 M 591 M
Net cash 2019 1 135 M 1 281 M 1 281 M
P/E ratio 2019 0,01x
Yield 2019 476%
Capitalization 6,33 M 7,15 M 7,14 M
EV / Sales 2019 -0,41x
EV / Sales 2020
Nbr of Employees 5 685
Free-Float 97,4%
Chart WIRECARD AG
Duration : Period :
Wirecard AG Technical Analysis Chart | WDI | DE0007472060 | MarketScreener
Income Statement Evolution
Managers and Directors
Thomas Eichelmann Chairman-Supervisory Board
Wulf Matthias Member-Supervisory Board
Stefan Klestil Member-Supervisory Board
Vuyiswa V. MĺCwabeni Member-Supervisory Board
Anastassia Lauterbach Non-Executive Director
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