KPMG special audit into Wirecard runs into second delay
Payments group says results will now be published on April 27
The KPMG special audit into Wirecard’s financial statements will take longer than previously planned, the German payments company said on Wednesday evening, and it now expects to receive the results next Monday.
It is the second time in six weeks that Wirecard has postponed the publication of a report that it has long said will clear the swirl of controversies surrounding its practices and financial statements.
Wirecard commissioned the inquiry last October after the Financial Times reported that sales and profits appeared to have been fraudulently inflated at Wirecard businesses in Dubai and Ireland. The company initially said it was expecting the results by the end of the first quarter.
Shares in Wirecard, which fluctuated massively in 2019, are up 12.5 per cent this year, while the wider German market dropped 22 per cent.
Last month the company told investors that KPMG needed more time to investigate the German group’s relationships with third-party business partners, and said it was expecting the results by April 22 “at the latest”.
At the same time, the company postponed the publication of its annual results to April 30, a date it confirmed on Wednesday night.
The KPMG special audit into Wirecard’s financial statements will take longer than previously planned, the German payments company said on Wednesday evening, and it now expects to receive the results next Monday.
It is the second time in six weeks that Wirecard has postponed the publication of a report that it has long said will clear the swirl of controversies surrounding its practices and financial statements.
Wirecard commissioned the inquiry last October after the Financial Times reported that sales and profits appeared to have been fraudulently inflated at Wirecard businesses in Dubai and Ireland. The company initially said it was expecting the results by the end of the first quarter.
Shares in Wirecard, which fluctuated massively in 2019, are up 12.5 per cent this year, while the wider German market dropped 22 per cent.
Last month the company told investors that KPMG needed more time to investigate the German group’s relationships with third-party business partners, and said it was expecting the results by April 22 “at the latest”.
At the same time, the company postponed the publication of its annual results to April 30, a date it confirmed on Wednesday night.